The global industrial lubricants market size is projected to reach USD 73.3 billion by 2024 from USD 62.8 billion in 2019, at a CAGR of 3.1%, during the forecast period. The growing demand for industrial lubricants in countries such as China, India, Japan, and South Korea from the construction, metal & mining, power generation, cement production, and automotive industries is expected to fuel the growth of the industrial lubricants market in the region. The market is evolving, with major players playing a crucial role in the development of new and advanced products.
Browse 150
market data Tables and 70 Figures spread through 217 Pages and
in-depth TOC on "Industrial
Lubricants Market by Base oil (Mineral Oil, Synthetic Oil, Bio-based Oil),
Product Type (Hydraulic Fluid, Metalworking Fluid), End-use Industry
(Construction, Metal & Mining, Power Generation, Food Processing), Region -
Global Forecast to 2024"
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Royal Dutch Shell (Netherlands), ExxonMobil
Corporation (US), BP p.l.c. (UK), and Total S.A. (France) are the major players
in the industrial lubricants market. Royal Dutch Shell (Netherlands) is focused
on expansions, new product launches, and agreements to meet the growing demand
in the market. In May 2019, the company opened its first lubricant laboratory
in India. The laboratory will serve as services provider for the growing demand
for innovative lubricant products both in automotive and industrial segments.
It launched E-fluids for electric vehicle (EV) in the same year. The products
include E-Transmission Fluids, E-Thermal Fluids, and E-Greases, which will help
improve EVs and other battery-operated vehicle performance. In May 2018, Shell
Lubricants and Aggreko renewed supply contracts which helped Shell become the
largest lubricant supplier to Aggreko in Russia, APAC, and the Americas. The
expansion helped the company to meet the growing demand for industrial
lubricants.
BP PLC (UK) focuses on expansions and new product
launches to strengthen its position in the industrial lubricants market. In
December 2019, it introduced its Castrol Edge Bio-synthetic into China. This is
a synthetic base engine oil containing 25% plant-based base oil. This will help
BP to strengthen its market position in premium synthetic lubricant market in
Asia Pacific. In January 2018, the company launched a new product called
Castrol GTX ECO, which is manufactured from 50% re-refined base oil. This has
helped the company to fulfil its sustainable development targets as well as
diversified its portfolio. In December 2017, BP set up the largest new
lubricant plant in China. It will be BP’s third lubricant blending plant in
China, and with expected investment of around RMB1.5 billion (US$230 million),
it will also represent BP’s single largest blending plant investment worldwide.
The expansion will help the company to expand its product offerings.
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Mineral oil is the largest segment in the overall
industrial lubricants market in 2019.
Mineral oil is the largest segment in the
industrial lubricants industry, in terms of both value and volume, in 2019.
Mineral oil-based industrial lubricants are available in light and heavy
grades, depending on the usage and requirement. They are produced via petroleum
refineries in large quantities because of high usage in construction, metal
& mining, cement production, and other applications.
The construction segment accounts for the largest industrial lubricants market share in 2019.
The construction segment accounts for the largest
share of the industrial lubricants market in 2019, in terms of both volume and
value. A construction site is full of harsh conditions, where the majority of
construction equipment is exposed to extreme cold, heat, moisture, and dust,
which can affect the performance of equipment. The use of appropriate
industrial lubricants on a construction site helps to prevent equipment failure,
eliminate downtime, and reduce operating costs. Industrial lubricants are used
in various construction equipment, including bulldozers, dump trucks,
draglines, scrapers & shovels, and other heavy equipment.
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