CHICAGO, May 17, 2024 /PRNewswire/ -- The report
"Industrial Lubricants Market by Base Oil
(Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type
(Hydraulic Fluid, Metalworking Fluid, Grease), End-use Industry
(Construction, Power Generation, Food Processing), Region - Global
Forecast to 2029", size was USD 63.9
billion in 2024 and is projected to reach USD 74.3 billion by 2029, at a CAGR of 3.1%,
between 2024 and 2029.
The market is projected to grow because of growing demand for
processed foods, mounting demand from construction, agriculture,
mining and marine industries and growing automation in end-use
industries. These industrial lubricants play a crucial role in
various applications in various end-use industries such as
construction, power generation and others. In addition, due to the
increasing population, increasing demand for renewable energy,
technological advancements and changing consumer preferences the
demand for industrial lubricants can increase due to various
applications.
Browse in-depth TOC on "Industrial Lubricants Market"
388 – Tables
59 – Figures
343 –
Pages
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Metalworking fluid product type are projected to register the
third-highest CAGR, in terms of value, of the global industrial
lubricants market during the forecast period.
The metalworking fluids market is set to grow significantly
during the forecast period. This growth is driven by increased
manufacturing activities worldwide, advancements in technology, and
a higher demand for precision in metalworking. Also, environmental
regulations and a push for more efficient production processes are
also encouraging the use of advanced, eco-friendly metalworking
fluids. Manufacturing sectors like automotive and aerospace, which
heavily depend on these fluids, are expanding, further boosting
demand. Additionally, the trend towards customized solutions for
specific manufacturing needs is supporting market growth. In
essence, a combination of technological innovation, regulatory
compliance, and sector-specific demands is propelling the
metalworking fluids market forward.
Synthetic oil is estimated to be the second-largest base oil
type of industrial lubricants market, in terms of value, during the
forecast period.
Synthetic oil based lubricants are the second-largest base oil
type in the industrial lubricants market because they perform
better than traditional mineral oils, especially under extreme
conditions. They last longer, work efficiently at both high and low
temperatures, and offer better protection for machinery. Although
they cost more upfront, their ability to extend service intervals
and reduce wear on expensive equipment makes them a cost-effective
choice for businesses in the automotive, aerospace, and industrial
sectors. This blend of high performance and long-term savings
drives their popularity and widespread use. Consequently, the
synthetic oil based lubricants stands composed for sustained
growth, driven by the imperative for complete solutions that
address these multifaceted challenges while prioritizing natural
and sustainable lubricants.
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Europe is estimated to be
the second-largest market for the lubricants market, in terms of
value, during the forecast period.
Europe holds the position as
the second-largest consumer region for industrial lubricants,
largely due to its robust industrial sectors. The region boasts a
significant manufacturing base, including automotive, aerospace,
and machinery industries, all of which require high-quality
lubricants to ensure smooth operation and longevity of equipment.
Additionally, Europe's strong
emphasis on environmental sustainability and high standards for
energy efficiency have led to an increased demand for advanced,
eco-friendly lubricants.
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Market Players
The key players profiled in the industrial lubricants market
report include Shell plc (UK), Exxon Mobil Corporation (US), BP
p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE
(France), PetroChina Company
Limited (China), ENEOS Holdings,
Inc. (Japan), China Petroleum
& Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and others.
Browse Adjacent Market: Bulk Chemicals and Inorganics Market
Research Reports
Related Reports:
Synthetic Lubricants Market - Global Forecast to
2028
Construction Lubricants Market - Global Forecast to
2027
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