Industrial Lubricants Market Size | Share and Trends 2024 to 2034

Industrial Lubricants Market Size and Forecast 2024 to 2034

The global industrial lubricants market size accounted for USD 74.21 billion in 2024 and is expected to reach around USD 104.68 billion by 2034, expanding at a CAGR of 3.5% from 2024 to 2034.

Industrial Lubricants Market Key Takeaways

• Asia Pacific led the global market with the highest market share of 42% in 2023.
• By product, the process oil segment has held the largest market share in 2023.
• By application, the chemical manufacturing segment captured the biggest revenue share in 2023.

Asia Pacific Industrial Lubricants Market Size and Growth 2024 to 2034

The Asia Pacific industrial lubricants market size was estimated at USD 30.11 billion in 2023 and is predicted to be worth around USD 43.97 billion by 2034, at a CAGR of 3.7% from 2024 to 2034.

Asia Pacific led the industrial lubricants market with 42% in 2023. Asia Pacific has witnessed rapid industrialization, especially in countries like China, India, and Southeast Asian nations. The booming manufacturing sector, coupled with extensive infrastructure development, has significantly increased the demand for industrial lubricants used in machinery, automotive, construction, and other industrial applications. The automotive and manufacturing industries in Asia Pacific are among the fastest-growing in the world. As these sectors expand, the need for high-performance lubricants to ensure the efficient operation of machinery and vehicles has surged. China, in particular, is a global leader in automotive production, further driving the demand for industrial lubricants.

Industrial Lubricants Market Growth Factors

• Rapid industrialization along with the significant rise in trade activities particularly in the developing countries expected to fuel the demand for industrial lubricants in the upcoming years. Increasing investments in Research & Development (R&D) sector coupled with expansion of various industrial process contributes towards the growth of these industry participants.
• Some of the industries for example mining, chemicals, and unconventional energy are analyzed to register substantial growth over the forecast timeframe. This trend is further expected to flourish the demand for industrial lubricants in hydraulics, compressors, centrifuges, industrial engines, and bearings.
• Additionally, the significant impact of Western culture on the lifestyle in developing nations has propelled the demand for frozen and processed foods over the recent past. This in turn expected to boost the growth of industrial lubricants as several packaging industries are deploying Artificial Intelligence (AI) and automation processes for increasing their productivity. Thus, increasing emphasis on automation and robotic processing is likely to foster market growth for industrial lubricants in the coming years.

Market Scope

Product Insights

In 2023, process oil holds the highest market share in the global industrial lubricants market in terms of both value and volume among other product types. The process oil segment accounted for a volume share of nearly 35% in 2023 and is estimated to retain its dominance over the forecast timeframe growing at a rate of 3.5%. The prominent growth of the segment is mainly because of its wide range of applications in different industries such as chemical, agriculture, food processing, textile production, manufacturing of leather goods, and many others. In the polymer industry, compounded polymers contain a significant amount of process oil ranging from 20% to 50% that significantly affects the properties of the polymer such as strength, hardness, and stability.

Apart from this, process oil is also prominently used in the food processing industry as an important component in the production of anti-foaming agents. Hence, the oil is effectively used in vegetable preparation as well as added as an additive in various food oils. Further, it has significant applications in the production of crop protection oils, pesticide carrier fluids, grain de-dusting agents, and fertilizers that are extensively used in agriculture.

Application Insights

Chemical manufacturing emerged as the largest application segment in the year 2023 due to increased demand for chemical oils in the production of fertilizer, pharmaceutical & cosmetics products, and industrial gas. The chemical industry seeks healthy demand for basic as well as specialty chemicals over the coming years owing to their high application in construction, pharmaceutical, agriculture, and many other industries.

Energy is the other important application segment in the global market for industrial lubricants. The equipment used in the energy sector relies prominently on their performance and lubrication plays an important role in enhancing their efficiency. Further, the shifting trend towards renewable generation also triggers the demand for gear oils as they are extensively used in wind power generation in gearboxes.

The metalworking application segment is likely to register rapid growth over the upcoming years on account of rising industrial activities along with the demand for metal products in applications such as building and machinery. Moreover, extensive demand for metalworking processes that include welding, cutting, and forming across a wide range of applications such as ships, foundries, milling, aircraft, and industrial machinery is expected to drive the growth of the segment in the coming years.

Industrial Lubricants Market Companies

• Fuchs Group
• Exxonmobil Corp
• The Lubrizol Corporation
• Phillips 66
• Royal Dutch Shell
• Lucas Oil Products, Inc.
• Bel-Ray Co., Inc.
• Amsoil, Inc.
• Kluber Lubrication
• Chevron Corp.

Key Companies Share Insights

The global industrial lubricants market is highly fragmented due to the presence of numerous market players on both global and regional levels. Further, these market players are significantly investing in the R&D sector to gain a competitive advantage over others.

Segments Covered in the Report

By Product

• General Industrial Oils
• Process Oils
• Industrial Engine Oils
• Metalworking Fluids
• Other Industrial Lubricants

By Application

• Textiles
  • Non-woven Textiles
  • Textile Weaving
  • Textile Composites
  • Textile Finishing
  • Other Textile Applications
• Metalworking
  • Metal Cutting
  • Metal Forming
  • Metal Joining
  • Industrial Heat Exchangers
  • Metalworking Electronics
  • Other Metalworking Applications
• Energy
  • Pipelines
  • Transformers
  • Ocean Energy
  • Liquefied Natural Gas (LNG)
  • Other Energy Applications
• Industrial Gases
  • Polymers
  • Fertilizers
  • Other Chemicals Manufacturing
• Chemical Manufacturing
• Hydraulic
  • Bearings
  • Compressors
  • Other Hydraulic Applications
• Food Processing
  • Frozen Food
  • Beverages
  • Canned Food
  • Bakery
  • Processed Potatoes
  • Cocoa & Chocolate
  • Other Food Applications

By Regional Outlook

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World