Nov 7, 2019   SOURCE: BusinessWire

Global Industrial Lubricants Market to 2024: Focus on Construction, Metal & Mining, Power Generation, Food Processing Industries - ResearchAndMarkets.com

The "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" report has been added to ResearchAndMarkets.com's offering.

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%.

The growth is primarily due to the massive industrial growth in APAC and the Middle East & Africa, coupled with the rise in process automation in most of the industries. The factors restraining the growth of this market are the high cost of synthetic and bio-based industrial lubricants.

Mineral oil was the largest segment of the industrial lubricants market.

Mineral oil was the largest segment in the global industrial lubricants industry in 2018. The easy availability and low cost of mineral oil-based industrial lubricants are expected to drive the industrial lubricants market in the apparel application. Moreover, this segment is driven by the growing demand from APAC and the Middle East & Africa. However, the mineral oil-based lubricants segment in North America and Europe will register low growth due to the slow economic growth and change in demand patterns.

Hydraulic fluid to be the largest type segment in the global industrial lubricants market.

Hydraulic fluid was the largest segment in the global industrial lubricants industry, by product type in 2018. Its low cost mainly increases the demand for hydraulic fluids as compared to other product types, coupled with the rising demand from the construction industry. However, the metalworking fluid segment is projected to grow at the highest CAGR during the forecast period. This high growth is majorly attributed to the rising demand for metal in the automotive industry.

Construction was the largest end-use industry in the global industrial lubricants market.

The need for industrial lubricants is high in the construction industry. The rising construction activities, especially in the residential sector of China and the increasing infrastructural developments in India, are expected to fuel the demand for industrial lubricants in the construction industry.

APAC is expected to be the fastest-growing market during the forecast period, in terms of both volume and value.

APAC is the largest industrial lubricants market. The high growth of the emerging economies and the increasing disposable income in the region make APAC an attractive market for industrial lubricants. The tremendous growth of industrial production and increased trade are primarily responsible for the high consumption of industrial lubricants. This is driving the industrial lubricants market.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in the Industrial Lubricants Market

4.2 APAC Industrial Lubricants Market, By Base Oil and Country, 2018

4.3 Industrial Lubricants Market, By Region

4.4 Industrial Lubricants Market Attractiveness

5 Market Overview

5.1 Introduction

5.2 Market Segmentation

5.2.1 By Base Oil

5.2.2 By Product Type

5.2.3 By End-Use Industry

5.2.4 By Region

5.3 Market Dynamics

5.3.1 Drivers

5.3.1.1 Massive Industrial Growth in APAC and the Middle East & Africa

5.3.1.2 Rise in Automation in Various End-Use Industries

5.3.1.3 Growing Demand for Processed Food

5.3.1.4 Improved Quality of Industrial Lubricants

5.3.2 Restraints

5.3.2.1 High Cost of Synthetic and Bio-Based Lubricants

5.3.2.2 Reduction in the Use of Metal Parts By Automakers

5.3.2.3 Stringent Environmental Regulations

5.3.3 Opportunities

5.3.3.1 Rising Trend of Using Bio-Based Industrial Lubricants

5.3.3.2 Emerging Demand for Renewable Energy

5.3.4 Challenges

5.3.4.1 Volatile Crude Oil Prices

6 Industry Trends

6.1 Introduction

6.2 Value Chain Analysis

6.2.1 Raw Materials

6.2.2 Blending

6.2.3 Distribution

6.2.4 End Use

6.3 Porter's Five Forces Analysis

7 Industrial Lubricants Market, By Base Oil

7.1 Introduction

7.2 Market Size Estimation

7.3 Mineral Oil

7.3.1 The Major Reason for the Growth of This Segment is the Low Cost of Mineral Oil-Based Industrial Lubricants

7.4 Synthetic Oil

7.4.1 Growing Industrial Production is Driving the Demand for Synthetic Oil-Based Industrial Lubricants

7.4.2 Pao

7.4.3 Pag

7.4.4 Esters

7.4.5 Group Iii (Hydrocracking)

7.5 Bio-Based Oil

7.5.1 The Rising Awareness Regarding Bio-Based Lubricants is Expected to Fuel the Bio-Based Industrial Lubricants Market

8 Industrial Lubricants Market, By Product Type

8.1 Introduction

8.2 Hydraulic Fluid

8.2.1 Rising Construction Activities in the Emerging Regions are Expected to Drive the Hydraulic Fluid Market for Industrial Lubricants

8.2.2 Hl Hydraulic Fluid

8.2.3 Hlp Hydraulic Fluid

8.2.4 Hlp-D Hydraulic Fluid

8.2.5 Fire-Resistant Hydraulic Fluid

8.3 Metalworking Fluid

8.3.1 Growing Automotive Industry is Fueling the Demand for Metalworking Fluid

8.3.2 Removal Metalworking Fluid

8.3.3 Protecting Metalworking Fluid

8.3.4 Forming Metalworking Fluid

8.3.5 Treating Metalworking Fluid

8.4 Gear Oil

8.4.1 Growing Wind Power Industry is the Major Governing Factor for the Market in This Segment

8.4.2 Rust & Corrosion Inhibited Gear Oil

8.4.3 Compounded Gear Oil

8.4.4 Extreme Pressure Gear Oil

8.5 Compressor Oil

8.5.1 Increasing Demand for Screw Compressors is Boosting the Market

8.6 Grease

8.6.1 Improved Quality of Industrial Greases Acts as A Major Driver for the Market

8.6.2 Metallic Soap Thickener

8.6.2.1 Lithium

8.6.2.2 Calcium

8.6.2.3 Aluminum

8.6.2.4 Sodium

8.6.2.5 Other Metallic Soap

8.6.3 Non-Soap Thickener

8.6.4 Inorganic Thickener

8.6.4.1 Clay

8.6.4.2 Silica

8.6.5 Other Thickeners

8.7 Turbine Oil

8.7.1 Growing Power Industry is Contributing to the Growth of the Market

8.8 Others

8.8.1 Transformer Oil

8.8.2 Refrigeration Oil

8.8.3 Textile Machinery Lubricants

9 Industrial Lubricants Market, By End-Use Industry

9.1 Introduction

9.2 Market Size Estimation

9.3 Construction

9.3.1 Rising Demand From APAC is Expected to Be the Main Driver for the Market in This Segment

9.4 Metal & Mining

9.4.1 The Mining Industry is A Leading Consumer of Industrial Lubricants

9.4.2 Primary Ferrous Products

9.4.3 Primary Non-Ferrous Products

9.5 Cement Production

9.5.1 Specialty Lubricants are Used in the Cement Production Industry

9.6 Power Generation

9.6.1 Special Grades of Industrial Lubricants are Used in This Industry

9.7 Automotive (Vehicle Manufacturing)

9.7.1 Hydraulic Fluid, Metalworking Fluid, Grease, and Gear Oil are Used in the Automotive Industry

9.7.2 Transport Equipment

9.8 Chemical

9.8.1 Rising Demand for Fertilizers is Likely to Drive the Demand for Industrial Lubricants in the Chemical Industry

9.9 Oil & Gas

9.9.1 The Need for Long-Term Stability and Smooth Functioning of Machinery is Driving the Demand for Industrial Lubricants in the Oil & Gas Industry

9.10 Textile

9.10.1 Increase in Population is Spurring the Demand for Industrial Lubricants in This Industry

9.11 Food Processing

9.11.1 Rising Demand for Processed Food is Contributing to the Market Growth in This Segment

9.11.2 Food

9.11.3 Bakery

9.11.4 Sugar

9.11.5 Dairy

9.11.6 Meat Poultry & Seafood

9.11.7 Beverage

9.11.8 Others

9.12 Others

10 Industrial Lubricants Market, By Region

Company Profiles

  • BP P.L.C.
  • Chevron Corporation
  • Exxonmobil Corporation
  • Fuchs Petrolub AG
  • Gazprom NEFT
  • Hindustan Petroleum Corporation Limited (HCPL)
  • Idemitsu Kosan Co., Ltd.
  • Indian Oil Corporation Limited (Iocl)
  • Jxtg Group
  • LUKOIL
  • Pertamina
  • Petrobras
  • Petrochina Company Limited
  • Petronas
  • Phillips 66
  • Royal Dutch Shell Plc
  • Sinopec Limited
  • Total S.A.
  • Valvoline

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