Market Overview to 2022:

Automotive lubricants account for the majority demand of industrial lubricants market. Expanding automotive industry and an increase in total vehicle population has fostered market growth. Additionally, the burgeoning manufacturing industry driven by heightened demand for manufactured goods has generated high demand for industrial lubricants.

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Acceleration in mining and infrastructural activities across the globe are also likely to push the sales of industrial lubricants further. Consolidation of online sales channels has aided lubricant producers to find a viable retail platform which boosts the growth of the market. Furthermore, product development such as bio-based lubricants which offer superior environmental benefits is likely to augment the growth of the market. There is a growing emphasis on the reduction of carbon footprint on a global scale which has prompted the adoption of sustainable products and, in turn, induced greater demand for bio-based industrial lubricants.

Competitive landscape

BP p.l.c.
PetroChina Company Limited
LUKOIL
Fuchs Petrolub AG
Royal Dutch Shell Plc
Idemitsu Kosan Co. Ltd
Total S.A.
Chevron Corporation
ExxonMobil Corporation
Sinopec Limited
Industry Updates

February 2019- researchers at the University of Delaware have created a strategy to make renewable lubricant base oils from non-food biomass such as wood, switch grass and other sustainable, organic waste. This would help to considerably reduce the environmental footprint of industrial lubricants.

Industry Segmentation:

The global industrial lubricants market has been segmented based on type and end user.

By type, the global industrial lubricants market has been segmented into hydraulic lubricants, gear lubricants, compressor lubricants, metalworking fluids, and others. The hydraulic lubricants segment is dominating the market. Continuous demand from the mining and construction industry due to the cost advantage it provides over other lubricants is driving the growth of the segment. However, due to rising metal consumption in the automotive industry, the metalworking fluids segment is expected to showcase the highest CAGR over the forecast period.

By end user, the global industrial lubricants market has been segmented into automotive, manufacturing, power generation, heavy industries, and others. The automotive segment is leading the market while the power generation segment is expected to showcase the highest CAGR over the forecast period. The growth of the power generation segment can be credited to towering energy demands across the globe.

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