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Industrial Lubricants Market: By Base Oil, By Product Type, By End User and Geography
Industrial Lubricants Market: By Base Oil, By Product Type, By End User and Geography
Industrial Lubricants Market size was valued at US$ 62,387.6 Million in 2023 and is expected to grow at a significant CAGR of 4.1% from 2024 to 2030. The global market provides a detailed overview of the Market and that can be segmented by Base Oil, Product Type, and End User. By base Oil, the market has been segmented into Mineral Oil, Synthetic Oil, and Bio-based Oil. The mineral oil segment is likely to be the largest and fastest-growing segment in terms of type. Based on product type, market is segmented into Hydraulic fluid, Metalworking fluid, Gear Oil, Compressor Oil, Grease, Turbine Oil, and Others. Among these, the Hydraulic fluid segment is expected to have the fastest-growing market during the forecast period 2023-2029. Based on End User, the market is segmented into Construction, Metal & Mining, Cement Production, Power Generation, Automotive, and Others.
In January 2022, Chevron Lubricants Lanka PLC, a subsidiary of Chevron Corporation, announced a marketing deal with Rock Energy in Bangladesh for its lubricant products.
Study Period
2024-2030Base Year
2023CAGR
4.1%Largest Market
North AmericanFastest Growing Market
Asia-Pacific
The market is driven by the massive industrial growth in APAC and the Middle East & Africa, due to rise in process automation in most of the industries.
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market CAGR |
4.1% |
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By Base Oil |
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By Product Type |
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By End User |
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By Region |
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The industrial lubricants market size was valued at US$ 62,387.6 million in 2023 and is set to grow at a significant CAGR of 4.1% from 2024-2030.
The major players in the global market are Royal Dutch Shell, ExxonMobil, Chevron Corporation, TotalEnergies, PetroChina Company Limited, Idemitsu Kosan Co. Ltd., Sinopec Limited, Fuchs Petrolub AG, Valvoline, Lukoil, Petronas
North American is the fastest-growing region for market
1. Executive Summary
2. Global Industrial Lubricants Market Introduction
2.1. Global Industrial Lubricants Market - Taxonomy
2.2. Global Industrial Lubricants Market -Definitions
2.2.1. By Base Oil
2.2.2. By Product Type
2.2.3. By End User
2.2.4. By Region
3. Global Industrial Lubricants Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Industrial Lubricants Market Dynamic Factors - Impact Analysis
3.6. Global Industrial Lubricants Market - Competition Landscape
4. Global Industrial Lubricants Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Industrial Lubricants Market, By Basis of Base Oil, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.1. Mineral Oil
5.1.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
5.1.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.1.3. Market Opportunity Analysis
5.2. Synthetic Oil
5.2.1. Polyalphaolefins (PAO)
5.2.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
5.2.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.1.3. Market Opportunity Analysis
5.2.2. Polyalkylene Glycol (PAG)
5.2.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
5.2.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.2.3. Market Opportunity Analysis
5.2.3. Esters
5.2.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
5.2.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3.3. Market Opportunity Analysis
5.2.4. Group III (Hydro cracking)
5.2.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
5.2.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.4.3. Market Opportunity Analysis
5.3. Bio-based Oil
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.3. Market Opportunity Analysis
6. Global Industrial Lubricants Market, By Product Type, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.1. Hydraulic fluid
6.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Metalworking fluid
6.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. Gear Oil
6.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
6.4. Compressor Oil
6.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.4.3. Market Opportunity Analysis
6.5. Grease
6.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.5.3. Market Opportunity Analysis
6.6. Turbine Oil
6.6.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
6.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.6.3. Market Opportunity Analysis
6.7. Others
6.7.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
6.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.7.3. Market Opportunity Analysis
7. Global Industrial Lubricants Market Forecast, By End User, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.1. Construction
7.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Metal & Mining
7.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
7.3. Cement Production
7.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.3.3. Market Opportunity Analysis
7.4. Power Generation
7.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.4.3. Market Opportunity Analysis
7.5. Automotive
7.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.5.3. Market Opportunity Analysis
7.6. Others
7.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.5.3.Market Opportunity Analysis
8. Global Industrial Lubricants Market Forecast, By Region, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.1. North America
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Europe
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Asia-Pacific
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
8.4. Latin America
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.4.3. Market Opportunity Analysis
8.5. Middle East and Africa
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.5.3. Market Opportunity Analysis
8.6. Global Industrial Lubricants Market - Opportunity Analysis Index, By Base Oil, By Product Type, By End User, and Region, 2022 - 2028
9. North America Industrial Lubricants Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
9.1. Base Oil Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.1.1. Mineral Oil
9.1.2. Synthetic Oil
9.1.2.1. Polyalphaolefins (PAO)
9.1.2.2. Polyalkylene Glycol (PAG)
9.1.2.3. Esters
9.1.2.4. Group III (Hydro cracking)
9.1.3. Bio-based Oil
9.2. Product Type Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.2.1. Hydraulic fluid
9.2.2. Metalworking fluid
9.2.3. Gear Oil
9.2.4. Compressor Oil
9.2.5. Grease
9.2.6. Turbine Oil
9.2.7. Others
9.3. End User Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.3.1. Construction
9.3.2. Metal & Mining
9.3.3. Cement Production
9.3.4. Power Generation
9.3.5. Automotive
9.3.6. Others
9.4. Country Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
9.4.1. USA
9.4.2. Canada
9.5. North America Industrial Lubricants Market - Opportunity Analysis Index, By Base Oil, By Product Type, By End User, and Country, 2022 - 2028
9.6. North America Industrial Lubricants Market Dynamics - Trends
10. Europe Industrial Lubricants Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
10.1. Base Oil Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.1.1. Mineral Oil
10.1.2. Synthetic Oil
10.1.2.1. Polyalphaolefins (PAO)
10.1.2.2. Polyalkylene Glycol (PAG)
10.1.2.3. Esters
10.1.2.4. Group III (Hydro cracking)
10.1.3. Bio-based Oil
10.2. Product Type Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.2.1. Hydraulic fluid
10.2.2. Metalworking fluid
10.2.3. Gear Oil
10.2.4. Compressor Oil
10.2.5. Grease
10.2.6. Turbine Oil
10.2.7. Others
10.3. End User Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.3.1. Construction
10.3.2. Metal & Mining
10.3.3. Cement Production
10.3.4. Power Generation
10.3.5. Automotive
10.3.6. Others
10.4. Country Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.4.1. Germany
10.4.2. UK
10.4.3. France
10.4.4. Spain
10.4.5. Italy
10.4.6. Russia
10.4.7. Rest of Europe
10.5. Europe Industrial Lubricants Market - Opportunity Analysis Index, By Base Oil, By Product Type, By End User, and Country, 2022 - 2028
10.6. Europe Industrial Lubricants Market Dynamics - Trends
11. Asia-Pacific Industrial Lubricants Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
11.1. Base Oil Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.1.1. Mineral Oil
11.1.2. Synthetic Oil
11.1.2.1. Polyalphaolefins (PAO)
11.1.2.2. Polyalkylene Glycol (PAG)
11.1.2.3. Esters
11.1.2.4. Group III (Hydro cracking)
11.1.3. Bio-based Oil
11.2. Product Type Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.2.1. Hydraulic fluid
11.2.2. Metalworking fluid
11.2.3. Gear Oil
11.2.4. Compressor Oil
11.2.5. Grease
11.2.6. Turbine Oil
11.2.7. Others
11.3. End User Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.3.1. Construction
11.3.2. Metal & Mining
11.3.3. Cement Production
11.3.4. Power Generation
11.3.5. Automotive
11.3.6. Others
11.4. Country Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.4.1. China
11.4.2. India
11.4.3. Japan
11.4.4. ASEAN
11.4.5. Australia & New Zealand
11.4.6. Rest of Asia-Pacific
11.5. Asia-Pacific Industrial Lubricants Market - Opportunity Analysis Index, By Service Type, By Organization Size, By End Userand Country, 2022 - 2028
11.6. Asia-Pacific Industrial Lubricants Market Dynamics - Trends
12. Latin America Industrial Lubricants Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
12.1. Base Oil Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.1.1. Mineral Oil
12.1.2. Synthetic Oil
12.1.2.1. Polyalphaolefins (PAO)
12.1.2.2. Polyalkylene Glycol (PAG)
12.1.2.3. Esters
12.1.2.4. Group III (Hydro cracking)
12.1.3. Bio-based Oil
12.2. Product Type Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.2.1. Hydraulic fluid
12.2.2. Metalworking fluid
12.2.3. Gear Oil
12.2.4. Compressor Oil
12.2.5. Grease
12.2.6. Turbine Oil
12.2.7. Others
12.3. End User Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.3.1. Construction
12.3.2. Metal & Mining
12.3.3. Cement Production
12.3.4. Power Generation
12.3.5. Automotive
12.3.6. Others
12.4. Country Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.4.1. Brazil
12.4.2. Mexico
12.4.3. Argentina
12.4.4. Rest of Latin America
12.5. Latin America Industrial Lubricants Market - Opportunity Analysis Index, By Base Oil, By Product Type, By End User, and Country, 2022 - 2028
12.6. Latin America Industrial Lubricants Market Dynamics - Trends
13. Middle East and Africa Industrial Lubricants Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
13.1. Base Oil Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.1.1. Mineral Oil
13.1.2. Synthetic Oil
13.1.2.1. Polyalphaolefins (PAO)
13.1.2.2. Polyalkylene Glycol (PAG)
13.1.2.3. Esters
13.1.2.4. Group III (Hydro cracking)
13.1.3. Bio-based Oil
13.2. Product Type Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.2.1. Hydraulic fluid
13.2.2. Metalworking fluid
13.2.3. Gear Oil
13.2.4. Compressor Oil
13.2.5. Grease
13.2.6. Turbine Oil
13.2.7. Others
13.3. End User Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.3.1. Construction
13.3.2. Metal & Mining
13.3.3. Cement Production
13.3.4. Power Generation
13.3.5. Automotive
13.3.6. Others
13.4. Country Analysis 2018 - 2022 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.4.1. Gulf Cooperation Council (GCC) Countries
13.4.2. Israel
13.4.3. South Africa
13.4.4. Rest of MEA
13.5. MEA Industrial Lubricants Market - Opportunity Analysis Index, By Base Oil, By Product Type, By End User and Country, 2022 - 2028
13.6. MEA Industrial Lubricants Market Dynamics - Trends
14. Competition Landscape
14.1. Strategic Dashboard of Top Market Players
14.2. Company Profiles (Introduction, Financial Analysis, Offerings, Key Developments, Strategies, and SWOT Analysis)
14.2.1. Royal Dutch Shell
14.2.2. ExxonMobil
14.2.3. Chevron Corporation
14.2.4. TotalEnergies
14.2.5. PetroChina Company Limited
14.2.6. Idemitsu Kosan Co. Ltd.
14.2.7. Sinopec Limited
14.2.8. Fuchs Petrolub AG
14.2.9. Valvoline
14.2.10. Lukoil
14.2.11. Petronas
15. Research Methodology
16. Key Assumptions and Acronyms
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.