According to a report by Grand View Research, Inc.; the global industrial lubricants market is anticipated to reach USD 68.41 billion by 2024. Growing requirement for timely maintenance of industrial machines to reduce operational downtime and to increase efficiency are the primary market drivers. These lubricants reduce wear and tear, friction, and corrosion in machines to enhance operational efficiency. This factor is anticipated to bode well for market expansion over the forecast period (2014 to 2024).
Growing awareness among manufacturers regarding importance of machinery maintenance can positively influence market growth. Continual product innovation through incorporation of various additives to improve sustainability and lifestyle can augment market growth during the forecast period.
The global industrial lubricants market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into general industrial oils, metalworking oils, industrial engine oils, process oils, and others. In 2016, process oils dominated the market and accounted for the largest market share. These lubricant oils can be used in industrial processes to enhance operational efficiency and to reduce energy and overhead costs arising from downtimes. The segment is likely to exhibit CAGR of 3.1% from 2016 to 2024.
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Industrial engine oils are used to lubricate irrigation pumps, construction equipment, industrial diesel engines, and mining equipment. High demand for industrial output is likely to increase use of machinery. This, in turn, can surge demand for industrial engine oils over the forecast period. The segment is projected to expand at a CAGR of 3.5% from 2016 to 2024.
Based on application, the market can be classified into metalworking, textiles, chemical manufacturing, energy, food processing, hydraulic, and others. In 2016, chemical manufacturing dominated the market with around 28% volume share. Processing equipment is generally subject to continuous operations, extreme temperatures, and contamination threats from water, particulate matter, and chemicals. Lubricants can be used to reduce corrosion, wear and tear, and friction from these elements, while optimizing production level and reducing servicing downtime.
Energy segment accounted for 20% of overall market share in 2016. Growth of renewable power generation in western markets and rising demand for conventional energy in Asia can augment market growth over the forecast period. Metalworking fluids accounted for market share equivalent to USD 7.2 billion in 2016. Resurgence of metal foundry sector in Europe and America is expected to provide relief to product segment in years to come.
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Regional segmentation includes Europe, North America, Asia Pacific, Central and South America, and Middle East and Africa. In 2016, Asia Pacific dominated the market and accounted for largest market share. Positive outlook on economic activities, rising industrial output, and stable supply-demand scenario are expected to fuel regional market growth. Most Asian countries are emerging as neo-manufacturing hubs for electronics, consumer goods, textiles, chemicals, and automobiles. This, in turn, can shift production landscape in the region. Moreover, positive economic outlook can also shape consumption trends, with India, China, and Southeast Asia touted to be largest growth contributors.
Europe and North America are mature marketplaces owing to presence of multinational companies. Business ecosystem in these regions is sophisticated with competition determined by impeccable standards, specialized offerings, and sustainability. In 2016, these regions collectively accounted for 40% of overall market share. In addition, initiatives to develop bio-based products owing to availability of financial capital and technical know-how among local manufacturers are anticipated to bode well for regional expansion.
Central and South America witnessed considerable growth in the past. However, it is expected to witness tepid CAGR during the forecast period attributed to political instability and economic downturn. This factor is also expected to overshadow manufacturing activities and consequent consumption patterns.
Some of the leading companies in the industrial lubricants market are The Lubrizol Corporation, Royal Dutch Shell, Phillips 66, Kluber Lubrication, and Castrol. The market is expected to shift towards sustainable eco-system with the companies developing bio-based feedstock routes complying with ecolabel norms. In addition, companies are focused on improving overall production process to reduce wastage and byproducts.
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