Industrial Lubricants Market size is set to grow by USD 12.49 bn from 2023-2027,increasing demand from end-user industries boost the market- Technavio

NEW YORK, April 18, 2024 /PRNewswire/ -- The global industrial lubricants market  size is estimated to grow by USD 12.49 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  3.73%  during the forecast period.  The industrial lubricants market caters to sectors like construction, steel and cement, wind energy, agriculture, mining, and oil drilling, marine and aerospace. In construction, lubricants enhance equipment performance with anti-wear, corrosion resistance, and water tolerance. Hydraulic fluids improve energy transmission in earthmoving equipment. In steel and cement, lubricants extend drain intervals and boost efficiency. Key applications include robotics, food processing, metalworking, and renewable energy generation. Industries such as chemical, unconventional energy, and packaging also utilize lubricants for hydraulics, compressors, engines, and bearings. 

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Segment Overview 

This industrial lubricants market report extensively covers market segmentation by Product (Mineral oil lubricants, Synthetic lubricants, Bio-based lubricants) Type (Hydraulic fluid, Metal working fluid, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America)

Market segmentation by Product

The industrial lubricants market encompasses various sectors, including robotic processing, where hydraulic fluids facilitate smooth operation. Anti-foaming agents are crucial additives to prevent foam formation in lubricants used in food industries, such as vegetable preparation and food oils. In agriculture, hydraulic fluids serve as pesticide carrier fluids, fertilizer production aids, and lubricants for fertilizer manufacturing equipment. The energy sector relies on gear oils, renewable generation lubricants, and metalworking fluids for efficient operation of compressors, centrifuges, and industrial engines. Base oils, such as hydraulic and metalworking fluids, are essential in metalworking applications for manufacturing metal products. The lubricant laboratory plays a vital role in the development and classification of industrial lubricants, catering to niche sectors like the chemical industry, unconventional energy industry, and hydraulics. AI and automation processes continue to revolutionize the industry, ensuring optimal performance and reducing operational costs.

Geography Overview

The Industrial Lubricants Market in the Asia Pacific region experiences robust growth due to the intense demand in sectors like heavy engineering, steel manufacturing, mining, and refining, as well as niche industries such as food processing and chemical production. Key contributors to this market include China, India, Japan, and South Korea. Robotic processing in industries like automotive and electronics necessitates advanced anti-foaming agents in lubricants. In the food sector, vegetable preparation and food oils require specialized lubricants. Crop protection oils, pesticide carrier fluids, and fertilizer production utilize lubricants in the agricultural sector. The energy sector, including renewable generation, relies on gear oils and metalworking fluids for efficient operation. Metalworking applications and metal products manufacturing require various lubricants, while the development drift in the market leads to classification and expansion into niche sectors. Base oils, hydraulic fluids, and metalworking fluids are essential components, with lubricant laboratories ensuring quality. The chemical industry and unconventional energy industry also leverage lubricants in hydraulics, compressors, centrifuges, and industrial engines. Artificial Intelligence (AI) and automation processes further enhance lubricant applications in various industries. 

Insights on the market contribution of various segments including country and region wise, historic (2017 - 2021) and forecast market size- Download a Sample Report

• The industrial lubricants market is marked by strategic collaborations and acquisitions. Manufacturers partner with raw material suppliers for a consistent supply and distributors for market expansion. Acquisitions broaden product portfolios and enhance operational capabilities. In 2020, FUCHS and BASF collaborated on sustainable hydraulic fluids, while Total acquired Tullow's Ugandan oil project interests. Key sectors include robotics, food, energy, metalworking, and chemical industries, utilizing base oils, hydraulic fluids, metalworking fluids, and more. AI and automation processes are also integral to the market.
  
  
• The industrial lubricants market primarily relies on crude oil processing for mineral oil-based products. The oil and gas industry is a significant supplier of raw materials, with price fluctuations impacting costs. Key applications include robotics, food oils, fertilizers, energy sector, metalworking, and hydraulics. Industries such as chemical, unconventional energy, and packaging benefit from lubricants. Technological advancements in AI and automation also influence market growth.

Insights on Market Drivers, trends, & Challenges, historic period(2017 - 2021) and forecast period(2023-2027)- Request a sample report!

Research Analysis

The Industrial Lubricants Market encompasses a wide range of products, including base oils, hydraulic fluids, metalworking fluids, and various types of lubricants used in the chemical and unconventional energy industries. These lubricants play a crucial role in the smooth operation of industrial machinery such as hydraulics, compressors, centrifuges, industrial engines, and bearings. In addition, they are essential in packaging industries, where they help ensure the efficient functioning of automation processes, robotic processing, and polymer industry equipment. Industrial lubricants also include anti-foaming agents, which are used in various applications, from vegetable preparation to food oils and crop protection oils, as well as pesticide carrier fluids. The integration of Artificial Intelligence (AI) and automation processes in the manufacturing sector is expected to drive the growth of the industrial lubricants market in the coming years.

Market Research Overview

The Industrial Lubricants Market plays a crucial role in the production processes of various industries. These lubricants are essential components in maintaining the functionality and longevity of machinery. The use of chemicals such as Hydraulics, Compressors, and Centrifuges in lubricants enhances their performance. The market consists of components like oils, filters, and additives. Automatic feeding systems and processes ensure the continuous supply of lubricants. Robotic technology is used for the production and packaging of lubricants. Antifoaming agents are added to prevent the formation of foam in lubricants. Vegetable-based lubricants are gaining popularity due to their eco-friendly nature. Producers focus on increasing productivity and reducing costs through the use of advanced technologies and innovative solutions. The industry is driven by factors like increasing industrialization and the need for energy efficiency.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Mineral Oil Lubricants
• Synthetic Lubricants
• Bio-based Lubricants
• Type
• Hydraulic Fluid
• Metal Working Fluid
• Others
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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