Industrial lubricants market is projected to reach $68,412.0 million by 2024 Having Major Key Players: Phillips 66, AMSOIL INC., Calumet L.P., Quaker Chemical Corporation, BP, ExxonMobil, Chevron, Total, The Lubrizol Corporation & Clariant

The rising need for lubricants is attributed to the fact that these lubricants improve the various industrial processes without altering physical properties and quality of the final product. Owing to rapid industrialization and growing need for effective and streamlined processes of industrial production, the market is expected to grow during the forecast period.

On the basis of product, industrial lubricants market has been segmented into process oils, general oils, metalworking fluids, engine oils and others. Process oils is estimated to hold more than 20% share in the industrial lubricants market in 2017.

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On the basis of application, global industrial lubricants market has been segmented into metalworking, textile, energy, chemical manufacturing, food processing, hydraulic and others. Over the years, countries such as China, India, Brazil, and South Africa have witnessed rapid economic growth, characterized by large-scale expansion of industrial sector in the world.

The rapid economic developments in these countries have offered fresh growth opportunities for the industrial lubricants market as these lubricants are needed to support the manufacturing process of different industries.

Rising demand for a variety of manufactured finished goods as well as subsequent need for expanding production capabilities has influenced manufacturers to rely on different machinery to automate production process and processing functions.

Asia-Pacific is estimated to hold the largest share in the industrial lubricants market in 2017. The Asia-Pacific region is expected to be the fastest growing industrial lubricants market during the forecast period owing to high growth in the oil market, burgeoning population, rapid industrialization, and urbanization, coupled with strong growth in major end-use industries such as food processing, textiles, chemicals, and metalworking.

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Some of the major players operating in the global industrial lubricants industry are ExxonMobil Corp., Fuchs Group, The Lubrizol Corporation, Royal Dutch Shell, Phillips 66, Lucas Oil Products, Inc., Amsoil, Inc., Bel-Ray Co., Inc., Total S.A., Kluber Lubrication, Valvoline International, Inc., Chevron Corp., Clariant, Quaker Chemical Corp., Zeller+Gmelin GmbH & Co. KG, Houghton International, Inc., Castrol, Blaser Swisslube, Inc., Calumet Specialty Products Partners, L.P., Petronas Lubricant International, Idemitsu Kosan Co., Ltd. and Yushiro Chemical Industry Co., Ltd.

GLOBAL INDUSTRIAL LUBRICANTS MARKET SEGMENTATION

By Product

• Process Oil
• General Oil
• Metalworking Fluid (MWF)
• Engine Oil
• Others

By Application

• Metalworking
o Metal forming
 Aluminum
 Copper
 Others
o Metal cutting
 Aluminum
 Copper
 Others
o Metal joining
 Fastening
 Others
o Metalworking electronics
o Industrial heat exchangers
o Others
• Textile
o Textile weaving
o Non-woven textiles
o Textile finishing
 Dyeing
 Stentering
 Drying
 Printing
 Others
o Composites
o Others
• Energy
o Transformers
o Pipelines
o Liquefied natural gas (LNG)
o Ocean energy
o Others
• Chemical Manufacturing
o Industrial gases
o Fertilizers
o Polymers
o Others
• Food Processing
o Beverages
o Frozen food
o Canned food
 Fruits and vegetables
 Others
o Processed potatoes
o Bakery
o Cocoa and chocolate
o Others
• Hydraulic Machinery
o Compressors
o Bearings
o Others
• Others

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