Latest Market Report | Industrial Oil Market Poised for US$ 88.3 Billion Growth by 2030, Driven by Booming Manufacturing Sector

The global industrial oil market is expected to reach and surpass US$ 88 billion by 2030, with an annual growth rate of more than 4.2%

Global Industrial Oil Market is valued at US$ 66.23 billion in 2023 and is expected to grow at a significant CAGR of over 4.2% over the forecast period of 2023-2030, according to the published market report by RationalStat

Market Definition, Market Scope, and Report Overview
Industrial oil refers to a category of lubricating oils specifically formulated for use in industrial machinery and equipment. It is a broad term that encompasses various types of oils designed to provide lubrication, cooling, and protection to the moving parts and components of industrial machinery. The primary purpose of industrial oil is to reduce friction between moving parts, preventing wear and damage caused by metal-to-metal contact. By forming a lubricating film, industrial oil ensures smooth operation, minimizes energy loss due to friction, and extends the lifespan of machinery components.

The demand for industrial oils is closely tied to the usage of machinery and equipment in various industries. As the number of industrial machinery and equipment increases, the need for lubricants and industrial oils also rises. Industries such as manufacturing, construction, and agriculture rely on machinery for their operations, creating a consistent demand for industrial oils.
Environmental regulations and the focus on sustainability are increasingly influencing the industrial oils market. Governments and regulatory bodies are imposing stricter guidelines for the use of lubricants and industrial oils to minimize environmental impact. This has led to the development of eco-friendly and biodegradable industrial oils. The demand for environmentally friendly lubricants and oils is expected to grow as industries strive to reduce their carbon footprint and comply with regulations.
• According to a deep-dive market assessment by RationalStat, the global industrial oil market has been analyzed on the basis of market segments, including source, type, end user, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
• Market intelligence for the global industrial oil market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
• In addition, the long-term sector and products/services 10-year outlook and its implications on the global industrial oil market. It also includes the industry's current state - Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Global Industrial Oil Market: Segmental and Market Share Analysis
• By source, vegetable oils are the most widely used type of industrial oil, accounting for the largest share of the global industrial oil market.
• By end-user, the energy sector is the largest end-user of industrial oils. Industrial oils are used in a variety of applications in the energy sector, such as power generation, oil and gas production, and refining.
Report Synopsis
Report Metrics Details
Base Year 2023
Forecast Period 2023-2030
Base Year Market Size US$ 66.2 billion
Market Size Forecast US$ 88.3 billion
Growth Rate 4.2%
Key Market Drivers • Industrial growth
• Increasing focus on sustainability
• Expanding global sale of construction and mining equipment
Companies Profiled • Exxon Mobil Corporation
• Royal Dutch Shell Plc
• Chevron USA Inc.
• Castrol Limited
• China Petroleum & Chemical Corporation (Sinopec)
• BP Plc
• TotalEnergies SE
• Indian Oil Corporation Limited
• Lukoil
• SK Innovation Co., Ltd.

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Competition Analysis and Market Structure

Some of the prominent players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, and partnerships and collaborations are some of the strategies followed by industry players. Some of the key developments in the global bathroom vanities market include,
• In January 2023, The Goodyear Tire & Rubber Company unveiled a demonstration tire comprised of 90% sustainable materials. This demonstration tire has passed all applicable regulatory testing as well as Goodyear's internal testing.
• In August 2023, Bridgestone announced that it would be supplying teams at the Bridgestone World Solar Challenge (BWSC) with tires developed using 63% recycled and renewable materials.

Some of the prominent players and suppliers operating and contributing significantly to the global industrial oil market growth include Exxon Mobil Corporation, Royal Dutch Shell Plc, Chevron USA Inc., Castrol Limited, China Petroleum & Chemical Corporation (Sinopec), BP Plc, TotalEnergies SE, Indian Oil Corporation Limited, Lukoil, and SK Innovation Co. Ltd., among others.

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RationalStat has segmented the global industrial oil market based on source, type, end user, and region
• Global Industrial Oil Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Source
o Vegetable Oils
o Animal Oils
o Synthetic Oils
• Global Industrial Oil Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
o Grade 1 (Light)
o Grade 2 (Medium)
o Grade 3 (Heavy)
• Global Industrial Oil Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by End User
o Energy
o Automotive
o Manufacturing
o Others
• Global Industrial Oil Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
o North America Industrial Oil Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
 US
 Canada
o Latin America Industrial Oil Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
 Brazil
 Mexico
 Rest of Latin America
o Western Europe Industrial Oil Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
 Germany
 UK
 France
 Spain
 Italy
 Benelux
 Nordic
 Rest of Western Europe
o Eastern Europe Industrial Oil Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
 Russia
 Poland
 Hungary
 Other CIS Countries
 Rest of Eastern Europe
o Asia Pacific Industrial Oil Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
 China
 Japan
 India
 South Korea
 Australia
 ASEAN
• Indonesia
• Thailand
• Philippines
• Vietnam
• Malaysia
• Rest of ASEAN
 Rest of Asia Pacific
o Middle East & Africa Industrial Oil Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
 GCC
• Saudi Arabia (KSA)
• United Arab Emirates (UAE)
• Rest of the GCC
 South Africa
 Nigeria
 Turkey
 Rest of the Middle East & Africa

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Key Questions Answered in the Industrial Oil Report:
• What will be the market value of the global industrial oil market by 2030?
• What is the market size of the global industrial oil market?
• What are the market drivers of the global industrial oil market?
• What are the key trends in the global industrial oil market?
• Which is the leading region in the global industrial oil market?
• What are the major companies operating in the global industrial oil market?
• What are the market shares by key segments in the global industrial oil market?

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