Press release
Industrial Lubricants Market Analysis 2025 with Size Estimation, Competitive Landscape, Demand Overview, Segmentation & Forecast - 2029
In terms of value, the industrial lubricants market is estimated to grow from USD 63.9 billion in 2024 to USD 74.3 billion by 2029, at a CAGR of 3.1%. The market research report provides in-depth insights and analysis on key market trends, industrial lubricants market growth [https://www.marketsandmarkets.com/Market-Reports/industrial-lubricants-market-84594070.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=industriallubricants] opportunities, and emerging challenges. The demand for industrial lubricants in end-use industries such as construction and food processing is increasing due to government regulations and fuel economy norms, increasing automation in end-use industries, and immense industrial development in the Middle East & Africa and Asia Pacific region.
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Based on base oil type, the industrial lubricants market is segmented as mineral oil, synthetic oil, and bio-based oil. From them, mineral oil accounted for largest market share, in terms of value, in 2023. They are the most compatible with a wide variety of materials and seals commonly used in machinery and equipment. Moreover, they are typically less expensive due to low production cost. Also, they are easily available in different regions. Therefore, mineral oil lubricants accounted for largest share in industrial lubricants market.
Based on end-use industry, the industrial lubricants market is segmented into ten key sub-segments as construction, cement production, metal & mining production, oil & gas, power generation, textile, food processing, chemical, automotive (vehicle manufacturing) and others. The construction end-use industry sub-segment is accounted for the largest share in terms of value, in 2023. This is mainly due to the rising construction activities around the world as the worlds populations is increasing rapidly. Therefore, construction end-use industry sub-segment is accounted for the largest share.
Based on region, Asia Pacific is the largest market industrial lubricants, in terms of value, in 2023 due to the due to its robust economic growth, increasing population, rapid industrialization rising disposable incomes, and favorable government regulations. Moreover, densely populated countries such as China and India experiences high demand across various sectors, including automotive, manufacturing, construction, and agriculture. Thus, the demand for industrial lubricants is high in Asia Pacific region. Likewise, the Asia Pacific is projected to be the fastesst growing market, in terms of value, during the forecast period 2024 to 2029.
Industrial Lubricants Companies [https://www.marketsandmarkets.com/ResearchInsight/industrial-lubricants-market.asp?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=industriallubricants]
The key players profiled in the report include Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), PetroChina Company Limited (China), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and others. These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, Asia Pacific, and the Middle East & Africa. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies.
Shell plc is one of the world's largest oil & gas companies. It operates its operations with their five business segments, namely, integrated gas, renewables & energy solutions, marketing, chemical & products, and upstream. The company offers its lubricants for a wide range of end-use industries including construction, power generation, food processing, cement manufacturing and others. It operates with 6 base oil storage hubs, 10 grease plants, 32 blending plants, and 4 base oil manufacturing plants. It has strong presence in European, North American, South American, the Middle East & Africa, and Asia Pacific region. In January 2024, shell plc acquired the MIDEL and MIVOLT, from M&I Materials Ltd. This acquisition enabled the company to complement its position in transformer oils.
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Exxon Mobil Corporation is a global specialty oil & gas company and also one of the largest companies in standings of revenue generation. The company is a global leader for synthetic oil technology and markets its lubricants products globally with brands such as Exxon, Mobil, and Esso. It has strong presence globally in more than 160 countries. It operated with three business segments, product solutions, upstream, and corporate & financing. The company owns 6 base stock refineries and 21 blending plants in 25 countries which are present in almost all regions. In February 2024, the company planned to launch new test laboratory in Singapore for Mobil Serv lubricant analysis.
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