General Industrial Oils Market - Growth, Trends, and Forecast (2019 – 2024)

The market is segmented by Product Type (Turbine Oil, Refrigeration Oil, Compressor Oil, Electrical Oil, and Heat Transfer Oil), End-user Industry (Power Generation, Chemical Manufacturing, Metallurgy and Metal Working, Food and Beverages, Automotive & Other Trans., and Others), and Geography (Asia-Pacific, North America, Europe, South America, Middle East, and Africa)

Market Snapshot

General Industrial Oils Market - Market Summary
Study Period:


Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The market for general industrial oils is anticipated to register a CAGR of 2.15% during the forecast period, 2019–2024. These oils include various types and are engineered to enhance the performance and running cycles of different industrial machinery.

  • Increasing electricity production in countries, like China, India, and Japan, is likely to drive the market for general industrial oils. Additionally, a rise in the manufacturing of food and beverage products is, in turn, resulting in the increasing usage of industrial oils, such as hydraulic fluids and greases.
  • Usage of electric drives as an alternative to steam and gas turbines is increasing, thus, lowering the usage of general industrial oils in turbines. This electrification of mechanical drives also lowers emissions and reduces environmental taxes.
  • Increasing capacity of wind turbines worldwide and growing automobile production are projected to act as opportunities for the market in the future.

Scope of the Report

The general industrial oils market report includes:

Product Type
Turbine Oil
Refrigeration Oil
Compressor Oil
Electrical Oil
Heat Transfer Oil
End-user Industry
Power Generation
Automotive & Other Transportation
Heavy Equipment
Food & Beverage
Metallurgy & Metal Working
Chemical Manufacturing
Other End-user Industries
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle East
Saudi Arabia
United Arab Emirates
Rest of Middle East
South Africa
Rest of Africa

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Key Market Trends

Increasing Demand from Power Generation

  • General industrial oils are used in steam turbines, boiler feed pumps, rod, and bowl mills for power generation. Industrial oils are employed in various energy generation sectors, such as coal, nuclear, solar, and wind, as they help in enhancing equipment reliability and uptime.
  • Industrial oils have various advantages: these oils increase coal and gas power plant’s productivity, help trouble-free working in the hydroelectric sector, by making these equipment to operate at maximum efficiency.
  • According to BP’s statistical review of world energy, the power sector is considered to be one of the biggest markets for energy, adopting over 40% of primary energy, through renewables and electrification. Renewables and nuclear power met the majority of the growth in demand, as per IEA.
  • According to IEA, World electricity demand grew by 4% in 2018 from 3.1% in 2017, with coal and gas-fired power plants growing considerably.
  • All the aforementioned factors are expected to drive the global industrial oils market, during the forecast period.
General Industrial Oils Market - Segmentation

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Asia-Pacific Region to Dominate the Market

  • Asia-Pacific region dominated the global market share, in 2018.
  • According to OICA, with the increase in motor vehicles manufacturing in countries, such India, Indonesia, and Japan, in 2018, the usage of vehicles is increasing throughout Asia-Pacific region, which in turn will increase the usage of general industrial oils.
  • The industrial oils market in the region is also anticipated to register the highest CAGR, during the forecast period.
General Industrial Oils Market - Regional Trends

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Competitive Landscape

The general industrial oils market is fragmented in nature. In terms of market share, few of the major players currently dominate the market. Key players in the general industrial oils market include Exxon Mobil Corporation, Shell Global, Chevron USA Inc., Castrol Limited, and China Petrochemical Corporation (Sinopec) among others.

Major Players

  1. Exxon Mobil Corporation
  2. Chevron USA Inc.
  3. Royal Dutch Shell
  4. Castrol Limited
  5. China Petroleum & Chemical Corporation (Sinopec)

* Complete list of players covered available in the table of contents below

General Industrial Oils Market - Market Concentration

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Demand for Turbine Oil from Power Generation and Aviation Industries

      2. 4.1.2 Increase in the Manufacturing of Food and Beverages Industry

    2. 4.2 Restraints

      1. 4.2.1 Usage of Electric Drives as an Alternative to Turbines

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition


    1. 5.1 Product Type

      1. 5.1.1 Turbine Oil

      2. 5.1.2 Refrigeration Oil

      3. 5.1.3 Compressor Oil

      4. 5.1.4 Electrical Oil

      5. 5.1.5 Heat Transfer Oil

    2. 5.2 End-user Industry

      1. 5.2.1 Power Generation

      2. 5.2.2 Automotive & Other Transportation

      3. 5.2.3 Heavy Equipment

      4. 5.2.4 Food & Beverage

      5. 5.2.5 Metallurgy & Metal Working

      6. 5.2.6 Chemical Manufacturing

      7. 5.2.7 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Mexico

        3. Canada

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle East

        1. Saudi Arabia

        2. Iran

        3. United Arab Emirates

        4. Rest of Middle East

      6. 5.3.6 Africa

        1. Egypt

        2. South Africa

        3. Morocco

        4. Rest of Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Lubrita

      2. 6.4.2 Paras Lubricants Ltd

      3. 6.4.3 Apar Industries Ltd

      4. 6.4.4 Eastern Petroleum

      5. 6.4.5 Repsol

      6. 6.4.6 Castrol Limited

      7. 6.4.7 Exxon Mobil Corporation

      8. 6.4.8 Shell Global

      9. 6.4.9 Arabol Lubricants

      10. 6.4.10 Arabian Petroleum Ltd

      11. 6.4.11 HP Lubricants

      12. 6.4.12 Aarna Lube Pvt Ltd

      13. 6.4.13 Tashoil Company Pvt Ltd

      14. 6.4.14 China Petrochemical Corporation (Sinopec)

      15. 6.4.15 Chevron USA Inc.

    5. *List Not Exhaustive

    1. 7.1 Augmenting usage of Wind Power Energy

    2. 7.2 Increasing Automobile Production

**Subject to Availability

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