Market Size of General Industrial Oils Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 2.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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General Industrial Oils Market Analysis
The market for general industrial oils is anticipated to register a CAGR of over 2% during the forecast period. 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, islikely to drive the market for general industrial oils. Additionally, a rise in the manufacturing of food and beverage productsis, 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 worldwideand growing automobile production are projected to act as opportunities for the market in the future.
General Industrial Oils Industry Segmentation
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 |
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General Industrial Oils Market Size Summary
The general industrial oils market is poised for steady growth, driven by increasing electricity production in countries like China, India, and Japan, and the rising manufacturing of food and beverage products. These oils play a crucial role in enhancing the performance and longevity of industrial machinery, including their use in steam turbines and various energy generation sectors such as coal, nuclear, solar, and wind. The shift towards electric drives as alternatives to traditional steam and gas turbines is influencing the market dynamics, as it reduces the demand for industrial oils in turbines while also lowering emissions and environmental taxes. The growing capacity of wind turbines and the expansion of the automobile industry present further opportunities for market growth.
In South Africa, the general industrial oils market is expected to benefit from the increasing demand for electricity and the government's efforts to boost new businesses and investments. Despite economic challenges, sectors such as chemical manufacturing and construction are anticipated to drive the consumption of industrial oils. The market is characterized by fragmentation, with major players like Exxon Mobil Corporation, Royal Dutch Shell Plc, and Chevron USA Inc. holding significant shares. These companies, along with others, are likely to continue influencing the market landscape through strategic initiatives and partnerships.
General Industrial Oils Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand for Turbine Oil from Power Generation and Aviation Industries
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1.1.2 Increase in the Manufacturing of Food and Beverages Industry
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1.2 Restraints
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1.2.1 Usage of Electric Drives as an Alternative to Turbines
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Turbine Oil
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2.1.2 Refrigeration Oil
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2.1.3 Compressor Oil
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2.1.4 Electrical Oil
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2.1.5 Heat Transfer Oil
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2.2 End-user Industry
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2.2.1 Power Generation
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2.2.2 Automotive & Other Transportation
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2.2.3 Heavy Equipment
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2.2.4 Food & Beverage
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2.2.5 Metallurgy & Metal Working
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2.2.6 Chemical Manufacturing
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2.2.7 Other End-user Industries
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Mexico
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2.3.2.3 Canada
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East
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2.3.5.1 Saudi Arabia
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2.3.5.2 Iran
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2.3.5.3 United Arab Emirates
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2.3.5.4 Rest of Middle East
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2.3.6 Africa
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2.3.6.1 Egypt
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2.3.6.2 South Africa
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2.3.6.3 Morocco
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2.3.6.4 Rest of Africa
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General Industrial Oils Market Size FAQs
What is the current General Industrial Oils Market size?
The General Industrial Oils Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in General Industrial Oils Market?
Exxon Mobil Corporation, Chevron USA Inc., Royal Dutch Shell Plc, Castrol Limited and China Petroleum & Chemical Corporation (Sinopec) are the major companies operating in the General Industrial Oils Market.
