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

The market is segmented by Base Stock (Bio-based Lubricant, Mineral Oil Lubricant, and Synthetic Lubricant), Product Type (Engine Oil, Transmission & Hydraulic Fluids, Metalworking Fluids, General Industrial Oils, Gear Oil, Greases, Process Oils, and Other Product Types), End-user Industry (Power Generation, Heavy Equipment, Metallurgy & Metal Working, Food & Beverage, Chemical Manufacturing, and Other End-user Industries), and Geography

Market Snapshot

Lubricants - CAGR
Study Period:


Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The global industrial lubricants market is expected to grow at a CAGR of over 1.8% during the forecast period 2019 - 2024.

  • The major factors driving the market studied include increasing usage of high-performance lubricants, demand from the growing wind energy sector, and expansion of the global cold chain market.
  • Increasing drain intervals in industrial operations is acting as a restraint to the market's growth.
  • Growing prominence for bio-lubricants, industrial growth in middle east & africa are likely to act as opportunities in the forecast period.

Scope of the Report

The global industrial lubricants market report includes:
Base Stock
Bio-based Lubricant
Mineral Oil Lubricant
Synthetic Lubricant
Product Type
Engine Oil
Transmission & Hydraulic Fluids
Metalworking Fluids
General Industrial Oils
Gear Oil
Process Oils
Other Product Types
End-user Industry
Power Generation
Heavy Equipment
Metallurgy & Metal Working
Food & Beverage
Chemical Manufacturing
Other End-user Industries
Other Applications
South Korea
Rest of Asia-Pacific
North America
United States
Rest of North America
United Kingdom
Rest of Europe
South America
Rest of South America
Middle East
Saudi Arabia
Rest of Middle East
South Africa
Rest of Africa

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Key Market Trends

Bio-based lubricants to drive the market growth

  • Bio-based lubricants refer to the lubricants derived from plants and animals, and can be biodegradable or non-biodegradable, and are sometimes blended with biodegradable mineral oils. The formulations are quite complex and can be blends of many different types of oils. They can be made up of vegetable oils, such as sunflower, canola, coconut, palm, and soya bean.
  • Bio-based lubricants have a large application base but are mostly required for engines, cables, suppressants, railroad flanges, and marine lubricants. In the automotive sector, among bio-based lubricants, plant-based lubricants are commonly used in hydraulic oils and 2-stroke engine oils.
  • Currently, bio-based lubricants segment holds a little percentage in the lubricants market. However, government initiatives in the United States, Germany, and the Nordic countries, are testing bio-based motor oils as an alternative to synthetic lubricants.
  • Indonesia, Malaysia, and the Philippines have significant oleochemical production rates, and their production is mainly centered on the manufacture of fatty acids, fatty alcohols, methyl esters, and refined glycerin, which is further used in the end-use application of lubricants.
  • Abundant raw material supply, low man-power costs, and improved infrastructure are the key market drivers.
  • There is a renewed interest in bio-lubricants, due to their distinct performance properties and environmental benefits (biodegradability and low toxicity), which enable their use in sensitive environments and contributes to pollution reduction.
  • Growing demand for sustainable and high-performance lubricants, along with the rising environmental concerns, is expected to augment market growth.
Industrial Lubricants - base stock

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China to Dominate the Demand in Asia-Pacific Region

  • China is one of the fastest emerging economies in Asia-Pacific, registering a GDP growth rate of 6.6% in 2018. The country’s growth is high but is gradually veering toward moderate (as the population ages and economy rebalances from investment to consumption, from manufacturing to services, and from external to internal demand).
  • Despite volatile growth in the real estate sector, significant development of rail & road infrastructure by the Chinese government (in order to withstand the demand stemming from the growing industrial and service sectors) has resulted in significant growth of the Chinese construction industry in the recent years.
  • As the construction industry is dominated by state-owned and private enterprises, increased government and private spending in this regard are pushing the industry toward global primacy.
  • In recent years, the entry of major construction players (from the European Union) in China has further fuelled the growth of this industry.
  • With the growth of the construction sector in China, the demand for lubricants used for heavy equipment in the construction sector (such as penetrating and coating wire rope lubricants, diesel fuel, engine oil, bearing grease, and others) is expected to increase over the forecast period.
  • In China, since the late 90s, energy consumption has been continuously increasing. The trend is expected to continue in the coming years as well.
  • Being one of the fastest emerging economies, the economic activities and the service sector are expected to witness substantial growth in the country over the coming years.
  • With such growth, the power demand is expected to increase substantially, leading to an increase in power generation in the country. With the increase in power generation, the demand for lubricants (such as synthetic oil, lubricating oil, and others) used in power plants is expected to increase in the country during the forecast period.
Industrial Lubricants - R

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Competitive Landscape

The global industrial lubricants market is fragmented in nature. Some of the major players include BP p.l.c., Chevron U.S.A. Inc., Exxon Mobil Corporation, and Royal Dutch Shell Plc.

Major Players

  1. BP p.l.c.
  2. Chevron U.S.A. Inc.
  3. Exxon Mobil Corporation
  4. Royal Dutch Shell PLC

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

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 Increasing Usage of High-performance Lubricants

      2. 4.1.2 Demand from the Growing Wind Energy Sector

      3. 4.1.3 Expansion of the Global Cold Chain Market

      4. 4.1.4 Remarkable Growth Rates in Sales of Lubricants

    2. 4.2 Restraints

      1. 4.2.1 Increasing Drain Intervals in Industrial Operations

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porters 5 Force 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 Base Stock

      1. 5.1.1 Bio-based Lubricant

      2. 5.1.2 Mineral Oil Lubricant

      3. 5.1.3 Synthetic Lubricant

    2. 5.2 Product Type

      1. 5.2.1 Engine Oil

      2. 5.2.2 Transmission & Hydraulic Fluids

      3. 5.2.3 Metalworking Fluids

      4. 5.2.4 General Industrial Oils

      5. 5.2.5 Gear Oil

      6. 5.2.6 Greases

      7. 5.2.7 Process Oils

      8. 5.2.8 Other Product Types

    3. 5.3 End-user Industry

      1. 5.3.1 Power Generation

      2. 5.3.2 Heavy Equipment

      3. 5.3.3 Metallurgy & Metal Working

      4. 5.3.4 Food & Beverage

      5. 5.3.5 Chemical Manufacturing

      6. 5.3.6 Other End-user Industries

      7. 5.3.7 Other Applications

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Phillipines

        6. Indonesia

        7. Malaysia

        8. Thailand

        9. Vietnam

        10. Rest of Asia-Pacific

      2. 5.4.2 North America

        1. United States

        2. Canada

        3. Mexico

        4. Rest of North America

      3. 5.4.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Russia

        6. Turkey

        7. Spain

        8. Rest of Europe

      4. 5.4.4 South America

        1. Brazil

        2. Argentina

        3. Chile

        4. Colombia

        5. Rest of South America

      5. 5.4.5 Middle East

        1. Saudi Arabia

        2. Iran

        3. Iraq

        4. UAE

        5. Kuwait

        6. Rest of Middle East

      6. 5.4.6 Africa

        1. Egypt

        2. South Africa

        3. Nigeria

        4. Algeria

        5. Morocco

        6. Rest of Africa


    1. 6.1 Mergers & 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 Amsoil Inc.

      2. 6.4.2 BASF SE

      3. 6.4.3 Bechem

      4. 6.4.4 Bharat Petroleum Corporation Limited

      5. 6.4.5 Blaser Swisslube AG

      6. 6.4.6 BP PLC

      7. 6.4.7 Caltex Australia Group

      8. 6.4.8 Chemtura Corporation

      9. 6.4.9 Chevron USA Inc.

      10. 6.4.10 China National Petroleum Corporation (PetroChina)

      11. 6.4.11 China Petroleum & Chemical Corporation (Sinopec)

      12. 6.4.12 Eni SpA

      13. 6.4.13 Exxon Mobil Corporation

      14. 6.4.14 Fuchs

      15. 6.4.15 Gazprom Neft PJSC

      16. 6.4.16 Gulf Oil Corporation Limited

      17. 6.4.17 HPCL

      18. 6.4.18 Idemitsu Kosan Co. Ltd

      19. 6.4.19 Indian Oil Corporation Ltd

      20. 6.4.20 ITW (ROCOL)

      21. 6.4.21 JX Nippon Oil & Energy Corporation

      22. 6.4.22 Kluber Lubrication

      23. 6.4.23 Lukoil Lubricants Company

      24. 6.4.24 Motul

      25. 6.4.25 Pertamina

      26. 6.4.26 Petrobras

      27. 6.4.27 Petrofer Chemie H. R. Fischer GmbH + Co. KG

      28. 6.4.28 Petronas Lubricants International

      29. 6.4.29 Phillips 66 Lubricants

      30. 6.4.30 Repsol

      31. 6.4.31 Royal Dutch Shell PLC

      32. 6.4.32 SK Lubricants

      33. 6.4.33 Tide Water Oil Co. (India) Ltd

      34. 6.4.34 Total Lubricants

      35. 6.4.35 Valvoline LLC

    5. *List Not Exhaustive

    1. 7.1 Growing Prominence for Bio-Lubricants

    2. 7.2 Industrial Growth in Middle East & Africa

    3. 7.3 Other Opportunities

**Subject to Availability

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