Industrial Lubricants Market Size (2024 - 2029)

Industrial Lubricants Market Analysis

The Industrial Lubricants Market size is estimated at 22.07 Billion liters in 2024, and is expected to reach 26.06 Billion liters by 2029, growing at a CAGR of 3.38% during the forecast period (2024-2029).

The market was negatively impacted by COVID-19 in 2020. However, the pandemic positively affected the automation process in industrial activities on a large scale. The limited availability of manpower due to the pandemic and the use of various personal protective equipment has accelerated the adoption of automation throughout industries. Moreover, the increase in productivity also increased the run time of the machinery and the speed of the equipment. It increased the importance of adequate lubrication for the equipment, thus enhancing the demand.

• Over the short term, increasing demand from the wind energy sector is expected to drive the market's growth.
• However, the detrimental effects of lubricants on the environment are likely to hinder the growth of the market studied.
• Nevertheless, the growing prominence of bio-lubricants and the development of low-viscosity lubricants are likely to act as opportunities for the growth of the market studied.
• Asia-Pacific dominates the market across the world, with the most substantial consumption from countries like China, India, and Indonesia.

Industrial Lubricants Industry Segmentation

A lubricant is a substance that is applied to surfaces with relative motion between them as it reduces friction and wear between surfaces. However, in addition to these primary functions, a lubricant can include other functions or roles, such as sealing agent, heat transfer agent, and corrosion prevention agent. Lubricants can be found in many forms, from liquid, semi-solid, dry, and gaseous lubricants. The most common lubricants are oils and gases.

The industrial lubricants market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and other product types. The end-user industry is segmented into power generation, heavy equipment, food and beverage, metallurgy and metal working, chemical manufacturing, and other end-user industries. The report also covers the market size and forecasts for the industrial lubricants market in 33 countries across major regions. For each segment, the market sizing and forecasts are done on the basis of volume (liters).