The global industrial lubricants market is driven by massive industrialization backed by increase in frequency of trade activities. The industry verticals slated to grow include mining, chemicals, and unconventional energy. As such, demand for hydraulics, bearings, centrifuges, industrial engines, and compressors is expected to increase going forward. This, in turn, will drive the industrial lubricants market, as these finished goods ask for industrial lubricants for smooth processing.
PMR states that the global industrial lubricants market will witness a CAGR of over 3% between 2020 and 2030.
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Key Takeaways from Industrial Lubricants Market
- Bio-based lubricants are the future of industrial lubricants market. They are preferred as they make way for superior pressure/viscosity performance along with lower volatility, apart from being environmentally-friendly. Plus, emission regulations with regards to synthetic lubricants will drive growth of bio-based lubricants.
- By application, “construction” holds the largest market share, followed by textiles, and energy.
- By geography, the Asia-Pacific holds the largest market share and is expected to continue with the winning streak between 2020 and 2030 due to increased spending in construction in the economies like Indonesia, India, and China.
- By type, hydraulic fluid dominates the market due to being cost-effective.
How is the industrial lubricants market structured?
The key players in the industrial lubricants market include Idemitsu Kosan Co., Ltd., LUKOIL, Fuchs Petrolub AG, PetroChina Compaany Limited, Total S.A., BP plc, Chevron Corporation, ExxonMobil Corporation, and Royal Dutch Shell. On the organic expansion front, Royal Dutch Shell, in the year 2019, did come up with its very first industrial lubricant laboratory in India. It is to address the demand for new-fangled lubricant products in the industries. ExxonMobil holds the second-largest market share. It does offer compressor oil, hydraulic fluid, gear oil, metalworking fluid, and turbine oil (as another industrial lubricant).
The base oils for industrial lubricants include mineral oil synthetic oil (PAO (polyalphaolefins), PAG (polyalkylene glycol), esters, group III (hydro cracking)), and bio-based oil.
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Impact of Covid-19 on Industrial Lubricants Market
The outbreak of Covid-19 has resulted in declination of industrial lubricants market, as the end-users like construction, metal & mining, cement production, power generation, vehicle manufacturing have suspended their operations since Mar 2020 in the wake of partial/total lockdowns being inflicted. Though situation has started improving with thin attendance in the manufacturing plants, it will take a while (say – mid-2021) for the market to be “full-on”.
Analyst’s Viewpoint
“Industrial Lubricants market has been stalled by Covid-19 in the year 2020. However, with construction and automotive verticals picking up pace post-Covid-19 era, the market is expected to witness a major overhaul – that too, the inclination will be towards bio-based industrial lubricants.
Industrial Lubricants Market: Conclusion
The industrial lubricants market is all set to go organic way in the form of bio-based lubricants, but after the passage of Covid-19 slump.
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