Industrial Lubricants Market Growth & Trends
The global industrial lubricants market size is expected to reach USD 72.08 billion by 2030, registering a CAGR of 3.9% according to a new report by Grand View Research, Inc. Improving PMI indices across the globe and resultant rise in production capacities are anticipated to boost the demand for industrial lubricants. Moreover, rising manufacturing activities are touted to spur investments in production machinery, thereby creating a strong growth potential for industrial lubricants.
High consumption of general industrial oils generate significant revenue attributing to the growth of industrial lubricants market. Related industries, such as chemicals, unconventional energy and mining, are slated to witness considerable growth. This trend is anticipated to further boost the product demand in compressors, industrial engines, hydraulics, centrifuges, and bearings. Companies are investing heavily in R&D for the development of innovative products to gain competitive edge in the industry. There has been a shift in trend towards use of bio-based raw materials due to rising awareness regarding the need for emission reduction and energy conservation.
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Industrial Lubricants Market Report Scope
Report Attribute Details Market size value in 2023 — USD 55.17 billion Revenue forecast in 2030 — USD 72.08 billion Growth rate — CAGR of 3.9% from 2023 to 2030 Base year for estimation — 2022 Historical data — 2018–2021 Forecast period — 2023–2030
Industrial Lubricants Market Report Highlights
Product demand in Europe is expected to grow at a CAGR of 2.8% over the forecast period owing to increasing industrial activities along with modernization of industrial machinery
Saudi Arabia accounts for a major share of the global oil reserves. Heavy investments in education & infrastructure development by the government to reduce unemployment will have a positive impact on the regional market
Companies have undertaken strategies, such as mergers and acquisition, to enhance their product offerings and strengthen regional presence
Manufacturers of industrial lubricants market are aiming to achieve optimum business growth by implementing other strategies including joint venture, capacity expansion, product development, and R&D investments
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