Industrial lubricants are substances used to reduce friction and wear between two moving surfaces that meet each other. Lubricants are used to protect equipment and components from premature wear, reduce friction, and improve operation in a variety of industries, including automotive, industrial, and construction. Industrial lubricants are required for the efficient and safe operation of industrial machines such as motors, pumps, and gearboxes. One of the major factors driving demand for industrial lubricants is the growing demand for energy-efficient lubricants. Furthermore, the need to reduce environmental pollution and improve equipment performance is driving the demand for high-performance lubricants.
The global industrial lubricants market size is projected to reach USD 73.3 billion by 2024 from USD 62.8 billion in 2019, at a CAGR of 3.1%, during the forecast period. The growing demand for industrial lubricants in countries such as China, India, Japan, and South Korea from the construction, metal & mining, power generation, cement production, and automotive industries is expected to fuel the growth of the industrial lubricants market in the region. The market is evolving, with major players playing a crucial role in the development of new and advanced products.
The industrial lubricants market in APAC is anticipated to develop as a result of the increasing industrialization in the region, particularly in China, India, and Japan. Due to the abundance of manufacturing businesses in the region, numerous key nations like Japan, China, India, South Korea, and Australia serve as the major markets for industrial lubricants. The industrial lubricants market in this region is anticipated to increase as a result of the rising demand for industrial lubricants from the construction, power generation, and automotive industries. The expansion of government initiatives to support the development of the industrial sector is also anticipated to fuel the market for industrial lubricants in APAC.
Royal Dutch Shell (Netherlands), ExxonMobil Corporation (US), BP p.l.c. (UK), and Total S.A. (France) are the major players in the industrial lubricants market. Royal Dutch Shell (Netherlands) is focused on expansions, new product launches, and agreements to meet the growing demand in the market. In May 2019, the company opened its first lubricant laboratory in India. The laboratory will serve as a services provider for the growing demand for innovative lubricant products both in the automotive and industrial segments. It launched E-fluids for electric vehicle (EV) in the same year. The products include E-Transmission Fluids, E-Thermal Fluids, and E-Greases, which will help improve EVs and other battery-operated vehicle performance. In May 2018, Shell Lubricants and Aggreko renewed supply contracts which helped Shell become the largest lubricant supplier to Aggreko in Russia, APAC, and the Americas. The expansion helped the company to meet the growing demand for industrial lubricants.
