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According to a new report by MarketsandMarkets, the industrial lubricant market is expected to reach $73.3 billion by 2024, at an annual growth rate of 3.1 percent from $62.8 billion in 2019. Massive industrialization, increasing disposable income and rapid urbanization in emerging countries are among the driving factors in the market.
Mineral oil remains the largest segment in the industry, while the construction and hydraulic fluid segments account for the largest share of the market in 2019.
The Asia-Pacific region continues to be the largest market for industrial lubricants, in terms of both volume and value. The increasing population in the region and rising expenditures in the construction sector within the emerging markets of China, India and Indonesia are among the major elements projected to drive the demand for industrial lubricants.
Improved lifestyles, an increase in the employment rate, a rise in disposable income and increased foreign investments in various economic sectors are some of the primary factors that make the Asia-Pacific region an attractive market for industrial lubricant manufacturers.
The key players in the market include Shell, ExxonMobil, Chevron, BP, Total, PetroChina Co., Sinopec, Lukoil, Fuchs Petrolub, Idemitsu Kosan Co. and others.
For more information, visit www.marketsandmarkets.com.