Industrial Lubricants Market worth $74.3 billion by 2029, at 3.1%, says MarketsandMarkets™

Delray Beach, FL, June 15, 2025 (GLOBE NEWSWIRE) -- In terms of value, the Industrial Lubricants Market  size was USD 63.9 billion in 2024 and is projected to reach USD 74.3 billion by 2029, at a CAGR of 3.1%, between 2024 and 2029, as per the recent study by MarketsandMarkets™. The market is projected to grow because of growing demand for processed foods, mounting demand from construction, agriculture, mining and marine industries and growing automation in end-use industries. These industrial lubricants play a crucial role in various applications in various end-use industries such as construction, power generation and others. In addition, due to the increasing population, increasing demand for renewable energy, technological advancements and changing consumer preferences the demand for industrial lubricants can increase due to various applications.

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Browse in-depth TOC on “Industrial Lubricants Market”

388 - Market Data Tables
59 – Figures
327 - Pages

List of Key Players in Industrial Lubricants Market:   

1. Shell plc (UK)
2. Exxon Mobil Corporation (US)
3. BP p.l.c. (UK)
4. Chevron Corporation (US)
5. TotalEnergies SE (France)
6. PetroChina Company Limited (China)
7. ENEOS Holdings, Inc. (Japan)
8. China Petroleum & Chemical Corporation (China)
9. Idemitsu Kosan Co., Ltd. (Japan)

Drivers, Opportunities and Challenges in Industrial Lubricants Market:

1. Drivers: Mounting demand from construction, mining, agriculture, and marine industries across worldwide
2. Restraint: Strict environmental norms
3. Opportunity: Growing demand for renewable energy
4. Challenge: Fluctuating prices of raw materials

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Key Findings of the Study:

1. Metalworking fluid product type are projected to register the third-highest CAGR, in terms of value, of the global industrial lubricants market during the forecast period.
2. Synthetic oil is estimated to be the second-largest base oil type of industrial lubricants market, in terms of value, during the forecast period.
3. Europe is estimated to be the second-largest market for the lubricants market, in terms of value, during the forecast period.

Based on base oil type, the industrial lubricants market is segmented as mineral oil, synthetic oil, and bio-based oil. From them, mineral oil accounted for largest market share, in terms of value, in 2023. They are the most compatible with a wide variety of materials and seals commonly used in machinery and equipment. Moreover, they are typically less expensive due to low production cost. Also, they are easily available in different regions. Therefore, mineral oil lubricants accounted for largest share in industrial lubricants market.

Based on end-use industry, the industrial lubricants market is segmented into ten key sub-segments as construction, cement production, metal & mining production, oil & gas, power generation, textile, food processing, chemical, automotive (vehicle manufacturing) and others. The construction end-use industry sub-segment is accounted for the largest share in terms of value, in 2023. This is mainly due to the rising construction activities around the world as the worlds populations is increasing rapidly. Therefore, construction end-use industry sub-segment is accounted for the largest share.

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Based on region, Asia Pacific is the largest market industrial lubricants, in terms of value, in 2023 due to the due to its robust economic growth, increasing population, rapid industrialization rising disposable incomes, and favourable government regulations. Moreover, densely populated countries such as China and India experience high demand across various sectors, including automotive, manufacturing, construction, and agriculture. Thus, the demand for industrial lubricants is high in Asia Pacific region. Likewise, the Asia Pacific is projected to be the fastest growing market, in terms of value, during the forecast period 2024 to 2029.

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