As the global industrial lubricants market is elected to hit a valuation of $22,85 billion by the end of the year, Nigeria, leader in crude oil production in Africa is missing in the list of top beneficiaries.
According to report, India, United States, China and the United Kingdom have significant shares in the market.
The market is anticipated to expand at a Compound Annual Growth Rate (CAGR) of 4.4 per cent until 2033.
In 2018, the global market size for industrial lubricants was $19,367.4 million and grew at a CAGR of 3.1 per cent from 2018 to 2022. By 2022, the market size reached $21,883.0 million.
The mineral oil segment accounted for 40 per cent of the global market share in 2022, while the automotive industry segment held 18.0 per cent of the market share. India, the United States, China, and the United Kingdom also had significant market shares in 2022.
Overall, the industrial lubricants market is expected to witness significant growth in the coming years, driven by the expansion of industries such as automotive and oil & gas.
The demand for specialized lubricants will continue to rise as advanced machinery becomes more prevalent.
Industrial lubricants are essential in supporting industries such as automotive and oil & gas. As the automotive sector continues to grow and require various lubricants for engines, transmissions, brakes, and greases, the demand for industrial lubricants will also increase.
Industries are adopting advanced and innovative machinery as technology advances. These high-tech machines often operate under extreme conditions, such as high temperatures or corrosive environments.
To meet these specific requirements, specialized lubricants, such as synthetic lubricants, are needed.