The global industrial oil market is projected to reach a value of US$ 115,780.3 Mn by the end of 2032, according to Future Market Insights (FMI). Rapid development in the industrial sector, growing sales of automotive, and rising application in power generation sector are expected to fuel the growth in industrial oil market.
Growing demand for oil for lubrication in industrial equipment and machinery in the manufacturing sector, turbines, power industry, automotive engines will remain key growth drivers in industrial oil market.
A significant development in the manufacturing, construction, and automotive sectors, especially in the developing countries will create remunerative growth opportunities for the market of mineral-based industrial oil in the coming decade.
This is projected to fuel the demand in industrial oil market over the forecast period of 2022 and 2032. FMI estimates, the sales of industrial oil will reach US$ 77,468.9 Mn by 2022.
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“Increasing demand from manufacturing and automotive sectors is one of the primary factor underpinning the growth in industrial oil market. Besides this, rising application in power generation sector will boost the market,” says an FMI analyst.
- The global market of industrial oil is estimated to witness a growth rate of 1% CAGR over the period of 2022 and 2032.
- South Asia is expected to remain the most lucrative industrial oil market owing to the expansion of manufacturing and power industries.
- The U.S., Netherlands and Russia are expected to remain key exporting countries for the synthetic oil in the industrial oil market.
- Key manufacturers of synthetic-based industrial oil are focusing on alternative sources for the production to meet net zero emission targets.
- China is expected to dominate the East Asia industrial oil market over the assessment period
The industrial oil market is estimated to be a consolidated market, where tier-1 players are expected to account for lion’s share in the market. Some of the key participants involved in the business of industrial oil are Exxon Mobil Corporation, Chevron USA Inc, Royal Dutch Shell Plc, Castrol Limited, China Petroleum and Chemical Corporation, Lubrication Engineer, Chempoint, Panolin AG, Fuchs, Shell, and others.
These key players are investing in expansion strategies by expanding their geographical presence, setting up of manufacturing units and sales offices in the developing countries. Further the top players are acquiring medium size players or are collaborating with other key manufacturers to enhance their client base.
Furthermore, key players are focusing on shifting their focus on sustainability development by manufacturing oil from bio based sources and also bio waste.
For instance, Exxon Mobil collaborated with GE Power for the development of highly efficient turbine oil which is expected to improve turbine bearing efficiency by about 15% as compare with the traditional turbine oil.
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Industrial Oil Market Segmentation
- Crude Oil
- Synthetic and Semi-Synthetic
- Power Generation
- Chemical Manufacturing
- Food and Beverages
- Automotive and Other Transport
- Paints and Coatings
- Cosmetics and Personal Care Products
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More Insights into the Industrial Oil Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the global industrial oil market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on source, type, end use, and region.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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