Recognition of value drives industrial lubricants market

A recent report has highlighted that the industrial lubricants sector is experiencing a period of transformative growth.

According to the newest statistics, the industry is expected to grow from $28.5 billion to $46.2 billion over the next decade at a steady compound annual growth rate of 4.9 per cent.

While factors driving expansion include a move towards using high-efficiency equipment, enhanced maintenance practices and rapid industrialisation, researchers noted that evolving attitudes toward lubricants are also propelling market growth.

Historically, lubricants used in industry like hydraulic oil, heavy-duty grease, metalworking cutting-fluid, slideway oil and gear oil were simply seen as routine consumables. However, in recent years, there has been a significant shift towards seeing lubricants as a vital element of industrial processes that drive operational efficiency, cost effectiveness and machine longevity.

As well as a renewed respect for lubricants and the role they perform, report analysts cited multiple drivers. These included smart factory adoption, an increasing number of global infrastructure development projects, the complexity of modern industrial equipment and greater demand for reduced mechanical downtime and maintenance costs.

The report also mentioned that expansion in key sectors like construction, oil and gas and manufacturing (where high-performance, non-toxic food safe industrial lubricants are a requirement) was also having an impact.

Major players in the industrial lubricants market were also listed as growth drivers because of research and development efforts that produce innovative new products that meet the increasing demands of the sector. These include lubricant makers like Shell, Mobil, Quaker Houghton, Fuchs and Total.

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