About Industrial Oils
Industrial oils are used in machines that manufacture or process foodstuffs, food-related commodities, pharmaceutical products, cosmetics, tobacco products, and animal feed for lubrication, power transmission, and corrosion protection. Also, it is used in turbines, electric transmission, equipment's, and also as a heat transfer oil this is expected to grow due to demand of production of electricity. The industrial oils market is poised for steady growth in the coming years. By rising on these trends and opportunities, manufacturers can expand their market share and drive innovation in this dynamic industry.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The competitive landscape of the industrial oil market is complex and dynamic. Major players constantly battle for market share through innovation, specialization, and strategic partnerships. The future will likely see further consolidation, technological advancements, and a growing emphasis on sustainability shaping the competitive landscape. Analyst at AMA Research estimates that Japan Manufacturers will contribute the maximum growth to Global Industrial Oils market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Exxon Mobil Corporation (United States), BP plc (United Kingdom), TotalEnergies (France), Wärtsilä (Finland), PetroChina Company Limited (China), LUKOIL (Russia), Repsol (Spain), Indian Oil Corporation Limited (India), Valvoline Inc. (United States) and FUCHS (Germany) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Shell Group (United Kingdom), Idemitsu Kosan Co., Ltd. (Japan), Petrobras (Brazil), JX Nippon Oil & Gas Exploration Corporation (Japan) and CLARIANT (Switzerland).
Segmentation Overview
AMA Research has segmented the market of Global Industrial Oils market by Type (Hydraulic Oils, Gear Oils, Compressor Oils, Cylindrical Oils, Refrigerator Oils and Others) and Region.
On the basis of geography, the market of Industrial Oils has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Packaging Material, the sub-segment i.e. Drums will boost the Industrial Oils market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Source, the sub-segment i.e. Natural Oils will boost the Industrial Oils market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Automotive will boost the Industrial Oils market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Focus on friction reduction and energy efficiency to minimize energy consumption
Market Growth Drivers:
Increased use of industrial oil in the food and beverage industry and Rapid industrialization in the economy as well as rising use of personal care products
Challenges:
Stringent environmental regulations
Restraints:
Fluctuating Raw Material Prices
Opportunities:
Increasing demand of bio-based and synthetic lubricants and Developments in automation, robotics, and renewable energy require specialized oils catering to specific performance needs.
Market Leaders and their expansionary development strategies
In March 2023, Shell entered into a strategic partnership for Wärtsilä regarding lubricant solutions for all engines which saw Shell become Wärtsilä’s exclusive test oil partner for engines during the Research and Development and factory testing process.
In June 2023, Clariant Oil Services launched PHASETREAT WET to offer more efficient and sustainable solutions for the oil and gas industry’s demulsification needs. Clariant's PHASETREAT WET represents a significant development in the demulsification market, offering a more sustainable and efficient solution for oil and gas producers.
Key Target Audience
Manufacturing Industries, Environmental & Sustainability Professionals, Research & organization, Potential Investors, Market Research & Consultancy Firm and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.