According to Future Market Insights (FMI), the global industrial oil market is projected to reach a value of US$ 90,491.1 Million by the end of 2032. Development in the industrial sector and growing sales of automobiles are expected to influence the growth of the industrial oil market in the upcoming decade.
Growing demand for oil for lubrication in industrial equipment and machinery in the manufacturing sector, in turbines, the power industry, automotive engines, and other parts are key drivers in the industrial oil market. Moreover, rising demand for enhancing equipment performance and protecting the machinery and vehicle engine from wear and tear will propel the sales of industrial oil.
Also, a significant development in the manufacturing, construction and automotive sectors especially in developing countries such as India and China is expected to create growth opportunities for industrial oil market players in the coming years.
“Demand outlook for industrial oil is anticipated to remain significant over the projected period owing to increasing demand from manufacturing and automotive sector,” says an FMI analyst.
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The industrial oil market is estimated to be consolidated, with leading key players expected to account for a key share of the market. Some of the key market 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, by setting up of manufacturing units and sales offices in 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 sustainable development by manufacturing oil from bio-based sources and also bio waste.
Industrial Oil Market Segmentation
Synthetic and Semi-Synthetic
Food and Beverages
Automotive and Other Transport
Paints and Coatings
Cosmetics and Personal Care Products
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 oil type, source, type, end-user, and region.