Advanced-formulated lubricants are in demand

By OEM Update Editorial July 12, 2024 12:48 pm IST

Lubricants with advanced formulations, including synthetic and bio-based options, enhance equipment reliability and efficiency. The global industrial lubricants market is projected to grow, driven by rising machinery demand, environmental concerns, and technological advancements in lubricant properties and performance.

The global industrial lubricants market will grow at a CAGR of 4.7 percent, reaching $31.3 billion by 2030. The growth will propel since the market requires lubricants to reduce friction, heat, and attrition among mechanical components in various industrial machinery.

Lubricants improve equipment performance, extend machine life, and preserve operating efficiency. Industrial lubricants withstand contamination, corrosion, and rust in energy, manufacturing, automotive, and aerospace industries. 

The formulation of industrial lubricants involves blending base oils and additives to imbue them with characteristics engineered to withstand high temperatures, pressures, and operational conditions. These lubricants enhance the reliability and operational efficiency of industrial equipment.

The global market for industrial lubricants is influenced by increasing machinery demand and global manufacturing expansion. Advancements in lubricant formulations, such as synthetic and bio-based options, enhance performance and environmental sustainability.

Industrial Lubricants Market

Growing environmental concerns are driving the shift towards lubricants made from synthetic or renewable sources, offering improved performance and reduced ecological impact. Continuous R&D efforts are leading the development of lubricants with enhanced properties like thermal stability and resistance to extreme conditions, meeting evolving industrial needs.

Industries require tailored lubricants to address specific operational challenges, leading to specialised lubricant formulations for the automotive, aerospace, and manufacturing sectors. Lubricants are critical for predictive maintenance methods, with an increased need for formulations that enable condition monitoring and wear protection to save downtime.

Companies encourage eco-friendly lubricants to align with sustainability objectives, prioritising recycling and correct disposal techniques to reduce environmental impact.

Global market overview

North America is leading the global industrial lubricant market due to its advanced technology and robust infrastructure. The diverse manufacturing sectors, such as automotive and aerospace, demand high-performance lubricants. Environmental regulations and equipment efficiency also require the adoption of specialised solutions. North America’s dominance is due to the presence of major lubricant manufacturers and a commitment to research and development. 

South Asia and Oceania are expected to experience growth in the global industrial lubricants market due to the increasing manufacturing sectors in India, China, and Southeast Asia. Increasing investments, government policies, and a growing consumer market have proven impactful. As industries upgrade their equipment, demand for premium lubricants increases and the emphasis on preventive maintenance and sustainable practices further boosts the need for advanced lubrication solutions. The region’s strategic location and economic development position it as a key growth catalyst.

Eco-friendly Lubricants

The demand for eco-friendly lubricants from renewable sources and those that minimise environmental harm is rising. Companies are focusing on developing bio-based lubricants and improving their biodegradability.

Technological advancements in the industrial lubricant market benefit nanotechnology and additives that enhance performance and extend equipment life. These innovations help reduce friction, heat, and wear, improving overall efficiency. 

Synthetic lubricants are gaining popularity because they perform better in extreme temperatures and harsh operating conditions than conventional mineral-based lubricants. Automotive, aerospace, and manufacturing industries use synthetic lubricants to increase equipment dependability and efficiency.