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Report Overview
The global industrial oils market size reached around USD 69.37 Billion in 2024. The market is projected to grow at a CAGR of 5.50% between 2025 and 2034 to reach nearly USD 118.49 Billion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
Compound Annual Growth Rate
Value in USD Billion
5.5%
2025-2034
Industrial Oils Market Outlook
*this image is indicative*
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The industrial oils market is expected to be driven by the rising industrial sector in the Asia Pacific region. The market in the Asia Pacific is being driven by the thriving biodiesel, chemical, and cosmetics industries in the emerging economies in the regions like India and China. In the forecast period, countries like the United States, India, and China are expected to grow at the highest CAGR.
Properties and Applications
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Industrial oils are utilised in homes and industries for the lubrication of machines and instruments.
Based on product type, the market for industrial oils can be divided into:
- Turbine Oil
- Refrigeration Oil
- Compressor Oil
- Electrical Oil
- Heat Transfer Oil
The industrial oils market can be broadly categorised based on its end-use segments into:
- Power Generation
- Automotive and Other Transportation
- Heavy Equipment
- Food and Beverage
- Metallurgy and Metal Working
- Chemical Manufacturing
- Other
The EMR report looks into the regional industrial oils markets like
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Purchase the Regional Overview for
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for
USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Market Analysis
The industrial oils market is being driven by the growing biodiesel industry, especially in Indonesia and Malaysia. The rapid industrialisation taking place in the emerging economies of Latin America and the Asia Pacific is expected to propel the industry further. The growing pharmaceutical and cosmetics and personal care industries are projected to support the market growth in the coming years. The industrial oils market is also expected to be catalysed by the technological advancements taking place in the industry.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global industrial oils market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- LUBRITA Europe B.V.
- Paras Lubricants Ltd.
- Apar Industries Ltd.
- Eastern Petroleum
- Repsol
- Castrol Limited
- Exxon Mobil Corporation
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the market attained a value of nearly USD 69.37 Billion.
The market is assessed to grow at a CAGR of 5.50% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach about USD 118.49 Billion by 2034.
The major drivers of the market include the growing pharmaceutical and cosmetics and personal care industries, technological advancements, and the rising industrial sector.
The growing biodiesel sector and rapid industrialisation are the key trends guiding the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant product types of industrial oils considered in the market report are turbine oil, refrigeration oil, compressor oil, electrical oil, and heat transfer oil.
The various end uses of industrial oils include power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metal working, and chemical manufacturing, among others.
The major players in the market are LUBRITA Europe B.V., Paras Lubricants Ltd., Apar Lubricants Ltd., Eastern Petroleum, Repsol, Castrol Limited, and Exxon Mobil Corporation, among others.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product Type |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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