산업용 오일 시장 예측(-2032년) : 제품 유형, 공급원, 최종사용자, 지역별 세계 분석

According to Stratistics MRC, the Global Industrial Oil Market is accounted for $76.71 billion in 2025 and is expected to reach $110.12 billion by 2032 growing at a CAGR of 5.3% during the forecast period. A lubricant called industrial oil is applied to machinery and equipment to lessen wear, corrosion, and friction while the business is operating. It contains a variety of oils, including gear oil, compressor oil, turbine oil, hydraulic oil, and others, that are made with base oils and particular additives to improve performance. These oils prolong the life of equipment, guarantee smooth operation, and boost energy efficiency. Manufacturing, construction, mining, and transportation are just a few of the industries that depend on industrial oils for dependable lubrication and protection of vital components due to severe mechanical loads, harsh conditions, and high temperatures.

Market Dynamics:

Driver:

Cultural heritage and authenticity

Long-standing oil-producing regions frequently win over customers with their tried-and-true methods. Industries looking for reliable, high-quality inputs are drawn to authenticity in sourcing and processing. Indigenous methods and local expertise help create distinctive oil qualities that set items apart in a crowded market. Brand loyalty and consumer preferences are frequently influenced by marketing tactics that emphasise heritage origins. An appealing selling point is authenticity with cultural roots as industries place a greater emphasis on traceability and transparency.

Restraint:

Limited supply of agave

Agave plants take a number of years to reach maturity, which results in limited availability and delayed replenishment. For sectors that depend on agave-derived oils, particularly in bio-based applications, this restricted supply causes a bottleneck. The shortage of raw materials raises production costs as demand increases. Manufacturers could have to look for less sustainable alternatives or experience delays. In the end, this limits the industrial oil products made from agave's scalability and competitiveness.

Opportunity:

Product diversification and flavored variants

Manufacturers can create oils specifically suited for lubrication, cooling, or processing through diversification, which improves operational efficiency. In order to accommodate changing regional tastes and taste trends, the food processing industry is using more and more flavoured or speciality varieties. These developments assist businesses in setting themselves apart in a crowded market. Diverse product lines also create potential in emerging markets and draw in new clientele. Consequently, the industrial oil industry has increased global reach and consistent demand.

Threat:

Competition from tequila and other spirits

The availability of oilseed crops is decreased as more land and resources are devoted to agave and related crops in response to the rising demand for beverages like tequila. This change may result in less industrial oils like palm or soybean oil being produced. Governments may also use subsidies to boost lucrative spirit businesses, taking attention away from the industrial oil sectors. The comparatively low-margin industrial oil business may lose investors due to the profitability of the alcoholic beverage sector. As a result, supply chain interruptions and a lack of innovation may hinder the industrial oil sector's expansion.

Covid-19 Impact

The COVID-19 pandemic significantly disrupted the industrial oil market, causing a sharp decline in demand due to factory shutdowns, halted production, and reduced transportation activities. Supply chain disruptions and labour shortages further impacted manufacturing operations. As industries slowed or ceased operations during lockdowns, the consumption of industrial lubricants and oils dropped notably. However, as economies reopened, gradual recovery began, driven by renewed industrial activity and increasing demand from sectors like construction, automotive, and energy, although challenges in global supply chains persisted.

The gear oil segment is expected to be the largest during the forecast period

The gear oil segment is expected to account for the largest market share during the forecast period, due to its ability to reduce friction and wear enhances equipment lifespan, minimizing downtime and maintenance costs. The growing demand from industries such as manufacturing, mining, and construction fuels the need for high-performance gear oils. Technological advancements in synthetic gear oils also contribute to market growth by offering improved thermal stability and efficiency. Additionally, the rise in automation and industrialization across emerging economies further boosts the demand for gear oils.

The marine segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the marine segment is predicted to witness the highest growth rate, due to he high demand for engine and machinery lubrication in ships and vessels. Increasing global maritime trade drives the need for reliable marine lubricants to ensure operational efficiency and reduce maintenance. Strict environmental regulations encourage the use of high-performance, eco-friendly industrial oils in marine applications. Advancements in marine engine technology also boost the demand for specialized oils. As a result, the marine industry plays a crucial role in the growth and evolution of the industrial oil market.

Region with largest share:

During the forecast period, the Asia Pacific region is expected to hold the largest market share due to rapid industrialization and increasing demand for machinery maintenance across countries like China, India, and Japan. Rising investments in infrastructure, energy, and automotive industries further boost consumption. Technological advancements and a growing focus on energy efficiency and sustainability are leading to the development of high-performance, bio-based industrial oils. The presence of major market players and favorable government policies continue to strengthen the region's position as a global industrial oil hub.

Region with highest CAGR:

Over the forecast period, the North America region is anticipated to exhibit the highest CAGR, owing to expanding manufacturing, automotive, and energy sectors. Demand for lubricants, hydraulic fluids, and process oils is rising due to increasing machinery use and technological advancements. The U.S. dominates the regional market, supported by a strong industrial base and ongoing infrastructure development. Environmental regulations are also pushing innovation in bio-based and sustainable oils. Key players are focusing on strategic collaborations, R&D, and product diversification to enhance market presence and meet evolving industry needs across diverse application areas.

Key players in the market

Some of the key players profiled in the Industrial Oil Market include ExxonMobil Corporation, Royal Dutch Shell plc, Chevron Corporation, BP plc, TotalEnergies SE, PetroChina Company Limited, Sinopec Limited, Fuchs Petrolub SE, Valvoline Inc., LUKOIL Lubricants Company, Indian Oil Corporation Limited, Petrobras, Gazprom Neft, Bharat Petroleum Corporation Limited, Phillips 66 Lubricants, SK Lubricants Co., Ltd., Petronas Lubricants International and Amsoil Inc.

Key Developments:

In August 2024, ExxonMobil signed a non-binding memorandum of understanding with SK On, a leading electric vehicle (EV) battery developer, for a multiyear offtake agreement of up to 100,000 metric tons of Mobil(TM) Lithium from its planned project in Arkansas.

In May 2024, ExxonMobil completed its $60 billion acquisition of Pioneer Natural Resources, marking the largest merger in the petroleum industry in two decades. This move has positioned ExxonMobil as the leading shale gas producer in the Permian Basin.

In November 2023, Shell introduced improved petrol variants-regular and Shell V-Power-designed to deliver enhanced fuel efficiency, providing up to 15 km more per full tank. Plans for an improved diesel formulation were also announced, aimed at reducing CO2 emissions.

Products Covered:

• Gear Oil
• Compressor Oil
• Grease
• Heat Transfer Oil
• Turbine Oil
• Transformer Oil
• Metalworking Fluid
• Process Oil
• Other Products

Types Covered:

• Grade I
• Grade II
• Grade III
• Grade IV

Sources Covered:

• Mineral Oil
• Synthetic Oil
• Bio-based Oil

End Users Covered:

• Automotive
• Energy
• Manufacturing
• Metalworking
• Chemicals & Petrochemicals
• Food Processing
• Textile
• Construction
• Mining
• Marine
• Agriculture
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface

• 2.1 Abstract
• 2.2 Stake Holders
• 2.3 Research Scope
• 2.4 Research Methodology
  • 2.4.1 Data Mining
  • 2.4.2 Data Analysis
  • 2.4.3 Data Validation
  • 2.4.4 Research Approach
• 2.5 Research Sources
  • 2.5.1 Primary Research Sources
  • 2.5.2 Secondary Research Sources
  • 2.5.3 Assumptions

3 Market Trend Analysis

• 3.1 Introduction
• 3.2 Drivers
• 3.3 Restraints
• 3.4 Opportunities
• 3.5 Threats
• 3.6 Product Analysis
• 3.7 End User Analysis
• 3.8 Emerging Markets
• 3.9 Impact of Covid-19

4 Porters Five Force Analysis

• 4.1 Bargaining power of suppliers
• 4.2 Bargaining power of buyers
• 4.3 Threat of substitutes
• 4.4 Threat of new entrants
• 4.5 Competitive rivalry

5 Global Industrial Oil Market, By Product

• 5.1 Introduction
• 5.2 Gear Oil
• 5.3 Compressor Oil
• 5.4 Grease
• 5.5 Heat Transfer Oil
• 5.6 Turbine Oil
• 5.7 Transformer Oil
• 5.8 Metalworking Fluid
• 5.9 Process Oil
• 5.10 Other Products

6 Global Industrial Oil Market, By Type

• 6.1 Introduction
• 6.2 Grade I
• 6.3 Grade II
• 6.4 Grade III
• 6.5 Grade IV

7 Global Industrial Oil Market, By Source

• 7.1 Introduction
• 7.2 Mineral Oil
• 7.3 Synthetic Oil
• 7.4 Bio-based Oil

8 Global Industrial Oil Market, By End User

• 8.1 Introduction
• 8.2 Automotive
• 8.3 Energy
• 8.4 Manufacturing
• 8.5 Metalworking
• 8.6 Chemicals & Petrochemicals
• 8.7 Food Processing
• 8.8 Textile
• 8.9 Construction
• 8.10 Mining
• 8.11 Marine
• 8.12 Agriculture
• 8.13 Other End Users

9 Global Industrial Oil Market, By Geography

• 9.1 Introduction
• 9.2 North America
  • 9.2.1 US
  • 9.2.2 Canada
  • 9.2.3 Mexico
• 9.3 Europe
  • 9.3.1 Germany
  • 9.3.2 UK
  • 9.3.3 Italy
  • 9.3.4 France
  • 9.3.5 Spain
  • 9.3.6 Rest of Europe
• 9.4 Asia Pacific
  • 9.4.1 Japan
  • 9.4.2 China
  • 9.4.3 India
  • 9.4.4 Australia
  • 9.4.5 New Zealand
  • 9.4.6 South Korea
  • 9.4.7 Rest of Asia Pacific
• 9.5 South America
  • 9.5.1 Argentina
  • 9.5.2 Brazil
  • 9.5.3 Chile
  • 9.5.4 Rest of South America
• 9.6 Middle East & Africa
  • 9.6.1 Saudi Arabia
  • 9.6.2 UAE
  • 9.6.3 Qatar
  • 9.6.4 South Africa
  • 9.6.5 Rest of Middle East & Africa

10 Key Developments

• 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
• 10.2 Acquisitions & Mergers
• 10.3 New Product Launch
• 10.4 Expansions
• 10.5 Other Key Strategies

11 Company Profiling

• 11.1 ExxonMobil Corporation
• 11.2 Royal Dutch Shell plc
• 11.3 Chevron Corporation
• 11.4 BP plc
• 11.5 TotalEnergies SE
• 11.6 PetroChina Company Limited
• 11.7 Sinopec Limited
• 11.8 Fuchs Petrolub SE
• 11.9 Valvoline Inc.
• 11.10 LUKOIL Lubricants Company
• 11.11 Indian Oil Corporation Limited
• 11.12 Petrobras
• 11.13 Gazprom Neft
• 11.14 Bharat Petroleum Corporation Limited
• 11.15 Phillips 66 Lubricants
• 11.16 SK Lubricants Co., Ltd.
• 11.17 Petronas Lubricants International
• 11.18 Amsoil Inc.