Europe Industrial Lubricants Market is Anticipated to Reach US$ 7,710.3 Million at CAGR of 5.2% from Forecast Period 2023 to 2033 | Future Market Insights, Inc.

Europe Industrial Lubricants Market is Anticipated to Reach US$ 7,710.3 Million at CAGR of 5.2% from Forecast Period 2023 to 2033 | Future Market Insights, Inc.

NEWARK, DE / ACCESSWIRE / July 3, 2023 / According to a recent industry analysis by Future Market Insights (FMI), the market for industrial lubricants in Europe is anticipated to reach US$ 4,414.9 million in 2022. By 2023, the market is set to cross US$ 4,634.2 million. From 2023 to 2033, it is projected to surge at a CAGR of 5.2%.

Future Market Insights, Inc., Monday, July 3, 2023, Press release picture

By the end of 2033, it’s expected to exceed US$ 7,710.3 million. Lubricants are in high demand due to Europe’s expanding vehicle sector. By providing lubricants that specifically address the needs of various vehicle types, including passenger cars, commercial vehicles, and off-road vehicles, manufacturers are aiming their products at the automotive sector.

The use of bio-based lubricants, which are produced from renewable resources such as vegetable oils and animal fats, is on the rise. These lubricants are biodegradable and environmentally friendly. This is why they are mostly used in sectors that are sensitive to the environment, including food processing and pharmaceutical manufacturing.

Due to an increase in industrial activity in a number of sectors, there is a rising demand for industrial lubricants in Europe. Requirement for lubricants to ensure the efficient operation of machinery & equipment develops as the economy and manufacturing sectors expand.

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Automotive, aerospace, building, and manufacturing sectors all significantly rely on lubricants to lower friction. Additionally, they would improve the effectiveness and performance of their operations and aid to prevent wear & tear.

In recent years, Europe has placed a high priority on sustainability and energy efficiency. Industrial lubricants are essential for accomplishing these objectives since they cut down on energy use and waste.

Advanced lubricants, which provide better performance, longer equipment life, and lower environmental effect, are being adopted by manufacturers at an increasing rate. In Europe, demand for environmentally friendly lubricants has increased due to more stringent laws and a greater emphasis on sustainable practices.

Sectors in Europe are aware of the need for good equipment maintenance and optimization to increase production & reduce downtime. In order to ensure the efficient operation and durability of machinery, lubricants are essential.

Regular lubrication increases the longevity of industrial assets, lowers maintenance costs, and helps prevent equipment failure. As a result, companies in Europe are spending money on premium lubricants to enhance the performance of their machinery and reduce operational disruptions.

The rising demand for industrial lubricants in Europe is also a result of the development of new technologies and novel lubricant compositions. Manufacturers are continually looking for lubricants that can tolerate higher working temperatures, provide better corrosion resistance, and give improved performance.

New options for industrial applications have emerged with the introduction of synthetic, bio-based, and specialty lubricants. Hence, there will be a rising demand for these high-tech lubrication solutions in Europe.

Key Takeaways from this Market Study:

  • Europe’s industrial lubricants market witnessed a CAGR of 1.9% over the historical period from 2018 to 2022.
  • Italy’s industrial lubricants market is projected to showcase a CAGR of 5.3% from 2023 to 2033.
  • Russia’s industrial lubricants market is likely to create a total incremental $ opportunity of US$ 519.5 million between 2023 and 2033.
  • Germany’s industrial lubricants market is expected to expand at a CAGR of 5.8% during the forecast period.
  • By base oil, the mineral oil segment is anticipated to register a CAGR of 4.8% in Europe’s industrial lubricants industry from 2023 to 2033.

“The food processing sector in Europe makes a large economic contribution and dominates the market for industrial lubricants. Demand for high-performance lubricants that can withstand harsh operating conditions of food processing equipment is rising as the food sector develops.” – says a lead analyst at Future Market Insights (FMI).

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Competitive Landscape:

The industrial lubricants market in Europe is a very fragmented industry with a few players that are quite active there. Over 50% of the market share for industrial lubricants in Europe is now contributed by important industry players. There are numerous small and medium-sized firms on the market that compete with tier-1 companies.

Technology developments are anticipated to fuel market expansion in Europe. The development of new and more effective manufacturing techniques is projected to boost output and lower expenses. Additionally, it is predicted that this will increase manufacturing’s competitiveness and investment appeal.

For instance,

  • In December 2021, a sale and purchase agreement was reached by LUKOIL and Gazprom Neft for a 50% equity stake in Meretoyakhaneftegaz LLC, a Gazprom Neft subsidiary. The goal of this arrangement was to create a joint venture to build a significant oil & gas cluster in the Nadym-Pur-Tazovsky neighborhood.

Key Companies Profiled:

  • PJSC Lukoil
  • PJSC Rosneft Oil
  • Eni SpA
  • Motul S.A.
  • Carl Bechem Lubricants
  • PJSC Gazprom
  • Fuchs Petrolub SE
  • TotalEnergies SE
  • Repsol SA
  • Valvoline, Inc.
  • Shell plc.
  • Nynas AB
  • BP plc
  • ExxonMobil Corporation
  • Klüber Lubrication

Market Outlook by Categorization:

By Product Type:

  • Hydraulic Fluids
  • Metal Working Fluids
  • Gear Oil
  • Compressor Oil
  • Grease
  • Turbine Oil
  • Transformer Oil
  • Refrigeration Oil
  • Textile Machinery Lubricants
  • Others

By Base Oil:

  • Mineral Oil
  • Synthetic Oil
  • Bio-based Oil

By End Use:

  • Construction
  • Metal and Mining
  • Cement Production
  • Power Generation
  • Automotive
  • Chemical Production
  • Oil and Gas
  • Textile Manufacturing
  • Food Processing
  • Agriculture
  • Pulp and Paper
  • Marine Applications
  • Other

By Country:

  • Germany
  • Italy
  • France
  • United Kingdom
  • Spain
  • Rest of Europe

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More Insights into Europe Industrial Lubricants Market Report:

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the Europe industrial lubricants industry, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the market potential, growth, and scope, the market is segmented based on product type (hydraulic fluids, metal working fluids, gear oil, compressor oil, grease, turbine oil, transformer oil, refrigeration oil, textile machinery lubricants, and others), base oil (mineral oil, synthetic oil, and bio-based oil), end use (construction, metal and mining, cement production, power generation, automotive, chemical production, oil and gas, textile manufacturing, food processing, agriculture, pulp and paper, marine applications, and others), and county.

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India Industrial Lubricants Market Share: Over the projection period (2023 to 2033), industrial lubricant sales in India are likely to rise at 4.0% CAGR, culminating in market size of US$ 2,902.7 million by the end of 2033.

Lubricants Market Size: The global lubricants market is expected to reach a market valuation of US$ 160.2 Billion by the year 2022, accelerating with a CAGR of 4.5% by 2022 to 2032.

Lubricants for Cement Industry Market Trends: The demand for the lubricants for cement industry has continuously pursued by the cement plant operators as a part of the maintenance activity of the machine components.

Aviation Lubricants Market Outlook: The major players in the aviation lubricants market are focusing on continuous reinforcement of the application of aviation lubricants in commercial, general, business, and military aviation.

Europe Antifreeze Coolant Market Demand: North America is the next lucrative market for business enterprises offering anti-freeze coolants. The automotive industry has been expanding its business in the Canadian, USA, and Mexican markets.

Europe Advanced Aerospace Coatings Market Growth: Rising production and sales of aircraft, particularly in developing countries within the region are anticipated to create noteworthy opportunities in Europe’s advanced aerospace coatings market.

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Nitric Acid Market Analysis Forecast: The global nitric acid market is expected to attain a valuation of US$ 30.66 billion in 2023 and is projected to reach US$ 42.7 billion by 2033, trailing a CAGR of 3.3% during the forecast period.

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About Future Market Insights, Inc.

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

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SOURCE: Future Market Insights, Inc.

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