We’ve seen the overall value of the industrial lubricant market steadily grow over the last few decades, as the practical advantages to using lubricants and coolants have become clearer, and as the technology used to develop these resources has resulted in improved performance of fluids. This in turn has seen industry more inclined to invest not only in fluids, but in developing custom fluids for particular purposes, which helped to grow the industry.
Research and Markets announced earlier in December that their 2024 forecast for the industrial lubricant market expects the value of the industry to grow to to around $68.41 in the next eight years. Research and markets consider that this is largely due to ‘the growth of key end-use industries’ and points out chemical manufacturing as well food processing and electronics in Asia pacific as key drivers behind this growth in the lubricant and coolant fluid market.
Also playing its part is the growing industrial productivity of economies which are still considered in the ‘emerging’ bracket, although their individual outputs vary greatly. This category includes China, Brazil, India, Russia and South Africa. Whilst a few of these might be considered ‘established’ rather than ‘emerging’ economies, this increase in output is due to a transformation of economic focus, which in return has resulted in greater demand for industrial lubricants.
The research also highlights that North American demand for fluids is expected to remain both high and stable, although manufacturing and industry has remained relatively stagnant over recent years, innovation in product is most likely to be the cause of growth in this region, with an increase in demand due to sector growth less likely than in ‘emerging’ economies where manufacturing output is expected to increase. The role of lubricants in manufacturing and developing products with better emission performance is considered to be one of the most important causes of the trend of growth in China and India with resources used to refine the performance of goods becoming an area of greater focus and investment.