Lubricants and Greases is a core industrial business offering fundamental tribological solutions in auto, manufacturing, and heavy machinery applications. Statista puts the global demand for lubricants at around 35 million metric tons per annum. In 2023, the Asia-Pacific region contributed around 15.71 million metric tons towards this demand.

Our extensive Industrial Lubricants report includes specialized applications redefining mechanical system efficiency and performance. The size of the industrial oils market was estimated to be approximately USD 64.3 billion in 2023 and is expected to record a CAGR of more than 3.4% from 2024 to 2032, led by technological advancements, growing industrial activity, and sustainability concerns. Oil formulation innovations, such as high-performance lubricants and bio-based lubricants, are increasing product efficiency and lowering environmental footprint.

Specialty industrial lubricant segments exhibit strong growth prospects, with the slideway oil market experiencing considerable growth in the coming years based on increased applications in industrial metalworking machinery and tools. Supporting equipment markets are marine lubricants worth USD 3 billion in 2023, growing at 4.8% CAGR during the forecast period 2024 to 2032 due to shipbuilding growth in Asia Pacific. Regional automotive uses demonstrate a strong market presence with wide demands for engine oil, transmission fluid, and grease.