According to the market research report published by P&S Intelligence, industrial lubricants market is projected to reach $68,412 million by 2024. The rising need for lubricants is attributed to the fact that these lubricants improve the various industrial processes without altering physical properties and quality of the final product. Owing to rapid industrialization and growing need for effective and streamlined processes of industrial production, the market is expected to grow during the forecast period.
Based on product, the industrial lubricants industry is categorized into process oil, general oil, metalworking fluid, engine oil, and others. The others category includes demolding oils, lubricating greases, chainsaw oils, compressor oils, turbine oils, and industrial gear oils. Globally, process oil accounted for the largest share in the industrial lubricants market with more than 30.0% contribution in terms of volume in 2016. Processing oil facilitates the smooth functioning of industrial machinery by maintaining temperature and reducing friction of the machinery parts and components.