The global industrial oils market size reached around USD 69.37 Billion in 2024. The market is projected to grow at a CAGR of 5.50% between 2025 and 2034 to reach nearly USD 118.49 Billion by 2034.
The industrial oils market is expected to be driven by the rising industrial sector in the Asia-Pacific region. The market in the Asia-Pacific is being driven by the thriving biodiesel, chemical, and cosmetics industries in the emerging economies in the regions like India and China. In the forecast period, countries like the United States, India, and China are expected to grow at the highest CAGR.
The industrial oils market is expected to be driven by the rising industrial sector in the Asia-Pacific region. The market in the Asia-Pacific is being driven by the thriving biodiesel, chemical, and cosmetics industries in the emerging economies in the regions like India and China. In the forecast period, countries like the United States, India, and China are expected to grow at the highest CAGR.
Properties and Applications
Industrial oils are utilised in homes and industries for the lubrication of machines and instruments.Based on product type, the market for industrial oils can be divided into:
- Turbine Oil
- Refrigeration Oil
- Compressor Oil
- Electrical Oil
- Heat Transfer Oil
The industrial oils market can be broadly categorised based on its end-use segments into:
- Power Generation
- Automotive and Other Transportation
- Heavy Equipment
- Food and Beverage
- Metallurgy and Metal Working
- Chemical Manufacturing
- Other
The report looks into the regional industrial oils markets like
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Market Analysis
The industrial oils market is being driven by the growing biodiesel industry, especially in Indonesia and Malaysia. The rapid industrialisation taking place in the emerging economies of Latin America and the Asia-Pacific is expected to propel the industry further. The growing pharmaceutical and cosmetics and personal care industries are projected to support the market growth in the coming years. The industrial oils market is also expected to be catalysed by the technological advancements taking place in the industry.Competitive Landscape
The report presents a detailed analysis of the following key players in the global industrial oils market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:- LUBRITA Europe B.V.
- Paras Lubricants Ltd.
- Apar Industries Ltd.
- Eastern Petroleum
- Repsol
- Castrol Limited
- Exxon Mobil Corporation
- Others
Table of Contents
1 Executive Summary
2 Market Overview and Stakeholder Insights
3 Economic Summary
4 Country Risk Profiles
5 Global Industrial Oils Market Analysis
6 North America Industrial Oils Market Analysis
7 Europe Industrial Oils Market Analysis
8 Asia-Pacific Industrial Oils Market Analysis
9 Latin America Industrial Oils Market Analysis
10 Middle East and Africa Industrial Oils Market Analysis
11 Market Dynamics
14 Competitive Landscape
Companies Mentioned
The key companies featured in this Industrial Oils market report include:- LUBRITA Europe B.V.
- Paras Lubricants Ltd.
- Apar Lubricants Ltd.
- Eastern Petroleum
- Repsol
- Castrol Limited
- Exxon Mobil Corporation
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 163 |
| Published | August 2025 |
| Forecast Period | 2025 - 2034 |
| Estimated Market Value ( USD | $ 69.37 Billion |
| Forecasted Market Value ( USD | $ 118.49 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
