The global industrial oil market is expected to reach US$115,780.3 million by the end of 2032 according to Future Market Insights (FMI). Rapid development in the industrial sector, growing sales of automobiles and increasing application in the power generation sector are expected to drive growth industrial oil market.

Growing demand for oil to lubricate industrial equipment and machinery in manufacturing, turbines, power generation and automotive engines will remain a key growth driver in the industrial oil market.

Significant development in the manufacturing, construction and automotive sectors, particularly in the developing world, will create lucrative growth opportunities for the mineral-based industrial oil market in the coming decade.

This is expected to boost demand in the industrial oil market during the forecast period, 2022 to 2032. According to FMI estimates, industrial oil sales will achieve this US$77,468.9 million until 2022.

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“IIncreasing demand from the manufacturing and automotive sectors is one of the main reasons behind the growth of the industrial oil market. In addition, the increasing application in the power generation sector will boost the market‘ says an FMI analyst.

The central theses:

• The world market for industrial oil is estimated to grow at 1% CAGR over the period 2022-2032.
• South Asia is expected to remain the most lucrative industrial oil market due to the expansion of manufacturing and energy industries.
• The US, Netherlands and Russia are expected to remain major synthetic oil exporters in the industrial oil market.
• Major producers of synthetic-based industrial oil are focusing on alternative sources of production to meet net-zero emissions targets.
• China is expected to dominate the industrial oil market in East Asia over the assessment period

competitive landscape

The industrial oil…