Europe industrial lubricants market size was estimated to be valued at US$ 4,414.9 million in 2022. The market is expected to reach US$ 4,634.2 million by 2023, which is further set to expand at a CAGR of 5.2% from 2023 to 2033.
It is predicted to reach US$ 7,710.3 million by the end of 2033. Growing demand for automobiles across Europe has led to a surging demand for lubricants. Manufacturers are targeting the automotive sector by offering lubricants that meet specific requirements of different vehicle types, including passenger cars, commercial vehicles, and off-road vehicles.
There is a growing trend toward the use of bio-based lubricants, which are made from renewable resources such as vegetable oils and animal fats. These lubricants are eco-friendly and biodegradable. These are hence mainly preferred in environmentally sensitive sectors such as food processing and pharmaceutical manufacturing.
Demand for industrial lubricants in Europe is on the rise due to increasing industrial activities across various sectors. As the economy grows and manufacturing sectors expand, there is a greater need for lubricants to ensure the smooth functioning of machinery and equipment.
Sectors such as automotive, aerospace, construction, and manufacturing heavily rely on lubricants to reduce friction. These would also help to prevent wear and tear, as well as enhance the performance and efficiency of their operations.
Europe has been placing a strong emphasis on sustainability and energy efficiency in recent years. Industrial lubricants play a crucial role in achieving these goals by reducing energy consumption and minimizing waste.
Manufacturers are increasingly adopting advanced lubricants that offer improved performance, longer equipment life, and reduced environmental impact. With stricter regulations and a growing focus on sustainable practices, demand for environmentally friendly lubricants has surged in Europe.
Sectors in Europe recognize the importance of proper maintenance and equipment optimization to maximize productivity & minimize downtime. Lubricants are vital in ensuring the smooth operation and longevity of machinery.
Regular lubrication helps prevent equipment failures, reduces maintenance costs, and extends the lifespan of industrial assets. As a result, businesses in Europe are investing in high-quality lubricants to optimize their equipment performance and minimize disruptions to their operations.
Development of new technologies and innovative lubricant formulations has also contributed to rising demand for industrial lubricants in Europe. Manufacturers are constantly seeking lubricants that can withstand higher temperatures, offer better corrosion resistance, and provide enhanced performance under challenging operating conditions.
Introduction of synthetic lubricants, bio-based lubricants, and specialty lubricants has opened up new possibilities for industrial applications. It is hence set to lead to an increased demand for these advanced lubricant solutions in Europe.
A few trends augmenting industrial lubricant sales in Europe are
- Growing demand for electric and hybrid vehicles, which require specialized lubricants, is set to drive sales.
- Implementation of industry 4.0 and automation is likely to propel the need for lubricants in advanced machinery and robotics.
- Surging demand from food processing and packaging sectors, which heavily rely on lubricants for conveyor systems and machinery would support sales.
- Expansion of the renewable energy sector, particularly wind and solar power, requiring lubricants for maintenance and operation of equipment is anticipated to accelerate demand.
- Increasing investments in infrastructure and construction projects across Europe is estimated to augur well for the market.
2018 to 2022 Industrial Lubricant Sales Outlook in Europe Compared to Demand Forecast from 2023 to 2033
The Europe industrial lubricants industry witnessed a CAGR of 1.9% over the historical period from 2018 to 2022. In the forecast period from 2023 to 2033, the market is expected to elevate with a significant CAGR of 5.2%.
Europe has witnessed significant industrial expansion in the past, with various sectors experiencing growth and increased production. This expansion resulted in a higher demand for industrial lubricants to maintain and lubricate the growing number of machines and equipment used in sectors such as manufacturing, automotive, and aerospace.
Advancements in technology have led to the development of more sophisticated machinery and equipment in Europe. These advanced systems often require specialized lubricants to operate efficiently and maintain optimal performance. Demand for industrial lubricants increased as numerous companies adopted newer technologies and equipment.
Over time, sectors in Europe recognized the importance of effective maintenance practices in optimizing equipment performance and reducing downtime. Regular lubrication is a fundamental aspect of maintenance to prevent wear & tear, reduce friction, and prolong equipment life. Hence, increased emphasis on maintenance has driven demand for industrial lubricants.
How is the Europe Food Processing Sector Accelerating Demand for Industrial Lubricants?
Industrial lubricants are critical in the food processing business. These are needed for maintaining optimal equipment efficiency, lowering energy consumption, and increasing the lifespan of gear.
Lubricants that are safe for human consumption, non-toxic, and meet severe criteria are required in the food processing sector. These lubricants must remain effective to prevent wear & tear and reduce the danger of failures & production downtime.
The Europe food processing sector contributes significantly to the economy and accounts for a sizable portion of the industrial lubricant market. As the food sector evolves, there is an increasing demand for high-performance lubricants that can resist harsh operating conditions of food processing equipment.
High-quality lubricants might contribute to improved efficiency of machinery and equipment, resulting in reduced energy consumption and lower emissions. Sectors such as transportation and manufacturing rely heavily on machinery and equipment. These might stand to benefit from this efficiency enhancement.
Another crucial aspect is enhancement of worker health and safety through the use of high-quality lubricants. Certain lubricants contain toxic chemicals that pose risks to human health.
By transitioning to eco-friendlier lubricants, companies can mitigate these risks and prioritize the well-being of their workers. Environmental regulations are propelling adoption of high-quality lubricants that are eco-friendly.
Stringent regulations would soon encourage companies to minimize emissions, enhance efficiency, and protect worker health & safety. These would also help to bolster their reputation as environmentally responsible entities.
Competitive Landscape
Europe industrial lubricants market is a fairly fragmented sector with a certain number of companies heavily active in the region. Key market participants currently contribute to more than 50% of the Europe industrial lubricants market share. The market has presence of various small- and medium-sized businesses that are providing competition to tier-1 organizations.
Advancements in technology are expected to drive growth in the Europe market. New and more efficient methods for manufacturing are being developed, which are expected to increase productivity and reduce costs. This is further estimated to make manufacturing more competitive and attractive to investors.
For instance:
In January 2022, the TEKMA series of heavy-duty lubricants for diesel engines was introduced by Motul, a France-based oil firm with roots dating back to 1853. These engine oils were created specifically to perform under the most difficult circumstances. The manufacturer claims that TEKMA engine oils can provide increased drain intervals, optimal engine protection, and greater fuel economy & power.
