chemical plants, which are estimated to demand incremental volumes of industrial fluids such as rubber process oils and white oils. Some examples include China-based Zhongce Rubber Group (ZC Rubber) which has plans to construct a new tyre manufacturing plant in Indonesia. Similarly, in March 2024, Michelin, a French tyremaker, announced plans to invest USD 436.8 million in Thailand, and Balaji Specialty Chemicals has plans to invest USD 90 million in expansion in the Indian market.
Driven by industrial sectorial recovery and bolstered by technological/digital advancements, it is estimated that nearly all industrial lubricants are forecast to experience growth in demand at compound annual growth rate (CAGR) of over or close to 1% in the decade ahead. However, this growth will be disproportionate in different sectors, resulting in the stronger growth of some industrial lubricants than others.
In conclusion, the dynamics for the industrial sectors are changing in this post-COVID era, impacted by factors such as improving business outlook, technological advancements, energy transition, diversification and localisation and changing trade policies. Lubricant suppliers today must adapt to these
evolving industry dynamics and return to the drawing board to reformulate their growth strategies – mapping markets-to-sector-lubricant products – in light of new industry developments and forecasts to ensure they maintain competitiveness and drive growth.
To stay competitive, lubricant suppliers must refine their strategies by focusing on high-growth markets and sectors, especially those impacted by digitalisation and industrial modernisation. Additionally, the emphasis on sustainability and digital solutions must shape product development, ensuring offerings align with the transition toward renewable energy and smart manufacturing.
This analysis is an extract from Kline + Company’s study, “Global Industrial Opportunities in Industrial Lubricants”, which comprehensively details the changing landscape and its impact on lubricant demand in key global sectors.
klinegroup.com
https://producthub.klinegroup.com/public/overview/1001341/ opportunities-in-industrial-lubricants-global-market-overview
LUBE MAGAZINE NO.186 APRIL 2025
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