Forging Lubricants Market Size & Share, by Type (Graphite-Based, Water-Based), End User (Automotive, Aerospace, Home Construction) - Global Supply & Demand Analysis & Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5580
  • Published Date: Jan 25, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Forging Lubricants Market size is anticipated to reach USD 20 Billion by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of forging lubricants was over USD 10 Billion. The growing automotive industry stands out as a primary growth driver for the market, propelling demand and influencing innovation within the sector. As the automotive landscape evolves, driven by technological advancements and sustainability goals, the demand for high-performance forged components continues to surge. The automotive industry relies heavily on forged components to ensure the structural integrity and performance of critical parts such as engine components, gears, and axles. These components undergo extreme conditions during operation, including high temperatures and pressures. To enhance the efficiency of the forging process and extend the lifespan of tools and equipment, lubricants play a pivotal role. According to a report, the global automotive forging sales are projected to reach USD 86 billion by 2027.

Forging lubricants play a crucial role in the metal forging process by reducing friction, minimizing wear and tear on tools and equipment, and improving the overall efficiency of the forging operation. Ongoing research and development in lubricant technology aim to create more efficient and environmentally friendly products. The adoption of advanced lubricants with improved performance characteristics has been a trend.


Forging Lubricants Market overview
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Forging Lubricants Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~8%

Base Year Market Size (2023)

~ USD 10 Billion

Forecast Year Market Size (2036)

~ USD 20 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Forging Lubricants Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Automotive Industry Expansion: The expansion of the automotive industry serves as a pivotal growth driver for the forging lubricants market. As the global demand for automobiles continues to rise, the need for forged components, such as engine parts and transmission systems, increases correspondingly. Forging lubricants play a crucial role in this sector by ensuring precision and efficiency in the forging process, contributing to the production of high-quality automotive components. With the automotive industry experiencing technological advancements and a shift towards lightweight materials for fuel efficiency, the demand for forging lubricants is poised to witness sustained growth. According to a report, the global motor vehicle production reached approximately 92 million units in 2020.
  • Infrastructure Development and Construction Industry Growth: The growth of the infrastructure and construction industries is a key driver for the forging lubricants market. These industries heavily rely on forged components for structural elements and machinery. Forging lubricants aid in the manufacturing of high-quality construction components, providing the necessary precision and durability required for infrastructure projects. As global investments in infrastructure development continue to rise, the demand for forging lubricants is expected to witness a concurrent upswing.
  • Increased Focus on Maintenance, Repair, and Overhaul (MRO) Activities: The increasing focus on Maintenance, Repair, and Overhaul (MRO) activities contributes to the growth of the forging lubricants market. MRO activities involve the maintenance and repair of existing equipment, including forged components in various industries. Forging lubricants play a crucial role in ensuring the longevity and performance of these components during maintenance processes. As industries prioritize MRO to extend the lifespan of equipment, the demand for high-quality forging lubricants is set to rise.

Challenges

  • Environmental Regulations and Sustainability Concerns: The increasing stringency of environmental regulations poses a challenge to the forging lubricants industry. As governments worldwide impose stricter guidelines to minimize the environmental impact of industrial processes, lubricant manufacturers must adapt by developing formulations that are eco-friendly and comply with regulatory standards. The shift towards sustainability also places pressure on the industry to reduce the use of traditional, petroleum-based lubricants. The forging lubricants market is significantly influenced by the prices of raw materials, such as base oils and additives. Fluctuations in the costs of these raw materials can impact the overall production costs for lubricant manufacturers. Companies in the sector must navigate the challenge of managing costs effectively to maintain competitiveness while also addressing potential impacts on profit margins.
  • Rising Raw Material Costs
  • Technological Disruptions and Industry 4.0


Forging Lubricants Segmentation

Type (Graphite-Based, Water-Based)

The water-based segment in the forging lubricants market is estimated to gain the largest revenue share of 60% in the year 2036. The growth of the water-based forging lubricants segment is influenced by increased awareness and education within industries about the benefits of these lubricants. Manufacturers and industry associations are actively promoting the advantages of water-based formulations in terms of performance, safety, and environmental impact. As awareness grows, more companies are making informed decisions to transition from traditional lubricants to water-based alternatives. A survey found that companies investing in employee education and awareness programs about lubricant choices experienced a significant uptick in the adoption of water-based lubricants. This emphasizes the role of education in influencing decision-making within industries.

End User (Automotive, Aerospace, Home Construction)

The automotive segment in the forging lubricants market is expected to garner a significant share in the year 2036. The automotive industry's heightened focus on vehicle safety and durability amplifies the importance of precision in manufacturing. Forging lubricants contribute to achieving the required precision, reducing wear and tear on tools, and ensuring the longevity of forged components. As vehicle safety standards continue to evolve, the demand for forging lubricants that enhance the durability of components grows. The National Highway Traffic Safety Administration (NHTSA) reported that in 2019, the United States had the highest number of motor vehicle recalls in recent years. This underscores the importance of vehicle safety and the need for durable components, which, in turn, influences the demand for high-quality forging lubricants in automotive manufacturing. The growth of the automotive segment in the market is further driven by a combination of factors such as increased vehicle production, light weighting initiatives, technological advancements, the growth of electric vehicles, stringent emission standards, and an increased focus on vehicle safety and durability.

Our in-depth analysis of the global forging lubricants market includes the following segments:

          Type

  • Graphite-Based
  • Water-Based

          End User

  • Automotive
  • Aerospace
  • Home Construction

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Forging Lubricants Industry - Regional Synopsis

APAC Market Forecast

The forging lubricants market in the Asia Pacific region is projected to hold the largest revenue share of 37% by the end of 2036. The Asia Pacific region has seen an increased focus on environmental sustainability, leading to the adoption of eco-friendly practices in manufacturing. Stringent environmental regulations drive the demand for forging lubricants that are environmentally responsible and compliant with these regulations. In 2020, the Asia-Pacific region accounted for the largest share of the global green lubricants market, valued at over USD 1 billion, according to a report. This statistic reflects the growing importance of environmentally friendly lubricants in the region. The market in the Asia Pacific region is further driven by the forces of industrialization, automotive and electric vehicle production, infrastructure development, technological advancements, and a commitment to environmental sustainability.

North American Market Statistics

The forging lubricants market in the North America region is projected to hold the second largest share during the forecast period. One significant growth driver for the market in North America is the expansion of the aerospace industry. The region is home to major aerospace manufacturers and suppliers, leading to a consistent demand for high-performance forged components. Forging lubricants play a crucial role in ensuring precision and efficiency in the production of critical aerospace components. According to the Aerospace Industries Association, the aerospace and defense industry contributed over USD 374 billion to the U.S. economy in 2019. This substantial economic contribution underscores the significance of the aerospace sector in North America and the potential demand for forging lubricants in supporting aerospace manufacturing. The renewal of infrastructure and ongoing construction projects in North America contributes to the demand for forging lubricants. These lubricants are vital for shaping durable and reliable forged components used in construction machinery and infrastructure development. As the region invests in infrastructure projects, the forging lubricants market experiences increased demand from the construction sector.

Research Nester
Forging Lubricants Market size
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Companies Dominating the Forging Lubricants Market

top-features-companies
    • Quaker Houghton International Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • FUCHS PETROLUB SE
    • Chemetall GmbH (A BASF Company)
    • TotalEnergies SE
    • Bechem Lubrication Technology, LLC
    • Petrofer AG
    • Lukoil Lubricants Company
    • Condat SA
    • Croda International Plc
    • Molyslip Ltd.

In-the-news

In The News

  • In October 2023, FUCHS completed the acquisition of AOGC, a leading US provider of specialty lubricants and metalworking fluids. This expands FUCHS' presence in the North American market and strengthens its offerings in the industrial lubricants segment.
  • Recognizing the growing electric vehicle (EV) market, FUCHS has been actively investing in developing and marketing lubricants and services specific to EVs. In February 2023, they launched a dedicated EV business unit and continuously introduce new EV-compatible lubricants and greases.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5580
  • Published Date: Jan 25, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for automotive sector is the major factor driving the market growth.

The market size of forging lubricants is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2024-2036.

The major players in the market Quaker Houghton International Inc., FUCHS PETROLUB SE, Chemetall GmbH, TotalEnergies SE, Bechem Lubrication Technology, LLC, Petrofer AG, and others.

The automotive segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Forging Lubricants Market Report Scope
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