Penetrating Oil Market to Reach USD 38.98 Billion by 2027
Widespread use of penetrating oils in the automotive and construction industries acts as a key market growth driver
Market Size – USD 19.34 Billion in 2019, Market Growth – CAGR of 9.1%, Market trends – Growing demand in the marine industry
The global penetrating oil market is expected to be valued at USD 38.98 Billion in 2027 from USD 19.34 Billion in 2019, registering a CAGR of 9.1% through the forecast period. Penetrating oils, also called penetrating fluids, are low-viscosity oils that are generally used to lubricate rusted mechanical parts or fasteners, such as nuts and bolts so that they can be separated. These oils are highly volatile and can penetrate very narrow spaces within the machines or devices. These oils are widely used as general-purpose lubricants and corrosion stoppers. The other viable applications of penetrating oils include household repair tasks, removing chewing gum, reducing the friction on metal-stringed musical instruments, gardening purposes, and adhesives and coatings. Penetrating oils lubricate and reduce friction in objects only for a short period of time, and as the fluid is volatile in nature, it quickly gets contaminated. Moreover, on evaporation, these oils leave behind a residual film. Hence, penetrating lubricants are often added to liquids as additives to enhance their longevity.
The growing demand for penetrating oil as a cleaning agent and the rising demand for high-performance lubricants with low flammability, wear & tear resistance, and extended service life are the primary factors accountable for the significant growth trajectory of the global penetrating oil market. Penetrating fluids are in high demand in the automotive and buildings & construction industries, mainly for the purpose of lubricating internal combustion engines. Thus, the surging demand for high-mileage engine oils, which prevent oil leaks and enhance fuel-efficiency, is a pivotal factor promoting the global market growth. Therefore, the augmenting demand for bio-based and sustainable lubricants, increased production of automobiles, growing deployment of heavy industrial machinery, and the emergence of technologically advanced lubricants are poised to trigger the growth of the global penetrating oil market in the coming years.
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Key findings of the report:
- Based on product type, the straight oils sub-segment leads the global penetrating oil market in terms of revenue contribution. Straight oils are undiluted and non-emulsifiable and are made from petroleum oils and esters or fats. These oils are most widely used for mechanical purposes. They have high water content and are highly flammable.
- The extra-pressure additives sub-segment is the most dominant based on additive type. EP additives are resistant to wear and tear and are mostly used to lubricate metal surfaces. These additives contain chemical reactive agents like phosphorus, sulfur, and chlorinated compounds and are chemically unstable.
- The Asia Pacific market, led by Japan, India, China, and South Korea, is expected to occupy the largest share of the global penetrating oil market over the estimated period. The rapidly growing demand for engineered fluids, rapid industrialization, the booming automotive industry, and increasing applications of lubricants in the marine and wind power sectors are the key parameters propelling the growth of the market in this region.
- Leading companies in this industry include ITW, American Polywater, RSC Chemical Solutions, The Claire Manufacturing Company, Liquid Wrench, Kano Laboratories, WD-40 Company, AFM Safecoat, Super Lube, and Federal Process Corporation.
- In November 2020, Gryphon Investors, a leading private equity firm, acquired Kano Laboratories, a leading manufacturer of penetrating lubricants, to build a significant platform in the specialty chemicals sector.
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For the purpose of this report, the global penetrating oil market has been segmented on the basis of product type, additive, application, and region:
By Product Type (Revenue, USD Billion; 2017-2027)
- Straight Oils
- Emulsion Fluids/Water Soluble Fluids
- Synthetic/Semi-synthetic Fluids
By Additive (Revenue, USD Billion; 2017-2027)
- Extra-pressure (EP) additives
- Micro dispersants
- Corrosion inhibitors
By Application (Revenue, USD Billion; 2017-2027)
By Region (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
Table Of Content
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Penetrating Oil Market Segmentation & Impact Analysis
4.1. Penetrating Oil Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
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