Canada Industrial Lubricants Market is projected to grow at a CAGR of 3.1% during 2024-30

Hydraulic fluids by product types attained the highest revenue share in Canada Industrial Lubricants Market – 6Wresearch

The hydraulic fluids segment captured the highest revenue share in 2023 due to its critical role in operating heavy machinery across various industries. For instance, Ontario's automotive sector received over $5 billion CAD in investments for new electric vehicle (EV) and battery manufacturing facilities, driving demand for hydraulic fluids used in machinery for precision forming, stamping, and assembling vehicle components.

According to 6Wresearch, the Canada Industrial Lubricants Market is projected to grow at a CAGR of 3.1% during 2024-30. The Canada industrial lubricants market has seen substantial growth, propelled by the expansion in manufacturing and automotive sectors. For instance, the production volumes in the automotive sector surpassed 1.2 million vehicles in 2022, contributing approximately $81 billion to the Canadian economy, thereby driving the demand for industrial lubricants.

Additionally, in 2023, the manufacturing sector generated around $174 billion, accounting for 10% of the country's GDP, with growth supported by government initiatives like the Strategic Innovation Fund (SIF). Moreover, the influence of Industry 4.0, characterized by the integration of digital technologies into manufacturing, is also reshaping the demand for industrial lubricants, with industrial automation accounting for $7 billion in 2022, thereby reflecting the growing need for specialized lubricants that can support the advanced machinery and robotic systems.

According to Vasudha, Research Analyst, 6Wresearch, in 2023, Mineral oils garnered the highest revenue share in the Canadian industrial lubricants market owing to their cost-effectiveness, broad compatibility with various machinery, and extensive use in manufacturing sectors. For instance, the substantial 43.5% GDP growth in Saskatchewan's machinery manufacturing sector in 2022 served as a major driver of demand, further solidifying the market position of mineral oils.

Canada Industrial Lubricants Market (2024-2030) report provides an in-depth analysis with 15 figures and 6 tables, covered in 69 pages. The report comprehensively covers the market by base oil, product type and end-use. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.