Industrial products are those products, which are used as inputs in producing other products. The examples of such products are raw materials, engines, lubricants, machines, tools, etc. In other words, industrial products are intended for nonpersonal and business use for producing other products. These are the products which are not directly used by the end customers but are used by the industries.
The market for industrial products consists of manufacturers, transport agencies, banks and insurance companies, mining companies and public utilities. Examples like;
Installations — Example: Machinery
Accessories — Example: Power Generator
Raw materials — Example: Cotton, timber, etc.
An industrial product is a superior used by a business firm for business expenditure. It is different from a consumable good, which is purchased by individuals for personal and family expenditure. One company selling goods to another for business expenditure is a major example of business-to-business, or B2B.
