Market Insights:
Industrial lubricants reduce friction between objects, regulate
temperature, modify surface properties and remove debris. The global Industrial
Lubricants Industry is estimated to see better profitability and expand at a
CAGR of 2.4% during the assessment period of 2017-2022, asserts Market Research
Future (MRFR) in an in-depth study. The global Industrial Lubricants Industry
stood at USD 56.87 Bn in 2016.
Industrial lubricants are used to ensure smooth machinery functioning
and reduce maintenance across various industry verticals. Industrial Lubricants
Industry is likely to be driven robustly by expansion in key end-use industries
such as chemicals manufacturing, food processing, and electronics.
Automotive lubricants account for the majority demand of Industrial
Lubricants Industry. Expanding automotive industry and an increase in total
vehicle population has fostered market growth. Additionally, the burgeoning
manufacturing industry driven by heightened demand for manufactured goods has
generated high demand for industrial lubricants.
Competitive landscape
·
Royal
Dutch Shell Plc.
·
Idemitsu
Kosan Co. Ltd
·
Total
S.A.
·
Chevron
Corporation
·
ExxonMobil
Corporation
·
BP
p.l.c.
·
PetroChina
Company Limited
·
LUKOIL
·
Fuchs
Petrolub AG
·
Sinopec
Limited
Industry Updates
February 2019- researchers at the University of Delaware have
created a strategy to make renewable lubricant base oils from non-food biomass
such as wood, switch grass and other sustainable, organic waste. This would
help to considerably reduce the environmental footprint of industrial
lubricants.
Industry Segmentation:
The Industrial
Lubricants Industry has been segmented based on type and end user.
By type, the global Industrial Lubricants Industry has been segmented
into hydraulic lubricants, gear lubricants, compressor lubricants, metalworking
fluids, and others. The hydraulic lubricants segment is dominating the market.
Continuous demand from the mining and construction industry due to the cost
advantage it provides over other lubricants is driving the growth of the
segment. However, due to rising metal consumption in the automotive industry,
the metalworking fluids segment is expected to showcase the highest CAGR over
the forecast period.
By end user, the global Industrial Lubricants Industry has been
segmented into automotive, manufacturing, power generation, heavy industries,
and others. The automotive segment is leading the market while the power
generation segment is expected to showcase the highest CAGR over the forecast
period. The growth of the power generation segment can be credited to towering
energy demands across the globe.
Global Industrial
Lubricants Industry - Regional Analysis
Asia-Pacific
region dominates the global Industrial Lubricants Industry and is expected to
witness the highest growth during the forecast period. China, India, Japan,
Australia and Indonesia are among the major markets for Industrial Lubricants
in the Asia Pacific region. Rapid industrialization and urbanization driving
the growth of the market in the region. Additionally, increasing passenger car
sales owing to increasing disposable income in Southeast Asian countries are
also expected to contribute to automotive lubricants growth.
North America
and Europe are the major region for the Industrial Lubricants Industry. These
regions are expected to contribute significantly during the forecast period. In
Europe, Germany, U.K., and France are major contributors for the growth of the
market.
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