Market Overview:
Industrial
lubricants are used in machines to reduce the friction, modify surface
properties, while, regulating the temperature and thereby to reliably maximize
their efficiency, lowering total operational cost. In a way, application of
these lubricants ensures enhanced operations, improved safety, minimized
environmental impacts, and streamlined maintenance cost.
Common
industrial applications of these lubricants include air compressors, bearings,
natural gas engines, gears, hydraulics, turbines, wind turbines. Although these
lubricants are useful for every large and small machine used across the
industries, machinery used in energy/ power sectors remain its key application
area.
Energy
sectors such as, miming, coal, gas turbines, natural gas engines, nuclear
energy, wind energy, O&G, drilling – offshore & onshore, refineries,
well services, extensively consume Industrial lubricants to increase the
efficiency and operations of millions of machines they use and that are exposed
to the harsh climatic conditions, chemicals and to the water.
Clearly,
energy/ power sectors drive the market growth of Industrial lubricants,
increasing their sale on the global platform. Marin and shipping is another key
application are of these lubricants, accounting for the second largest
contributor to the market growth. Despite the wide adoption across industries,
including some of the burgeoning and prominent sectors, the industrial
lubricants market is yet to witness phenomenal growth records.
Market
Research Future (MRFR) in its recently published study report mentions that the
global Industrial Lubricants market was valued at USD 56.87 billion in 2016,
and is expected to grow at 2.4% CAGR during the forecast period 2017 - 2022.
However,
paramount concerns pertaining to the environmental hazards associated with the
mineral oil lubricants may affect the overall growth of the market in the
developed and the developing regions. Adversely, investments in R&D
activities to produce innovative lubricants are expected to provide
opportunities for growth in the future.
New
specifications are bringing formulation changes and additive selection.
Moreover, regulations are pushing those specifications towards stricter
chemical limits and lower viscosities. Regulations are greatly impacting
viscosity and the chemical composition of lubricant additives being used,
targeting fuel economy and emissions. Specification upgrades are mandating
increased antioxidant and dispersant usage. Mandates like these are anticipated
to favor the growth of anti-oxidants, ash-less anti-wear, and dispersants.
The rapid
technological advances in the manufacturing sector is intensifying the demand
for high-performance and environment-friendly lubricants and their additives.
Hence, lubricant manufacturers must continually upgrade their product portfolio
and production capabilities to match the revised requirements. Although these
results in the emergence of value-added products, severely impact the overall
profit margins of these lubricant manufacturers. In addition to the costs of
revised formulations, vendors also incur the capital costs associated with the
technology and infrastructural upgrades. Noncompliance with the revised
requirements invites regulatory attention and leads to a decline in market
shares.
Industrial
Lubricants Market - Competitive Analysis
Space,
characterized by the presence of some well-established players appears to be
highly competitive. Well established players incorporate collaboration,
acquisition, partnership, technology launch, and expansion.
To Browse Full Report@ https://www.marketresearchfuture.com/reports/industrial-lubricants-market-2695
Industry/ Innovation/ Related News
May 18, 2018 – Savita Oil (India), a leading global
manufacturer for lubricants, launched repositioned Savsol for the Indian
lubricant market to reposition the
popular lubricant targeting at millennial consumers, mechanics, and
trade.
Global
Industrial Lubricants Market – Segments
MRFR has segmented the report into 3 key dynamics for the convenience and
enhanced understanding;
By Types :
Comprises Hydraulic lubricants, Gear
lubricants, Compressor lubricants, and Metal working fluids among others.
By End Users : Manufacturing,
Automotive, Heavy industries, and Power Generation among others.
By Regions : North
America, Europe, APAC and Rest of the World.
Industrial
Lubricants Market – Regional Analysis
Globally,
Asia Pacific accounts for the largest market for Industrial Lubricants Market
due to the augmented demand from the growing end-users sectors such as
energy/power and manufacturing, especially, in India, China, Indonesia &
Japan. Growing industrialization coupled with the ever-increasing population
drive the regional market growth.
China, backed
by the burgeoning manufacturing sector accounts for the largest consumer of the
product followed by India, Thailand, Japan, and Vietnam, among others. Also,
considerably growing demand for the product in different industrial sectors,
foster the growth of the APAC market. The market trends substantiating the
regional market growth include rapid urbanization, industrialization and the
increasing consumption of the product in the industrial sector.
North America
region stands the second largest market for Industrial Lubricants owing to the
enormous contribution from the US market, fuelled by the broad application
areas of the product across the industries.
The Europe
Industrial Lubricants market accounts for the third largest market globally.
The resurging economy is fuelling the automotive sector in the region.
Furthermore, declining crude oil prices are fostering the growth in the
automotive industry, increasing the production rate, which in turn, promotes
the growth of the regional market.
However, the
stringent environmental regulations imposed on the uses of products that emit
volatile organic compounds (VOC) are restricting the market growth on a large
scale. Nonetheless, augmenting demand for the product in the industrial sector,
and others applications are expected to drive the regional market growth up to
some extent.
Check Blog@ https://www.marketresearchfuture.com/blogsRelated Report@ https://www.marketresearchfuture.com/categories/chemicals-market-report
Note: Our Team of researchers are studying Covid-19 and its impact on Various industry Verticals and wherever required we will be considering Covid-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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