Global Industrial Lubricants 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.
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 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.
To Browse
Full Report@ https://www.marketresearchfuture.com/reports/industrial-lubricants-market-2695
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