Market Overview
Industrial
lubricants are used to reduce friction. Their primary function is to displace
solid surfaces with a fluid film. They are used to modify surface properties,
regulate temperature, or remove debris. The Global Industrial lubricants Market
is growing with the rapid pace; mainly due to growing demand from automotive
industry.
According
to a recent study report published by the Market Research Future, The global
market of Industrial Lubricants is
booming and expected to gain prominence over the forecast period. The Global
Industrial Lubricants market is forecasted to demonstrate an exponential growth
by 2023, surpassing its previous growth records in terms of value with a
whooping, double digit CAGR of 2.4% during the estimated period (2017 – 2023).
Lower
fuel & energy consumption owing to better machinery performance has also
contributed to industrial lubricants market growth. To ensure smooth working of
machines in industries, the demand for grease increasing in industries is also
fuelling the growth of the global industrial lubricants market. However,
increasing popularity of hybrid electric vehicles and high cost of synthetic
and bio-based industrial lubricants may restrict the growth of the market.
Global
Key Player:
·
ExxonMobil Corporation
·
Royal Dutch Shell Plc.
·
Chevron Corporation
·
BP p.l.c.
·
Total S.A.
·
Petrochina Company Limited
·
Sinopec Limited
·
LUKOIL
·
Fuchs Petrolub AG
·
Idemitsu Kosan Co. Ltd
Global Industrial Lubricants Market - Competitive
Analysis
Global
Industrial Lubricants Market appears to be highly fragmented and competitive
owning to the presence of numerous large and medium players active in regional
market. The key strategies traced from the analysis of recent developments of
the key players include Product Launch, Agreement & Partnership,
Acquisition and expansion. Strategic partnerships between Key players support
the growth and expansion plans of the key players during the forecast period.
On the product and sales side, companies are investing in innovation/R&D,
brand building, and fostering strong relationships with customers to support
their competitive position.
Manufacturers
operating in the market strive to deliver innovative solutions that improve the
design and manufacturing processes of business around the world. Focusing upon
the competitive edge, Industrial Lubricants manufacturers strive to develop
products that can deliver optimal efficient, convenience and reliability.
Utilizing their international and regional presence, these manufacturers assure
their customers with the consistency in product & service quality.
Manufacturers strive to develop their product portfolio with a wide range of
Industrial Lubricants for every application.
Industry News
In
November 2017, Energy giant Royal Dutch Shell has opens massive new lubricant
plant in Tuas. The plant will produce up to 430 million litres of industrial
lubricants and greases a year.
In
June 2017, ExxonMobil has announced the completion of the expansion of its
lubricant facility in Jurong, Singapore to increase production of grease and
synthetic lubricants, including Mobil 1TM, the company’s flagship synthetic
engine oil. The expansion of the Jurong lubricant plant further strengthens the
company’s manufacturing capabilities and its ability to meet the growing demand
for grease and synthetic lubricants products in the Asia Pacific region.
In
May, 2017, Petronas expand its lubricant-blending plant in Shandong, China to
meet the market’s growing demand for the product. The annual output of the
plant within the Weifang Economic Development Zone was expected to increase
from 45,000 to 150,000 tonnes, which included automotive and industrial
lubricant.
Industrial Lubricants Market -
Segmentation
Global
Industrial Lubricants Market is segmented in to two key dynamics for an easy
grasp and enhanced understanding.
Market Segmentation:
On
the basis of type, market is segmented into Hydraulic lubricants, Compressor
lubricants, Gear lubricants, Metal working fluids and others. Hydraulic
lubricants dominates the type segment of the market. Growing demand from
construction and mining industry and lower cost as compare to other lubricants
increase the demand of the hydraulic lubricants. The metal working fluid
segment is expected to grow at the highest CAGR during the forecast period. The
growth of this segment is attributed to the rising metal consumption in the
automotive industry.
On
the basis of End User, market is segmented into Automotive, Manufacturing,
Heavy industries, Power Generation and others. Automotive industry dominates
the end user segment of the market. Power Generation segment is expected to
grow at the highest CAGR during the forecast period mainly due to rising demand
for energy across the globe.
Segmentation by Regions: Comprises Geographical regions -
North America, Europe, Asia Pacific and Rest of the World.
Global
Industrial Lubricants Market - Regional Analysis
Asia-Pacific
region dominates the global Industrial Lubricants Market 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 Market.
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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