Industrial
Lubricants Market Overview to 2022:
Automotive lubricants account for the
majority demand of industrial lubricants market. 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.
Acceleration in mining and
infrastructural activities across the globe are also likely to push the sales
of industrial lubricants further. Consolidation of online sales channels has
aided lubricant producers to find a viable retail platform which boosts the
growth of the market. Furthermore, product development such as bio-based
lubricants which offer superior environmental benefits is likely to augment the
growth of the market. There is a growing emphasis on the reduction of carbon footprint
on a global scale which has prompted the adoption of sustainable products and,
in turn, induced greater demand for bio-based industrial lubricants.
Other possible bottlenecks include
frequent changes in tax policies, and the introduction of new generation,
smaller, and more efficient, durable vehicles which are less likely to consume
much lubricants. Adulteration of lubricants and the high cost of bio-based and
synthetic industrial lubricants might undermine the growth of the market.
Furthermore, the industrial lubricants market is subject to scrutiny by various
regulatory bodies pertaining to their handling, storage, and disposal.
Meanwhile, much R&D activities are underway to develop better and improved
lubricants and considerably reduce their environmental footprint.
Competitive landscape
ü BP
p.l.c.
ü PetroChina
Company Limited
ü LUKOIL
ü Fuchs
Petrolub AG
ü Royal
Dutch Shell Plc
ü Idemitsu
Kosan Co. Ltd
ü Total
S.A.
ü Chevron
Corporation
ü ExxonMobil
Corporation
ü 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 global industrial lubricants
market has been segmented based on type and end user.
By type, the global industrial
lubricants market 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 market 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.
Regional
Analysis
By region, the global industrial
lubricants market has been segmented into Asia Pacific (APAC), North America,
Europe, and Rest-of-the-World (RoW).
APAC is the largest market for
industrial lubricants and is likely to showcase maximum growth over the
forecast period. Rapid level of industrialization in the region is the foremost
driver of the industrial lubricants market in APAC. In addition, the prolific
growth of the automotive industry and the shift of the global manufacturing
base in APAC has created a huge market for industrial lubricants. Besides, the
rising sale of cars due to growing disposable income is likely to spur demand
for automotive lubricants in the region. China, Japan, India, Australia, and
Indonesia are the key country-specific markets within the APAC market.
North America is a significant market
for industrial lubricants driven by the shale gas exploration activities in the
region. Industrial activities are also expanding at a moderate pace which is
generating continuous demand for industrial lubricants.
The expanding automotive industry
spurs Europe industrial lubricants market .Germany, the UK, and France are the
key contributors to the Europe market.
In RoW, the Middle East is generating
substantial demand for industrial lubricants on account of oil exploration and
refining activities in the region.
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