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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