Market Insights
Market Research Future estimated
that the global industrial lubricants market is predicted to should
double-digit growth rate of 2.4% during the forecast period, 2017-2022.
Industrial lubricants are used to
reduce friction. Its main function is to move solid surfaces with a liquid
film. They are used to change surface properties, regulate temperature, or
remove dirt. The global market for industrial lubricants is growing rapidly,
mainly due to the growing demand from the automotive industry. Growing demand
from the construction and mining industry and lower costs than other lubricants
increase the demand for hydraulic lubricants. Increased government investment
in infrastructure development and growing construction activities is expected
drive the global industrial lubricants market during the evaluation period.
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Reduced fuel and energy
consumption through improved machine performance have also contributed to the
growth of the industrial lubricant market. To ensure that machines work well in
industries, the growing demand for grease in industries also spurs the growth
of the global industrial lubricant market. However, the growing popularity of
hybrid and electric vehicles and the high cost of synthetic and organic industrial
lubricants may hamper the market growth.
Industry Updates
-
Shell Marine inked an agreement with CCCC
Dredging (Group) Co Ltd of China to provide technical services and supply
marine lubricants across the Chinese company fleet. The intentional cooperation,
ratified today at a signing ceremony, demonstrates Shell Marine’s competence to
deliver a complete all-in-one service, reliably supplying lubricants and
technical services around the clock as per the demand.
Key Players
·
Chevron Corporation
·
ExxonMobil Corporation
·
Total S.A.
·
Royal Dutch Shell Plc.
·
BP p.l.c, LUKOIL
·
Petrochina Company Limited
·
Sinopec Limited
·
Idemitsu Kosan Co. Ltd,
·
Fuchs Petrolub AG
By focusing on competitive
advantage, Industrial
Lubricant manufacturers strive to develop products that offer optimum
efficiency, convenience, and reliability. Due to their international and
regional presence, these manufacturers guarantee their customers the
consistency of service and product quality.
Market Segmentation
The global market for hydraulic
lubricants is highly diversified by type and end-user.
Based on type, the market for
hydraulic lubricants is segmented into, compressors, gear lubricants, metal
fluids, and others. Hydraulic lubricants dominate the typical market segment.
The metalworking fluids segment is expected to grow with the highest annual
growth rate over the forecast period. The growth of this sector is attributed
to the increasing consumption of metals in the automotive industry.
Based on the end-user, the market
is bifurcated into automotive, manufacturing, heavy industry, power generation,
and so on. The automotive industry dominates the end-user segment of the
market. The power generation sector is expected to record growth in CAGR over
the forecast period, mainly due to the escalating demand for energy around the
globe.
Regional Insights
The Asia Pacific region dominates
the global industrial lubricant market and is expected to see the strongest
growth over the forecast period. China, India, Australia, Japan, and Indonesia
are among the leading industrial lubricant markets in the Asia Pacific region.
Rapid industrialization and urbanization are the drivers of market growth in
the region. In addition, the increase in passenger car sales due to increased
disposable income in Southeast Asian countries is also likely to promote the
growth of automotive lubricants.
North America and Europe are the
most important region in the industrial lubricant market due to the presence of
manufacturing companies associated with the F&B sector, pharmaceuticals,
and others. These regions are expected to contribute significantly over the
forecast period. In Europe, Germany, the United Kingdom, and France make the
largest contribution to market growth.
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