Global Industrial Lubricants 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 2022,
surpassing its previous growth records in terms of value with a whooping,
double digit CAGR of 2.4% during the estimated period (2017 – 2022).
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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.
Key Players:
ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (The
Netherlands), Chevron Corporation (U.S.), BP p.l.c. (U.K.), Total S.A.
(France), Petrochina Company Limited (China), Sinopec Limited (China), LUKOIL
(Russia), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co. Ltd (Japan) are
some of the prominent players profiled in MRFR Analysis and are at the
forefront of competition in the Global Industrial Lubricants Market.
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.
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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