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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