Industrial Lubricants Market Challenges, Growth Analysis, Growth by Leading International Manufacturers with its Applications by Forecast to 2022

Market Overview:-

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 2023, surpassing its previous growth records in terms of value with a whooping, double digit CAGR of 2.4% during the estimated period (2017 – 2023).

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Drivers:-

Growing industrialization, growing demand for goods, and rising economy are the major driving factors generating the growth of the market. The expanse of applications such as growing adoption of industrial lubricants owing to growing intensity of application such as extreme pressure gear lubricants.

The technical advancements such as differential additive structure, growing applications of additives such as anti-wear additives, corrosion protection additives and others help to function the lubricant under conditions of extreme stress, pressure and temperature which is the defining difference between industrial and other lubricants. The downfall of the oil prices has reduced the costs of stock material favoring the market. Specialized industrial lubricants such as high viscosity, high demulsibility, and others are the fastest growing group.

Industrial News:

December, 2017 - Maximus international is set to aquire pacific lubricants

November, 2017 - Fuchs Petrolub SE, acquired Ultrachem, Inc., producer of specialty synthetic lubricants used in compressor and industrial maintenance.

Segmentation:

To generate an accurate understanding of the market the global industrial lubricants report has been segmented on the basis of type, state, source, end user and regions.

Based on type, the report has been segmented by hydraulic lubricants, compressor lubricants, gear lubricants, metal working fluids and others. Process oils are the leading segment, accounting for over 30.0 % of market in 2016.

Based on state, the report has been segmented by solid, liquid and others.

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Based on source, the report has been segmented by natural, synthetic and compound.

Based on end user, the report has been segmented by automotive, manufacturing, heavy industries, power generation and other

Based on region, the report has been segmented by North America, Europe, Asia-Pacific and Middle East and Africa.

Top Key Players:-

The key players of global industrial lubricants market are 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).

Regional Analysis:

Asia Pacific accounts for the largest market share of the global industrial lubricants market owing to larger industrial base, growing demand, industrialization, and others. China followed by India accounts for the leading countries in the Asia Pacific region. Growing energy and metal foundry sectors is accounting for the growth of the market especially the metalworking fluids segment. Asia-Pacific region also bags the crown of being the fastest region in the world owing to the explosive pace of industrialization.

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North America accounts for the second largest share of the market owing to developed economy led by the U.S. Europe follows with Germany, France and the U.K. Leading the bandwagon. However the developed regions market is stagnant and there is a definite shift of the market towards the Asia-Pacific and Middle East and Africa regions. Africa remains the last frontier for the industrial lubricants industry.

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This release was published on openPR.