Industrial Lubricants Market Size, Share and Strategic Assessment of Evolving Technology, Growth Analysis, Scope, Demand, Suppliers and Forecast to 2022

Global Industrial Lubricants Market Information Report by Type , by End User (Automotive, Manufacturing, Heavy industries, Power Generation and others) and Region - Forecast to 2022

Market Highlights:-

Industrial lubricants are used to reduce friction as friction associated effects such as heat, mechanical damage, and may provide secondary functions of transmitting forces, transporting matter, etc. the global industrial lubricants market was estimated to be USD 56.87 billion in 2016, and which is projected to grow at a CAGR of 2.4 % by the end of forecast period of 2022.

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Industrial Lubricants Market 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).

Restraints:-

The falling profitability coupled with lack of technical understanding is hampering the market. Environmental regulations are other concern as they result in increasing the operating cost of the company. For example, the European Solvents Industry Group (ESIG), is framing the solvent VOC emissions standards to reduce the VOC solvent emissions in the European Union.

There has also been a slowing down of star economies such as China, and India. Growing labor wages especially in china and in the emerging economies is another trouble for the market. Volatile oil prices, currency fluctuations, are other factors presenting challenges to the industry.

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.

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Industrial Lubricants Global Market Regional Analysis:-

Asia-Pacific region dominates the global industrial lubricants market. Rapid growth in automotive and manufacturing sector in this region is a significant factor that spurs the demand of the market in APAC region. In Asia-Pacific region, global industrial lubricants market is expected to grow at the fastest pace during the forecast period. Saturated regions such as Europe is expected to grow at a moderate pace, owing to increasing output from end-use industries.

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