Industrial Lubricants Market Global Demand and Insights by Forecast to 2022 | Industry Top Key Players: ExxonMobil Corporation , Royal Dutch Shell Plc., Chevron Corporation, BP p.l.c.

Industrial Lubricants Market Highlights:-

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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Industrial News:

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.

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.

Dominant Players:

• Royal Dutch Shell Plc.
• Valvoline International
• Chevron Corporation
• Total S.A.
• ExxonMobil Corporation
• LUKOIL
• BP p.l.c.
• Petrochina Company Limited
• Fuchs Petrolub AG

Global Industrial Lubricants Market 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.

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Regional Analysis:

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.