Global Industrial Lubricants Market Size, Shares, Growth, Segments, Industry Analysis & Outlook 2018-2024
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The forecast industrial lubricants market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, industrial lubricants on a global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. The global industrial lubricants market is projected to grow at a CAGR of 4.5% over the forecast period of 2018-2024.
Industrial Lubricants Market: Industry insight
Industrial lubricants are designed for equipment running at peak efficiency and with maximum reliability. The industrial lubricants are Oil, grease, and fluids as they reduced wear and tear of materials while reducing binding and friction. Industrial lubricants also improve productivity and reducing energy consumption. It is significantly used in industrial applications such as transmission fluids, heavy-duty engine oils, hydraulic oils, and gear oils.
Industrial Lubricants Market: Drivers and Restraints
The growth in industrialization across the globe is augmenting the industrial lubricant market. Moreover, increasing demand for industrial lubricants from various end-user industries such as automotive, chemicals, energy, food and beverages, mining, paper, steel, and textiles contribute to the growth of the market. furthermore, rapid growth in the manufacturing sector across the globe has resulted in increased consumption of industrial lubricants. The benefits offered by industrial lubricant are prevention of corrosion, prevent electrical resistivity while it increases thermal conduction is strengthening the growth of the market. However, Availability of substitutes could hamper the growth of industrial lubricant market. Additionally, environmental pollution caused by mineral oils is a major concern also hinder the growth of the market. Furthermore, increasing inclination towards bio-based lubricant offers immense opportunities for the industrial lubricant market during the forecast period.
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Industrial Lubricants Market: Segmentation
The global industrial lubricants market is bifurcated into type and applications. Based on the type, the global market is divided into grease, oils, and fluids. The oil segment is expected to hold a significant share in industrial lubricant market. They are widely used to aid industrial processes, thus improving operational efficiency and reducing energy consumptions. On the basis of applications, the global industrial lubricants market is classified into air compressors, bearings, natural gas engines, gears, hydraulics, turbines, auxiliary equipment, and others.
Industrial Lubricants Market: Regional insights
Geographically, Asia Pacific is accounted to be the largest region for the global industrial lubricants market. Continuous development in industrializations coupled with high disposable income are some factors responsible for the growth of the market. The significant rise in demand from various end-user industries in India, China and Japan promote the growth of the Asia Pacific region. North America and Europe are highly developed markets, with the presence of a number of multinational companies.
Industrial Lubricants Market: Competitive Analysis
The key players in industrial lubricants market are Royal Dutch Shell PLC, Exxon Mobil Corporation, Total S.A., Chevron Corporation, PetroChina Company Limited, Sinopec Limited, Fuchs Group, Phillips 66, Valvoline International, Inc. and Kluber Lubrication. Strategic collaborations have led to the development of unique products from bio-based sources to gain a competitive edge.
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Univar Extends Agreement to Distribute Castrol Oil Company's Industrial Lubricants and Greases
In June 2018, Univar Inc a global chemical and ingredient distributor and provider of value-added services announced that its wholly-owned subsidiary, Univar Specialty Consumables Ltd., has extended its agreement with the Castrol Oil Company ("Castrol") to distribute its range of industrial lubricants and greases. Castrol is a world-leading manufacturer of premium lubricating oils, greases, and related services to the automotive, marine, industrial, aviation, oil exploration and production to customers across the world.
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