Press release
Industrial Lubricants Market 2019-2023 | Global Key Players; ExxonMobil Corporation, Royal Dutch Shell Plc., Chevron Corporation, BP p.l.c, Total S.A., Petrochina Company Limited, Sinopec Limited, LUKOIL, Fuchs Petrolub AG, and Idemitsu Kosan Co. Ltd
Industrial lubricants reduce friction between objects, regulate temperature, modify surface properties and remove debris. The global industrial lubricants market is estimated to see better profitability and expand at a CAGR of 2.4% during the assessment period of 2017-2022, asserts Market Research Future (MRFR) in an in-depth study. The global industrial lubricants market stood at USD 56.87 Bn in 2016.
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Industrial lubricants are used to ensure smooth machinery functioning and reduce maintenance across various industry verticals. Industrial lubricants market is likely to be driven robustly by expansion in key end-use industries such as chemicals manufacturing, food processing, and electronics.
Automotive lubricants account for the majority demand of industrial lubricants market. Expanding automotive industry and an increase in total vehicle population has fostered market growth. Additionally, the burgeoning manufacturing industry driven by heightened demand for manufactured goods has generated high demand for industrial lubricants.
Competitive landscape
Royal Dutch Shell Plc.
Idemitsu Kosan Co. Ltd
Total S.A.
Chevron Corporation
ExxonMobil Corporation
BP p.l.c.
PetroChina Company Limited
LUKOIL
Fuchs Petrolub AG
Sinopec Limited
Industry Updates
February 2019- researchers at the University of Delaware have created a strategy to make renewable lubricant base oils from non-food biomass such as wood, switch grass and other sustainable, organic waste. This would help to considerably reduce the environmental footprint of industrial lubricants.
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Industry Segmentation:
The global industrial lubricants market has been segmented based on type and end user.
By type, the global industrial lubricants market has been segmented into hydraulic lubricants, gear lubricants, compressor lubricants, metalworking fluids, and others. The hydraulic lubricants segment is dominating the market. Continuous demand from the mining and construction industry due to the cost advantage it provides over other lubricants is driving the growth of the segment. However, due to rising metal consumption in the automotive industry, the metalworking fluids segment is expected to showcase the highest CAGR over the forecast period.
By end user, the global industrial lubricants market has been segmented into automotive, manufacturing, power generation, heavy industries, and others. The automotive segment is leading the market while the power generation segment is expected to showcase the highest CAGR over the forecast period. The growth of the power generation segment can be credited to towering energy demands across the globe.
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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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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