Industrial Lubricants Market worth $73.3 billion by 2024 | Key Players include Royal Dutch Shell, ExxonMobil Corporation, Chevron Corporation, BP p.l.c., Total S.A., PetroChina Company Limited

According to recent market research "Industrial Lubricants Market by Base oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Hydraulic Fluid, Metalworking Fluid), End-use Industry (Construction, Metal & Mining, Power Generation, Food Processing), Region - Global Forecast to 2024", The global industrial lubricants market size is projected to reach USD 73.3 billion by 2024, at a CAGR of 3.1% from USD 62.8 billion in 2019.

Browse 150 market data Tables and 70 Figures spread through 217 Pages and in-depth TOC on "Industrial Lubricants Market - Global Forecast to 2024"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/industrial-lubricants-market-84594070.html

The global industrial lubricants market size is projected to reach USD 73.3 billion by 2024 from USD 62.8 billion in 2019, at a CAGR of 3.1% between 2019 and 2024. Industrial lubricants are a mixture of base oils and additives. The additives help enhance, add, or suppress unwanted properties of the base oil. They are usually produced in liquid, semi-solid, and solid states. They are primarily used in industrial machinery and equipment. Industrial lubricants are utilized to reduce friction between moving surfaces.

Lubrication is an important process for an industry. It helps to reduce the friction between moving parts or surfaces to enhance the efficiency of machines. Industrial lubricants are manufactured using base oil, categorized as mineral oil, synthetic oil, and bio-based oil. Mineral oil and synthetic oil are sourced from Petroleum crude, and bio-based oils are sourced from vegetable oil. The major factors driving the industrial lubricants market are massive industrialization, the increasing disposable income, and rapid urbanization in emerging countries.

For more Details Speak to Our Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=84594070

The global industrial lubricants market size is projected to reach USD 73.3 billion by 2024 from USD 62.8 billion in 2019, at a CAGR of 3.1%, during the forecast period. The growing demand for industrial lubricants in countries such as China, India, Japan, and South Korea from the construction, metal & mining, power generation, cement production, and automotive industries is expected to fuel the growth of the industrial lubricants market in the region. The market is evolving, with major players playing a crucial role in the development of new and advanced products.

Royal Dutch Shell (Netherlands), ExxonMobil Corporation (US), BP p.l.c. (UK), and Total S.A. (France) are the major players in the industrial lubricants market. Royal Dutch Shell (Netherlands) is focused on expansions, new product launches, and agreements to meet the growing demand in the market. In May 2019, the company opened its first lubricant laboratory in India. The laboratory will serve as services provider for the growing demand for innovative lubricant products both in automotive and industrial segments. It launched E-fluids for electric vehicle (EV) in the same year. The products include E-Transmission Fluids, E-Thermal Fluids, and E-Greases, which will help improve EVs and other battery-operated vehicle performance. In May 2018, Shell Lubricants and Aggreko renewed supply contracts which helped Shell become the largest lubricant supplier to Aggreko in Russia, APAC, and the Americas. The expansion helped the company to meet the growing demand for industrial lubricants.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=84594070

ExxonMobil (US) is focused on new product launches and expansions to meet the growing demand for industrial lubricants. In June 2019, the company completed the expansion of its Singapore refinery. The facility will strengthen the supply for group II EHC base oil, which is used for manufacturing premium-grade lubricants. In January 2019, it launched and commercialized EHC50 and EHC120 grade products from its Rotterdam Refinery. This will help the company to improve its industrial lubricants market position in the group II oil-based lubricants market, as the company manufactures base oil as well as finished products. In December 2018, ExxonMobil completed the expansion of its Rotterdam refinery, which will see an increase in production of Group II base oil for lubricants. All these strategies have helped the company to become the world’s largest producer of group I and group II base oils.

BP PLC (UK) focuses on expansions and new product launches to strengthen its position in the industrial lubricants market. In December 2019, it introduced its Castrol Edge Bio-synthetic into China. This is a synthetic base engine oil containing 25% plant-based base oil. This will help BP to strengthen its market position in premium synthetic lubricant market in Asia Pacific. In January 2018, the company launched a new product called Castrol GTX ECO, which is manufactured from 50% re-refined base oil. This has helped the company to fulfil its sustainable development targets as well as diversified its portfolio. In December 2017, BP set up the largest new lubricant plant in China. It will be BP’s third lubricant blending plant in China, and with expected investment of around RMB1.5 billion (US$230 million), it will also represent BP’s single largest blending plant investment worldwide. The expansion will help the company to expand its product offerings.

Contact:

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: newsletter@marketsandmarkets.com
Press Release: https://www.marketsandmarkets.com/PressReleases/industrial-lubricants.asp
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/industrial-lubricants-market.asp

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.