Industrial Lubricants Market to Display Healthy Growth in 2016–2024 | Major Key Players Are Exxon Mobil Corporation, BP PLC, Chevron Corporation, FUCHS PETROLUB SE, The Lubrizol Corporation

The growth in industrial lubricant space is set to grow at a record pace due to rapid industrialisation and the increasing need for integrating organised and effective processes with industrial production. The demand for industrial lubricant is also due to its capability to enhance a number of industrial process without affecting the physical properties and the quality of the end product. Among the plethora of industrial lubricants, the demand for processing oil contributes significantly to the growth of this sector, due its application of maintaining temperature and reduce friction in machinery parts. Countries such as China and India are expected to bolster the growth of Industrial lubricants sector.

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The application of industrial lubricants in the chemical manufacturing application space contributes to the growth of the sector to great extent. Further, the expansion of industrial manufacturing facilities the industrial lubricants sector is set to grow even more in the immediate future.

The increasing usage of industrial lubricants in textile, chemical manufacturing, and metal working industries is driving the global industrial lubricants market growth. The market generated a revenue of $48,860.7 million in 2016, and is expected to advance at a CAGR of 4.3% during the forecast period (2016–2024). Industrial lubricants such as oil, grease, and fluids are used in machinery components to protect them from wear and tear and lessen friction and binding. In some cases, they are used to reduce the electricity resistivity and escalate thermal conductivity at the same time.

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In addition, these lubricants are widely preferred for equipment and machinery as they prevent damage in both the inner and outer surfaces of the components. There are various types of products available in the industrial lubricants market, including metalworking fluid, and general, process, and engine oils. In 2016, out of these, the process oil category held more than 30.0% share in terms of volume in the market. Process oil is a special type of oil, which is widely used in the chemical and technical sectors.

These oils are used as a processing aid or as a raw material in multiple end-use industries, such as chemicals, plastic, and rubber. These lubricants are witnessing huge demand in the Asia-Pacific (APAC) region due to the expanding chemical industry, which is expected to boost the market. Industrial lubricants find wide-ranging applications in industries including metalworking, energy, chemical manufacturing, textile, food processing, hydraulic machinery. Among these, in 2016, the chemical manufacturing industry held the largest (over 20.0% sales volume share) in the industrial lubricants market and would continue dominating it during the forecast period.

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Chemical oils are produced to optimize the operating life and performance of the equipment, which withstand extreme stress during the production of nitrogen fertilizers, especially in terms of temperature, pressure, and compatibility with ammonia and catalyst. On a global ground, the APAC region is anticipated to lead the industrial lubricants market during the 2016–2024 period. This is attributed to the rapid industrialization in India, China, and Southeast Asia along with the modernization of machinery across industries.

The recovery in the industrial and manufacturing sectors in the developed economies is also anticipated to play a pivotal role in the growth of the industrial lubricants market during the forecast period. In the recent years, there has been a sudden growth in the food and beverages industry. The reasons behind the growth in this industry is due to the entry of multinationals, introduction of commodity branding, and low technology cost. Lubricants are largely used in sifters, blenders, dividers, mixers, conveyors, slides, mechanical knives, slicers, wrappers, bottle washers, and labeling and packaging machinery.

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This release was published on openPR.