Press release
Industrial Lubricants Market Worth $29.79 Billion and 18,473.5 Thousand Tons by 2025
Industrial Lubricants Market
According to this latest publication from Meticulous Research, the global Industrial Lubricants Market is expected to grow at a CAGR of 6.4% from 2019 to reach $29.79 billion by 2025. Moreover, in terms of volume, the market is expected to grow at a CAGR of 2.3% from 2019 to reach 18,473.5 thousand tons by 2025. The growth in industrial lubricants market is mainly attributed to growing automation in end use industries and strong industrial growth in emerging economies, such as China, India, and Brazil. In addition, increasing demand for eco-friendly lubricants offer growth opportunities for the players operating in this market. However, stringent regulations and high cost of synthetic lubricants are the key factors hindering the adoption of industrial lubricants.
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The global industrial lubricants market study presents historical market data in terms of value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2025, by type (hydraulic oil, metalworking fluids, gear oil, compressor oil, grease, turbine, and others), industry (construction & mining, metal production, cement & chemicals, power generation, oil & gas, food & beverages, general manufacturing), and geography. The study also evaluates industry competitors and analyzes the market at a regional and country level.
Based on type, the hydraulic oil segment is estimated to account for the largest share of the overall industrial lubricants market in 2019. However, grease segment is slated to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the extensive range of industrial applications supported by technological improvements; growing demand from emerging economies such as China, India, and Brazil, among others; legislative pressure; improving industrial grease quality; and growing awareness of bio greases among end users.
Based on industry, power generation industry segment accounted for the largest share of the overall industrial lubricants market in 2019. The large share of this segment is mainly attributed to increasing urbanization and growing population, growing demand for electricity, steady economic growth, and increase in number of industries in emerging economies. On the other hand, oil & gas industry segment is slated to grow at the fastest CAGR during the forecast period due to growing number of industries and increasing investment in setting up oil & gas plants across the globe.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/industrial-lubricants-market-5037/
This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, Russia, Italy, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Philippines, and RoAPAC), Latin America, Middle East, and Africa (Egypt, South Africa, Algeria, Nigeria, Morocco, and Rest of Africa). Asia-Pacific region is estimated to command the largest share of the overall industrial lubricants market in 2019, followed by North America and Europe. In addition, Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Growth in this market is mainly attributed to growing economy; rapid growth in industrialization and infrastructural developments; rising private and government investments; cost effective manufacturing operations; availability of cheap skilled labor; and presence of large number of lubricant manufacturers. Moreover, growing investments in industrial sector in countries such as China, India, Japan, Indonesia, and Philippines over the years further supports the growth of industrial lubricants market in the region.
The key players operating in the global industrial lubricants market are Shell International B.V., Exxon Mobil Corporation, BP P.L.C., Chevron Corporation, Total Lubrifiants, China National Petroleum Corporation, China Petroleum & Chemical Corporation (SINOPEC CORP.), LUKOIL, FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., Klüber Lubrication, Hindustan Petroleum Corporation Limited, Eni S.P.A., The Lubrizol Corporation, and Morris Lubricants among others.
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Key Findings in the Global Industrial Lubricants Market Study:
Hydraulic oil dominated the overall industrial lubricants market
Hydraulic oil segment is estimated to contribute the largest share of the overall industrial lubricants oil market in 2019 and generated large proportion of revenue as compared to other product types. The overall growth of this segment is mainly attributed to the growing demand from end user industries, specifically from construction and mining; and its low cost as compared to other types of industrial lubricants. For instance, in India, the government expenditure for the construction of highways has increased more than three times since 2013. According to the estimations, the total expenditure on highway construction was $5,317.0 million (Rs. 32,438 crores) in 2013-2014, which increased to $17,004.2 million (Rs. 1,16,324 crores) in 2017-2018. Similarly, in China, after the launch of 13th Five Year Plan in 2016, the construction activities have experienced strong growth with increase in construction of airports, water, rail, power, and roads & bridges.
Power generation industry to witness the largest demand through 2025
Power generation industry segment is estimated to command the largest share of the overall industrial lubricants Industry in 2019. This large share of this segment is mainly attributed to the growth of power generation plants, increasing urbanization and growing population, growing demand for electricity, steady economic growth, and increase in number of industries in emerging economies.
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Asia-Pacific: The dominant and the fastest growing market
Asia-Pacific region is estimated to command the largest share of the overall industrial lubricants market in 2019, followed by North America and Europe. Asia-Pacific will be the fastest growing regional market due to growing economy; rapid growth in industrialization and infrastructural developments; rising private and government investments; cost effective manufacturing operations; and availability of cheap skilled labor. In addition, huge investments in the industrial sector by countries such as China, India, Japan, Indonesia, and Philippines further support the growth of this market in the region.
Key questions answered in the report-
o Which are the high growth market segments in terms of type, industry, and region/countries?
o What was the historical market for industrial lubricants across the globe?
o What are the market forecasts and estimates for the period 2019-2025?
o What are the major drivers, restraints, and opportunitiesin the global industrial lubricants market?
o Who are the major players in the global industrial lubricants market?
o How is the competitive landscape and who are the market leaders in the global industrial lubricants market?
o What are the recent developments in the global industrial lubricants market?
o What are the different strategies adopted by the major players in the global industrial lubricants market?
o What are the geographical trends and high growth regions/countries?
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About Meticulous Research
Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Meticulous Research produces global reports and custom studies for North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa regions. These reports are used by our clients for marketing and strategic planning in various sectors.
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