How is Growing Metalworking Industry Driving Industrial Lubricants Market?

The metalworking industry has been registering significant growth since the past few years. For example, the metal and metal manufactured products domain is predicted to reach a value of $866,605 million by 2023, from $710,531 million in 2016, advancing at a 2.8% CAGR during the time period 2017–2023. A major reason for this growth in the industry are technological advancements, which are resulting in the advancement of the industry toward the Industry 4.0 movement. The manufacturers are increasingly making use of automated, connected systems in order to improve operations and enhance productivity.

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This growth of the metalworking industry is further resulting in the rising need for industrial lubricants, which are quite common in a number of other industries as well. Industrial lubricants are fluids, liquids, and greases that are utilized for lessening the wear and tear of materials while reducing friction and binding. The lubricants can also prevent corrosion from both outer and inner surfaces where they are applied. As per a P&S Intelligence report, in 2016, the global industrial lubricants market generated a revenue of $48,860.7 million and is predicted to reach a value of $68,412.0 million by 2024, registering a growth of 4.3% CAGR during the forecast period (2017–2024).

In the past, Asia-Pacific (APAC) has been the largest industrial lubricants market, on account of swift industrialization in emerging economies such as India and China. In addition to this, modernization of industrial machinery is predicted to play a vital role in the growth of the domain in the APAC region. The resumption in manufacturing and industrial activities in developed country is also expected to result in the rising demand for industrial lubricants in the coming years.

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Amsoil Inc., Phillips 66, Klüber Lubrication München SE & Co. KG, Calumet Specialty Products Partners L.P., Houghton International Inc., Quaker Chemical Corporation, PETRONAS Lubricants International, Blaser Swisslube AG, Exxon Mobil Corporation, BP PLC, Chevron Corporation, FUCHS PETROLUB SE, The Lubrizol Corporation, Total S.A., Idemitsu Kosan Co. Ltd., Royal Dutch Shell PLC, and Clariant AG are some of the major players operating in the global industrial lubricants market.

GLOBAL INDUSTRIAL LUBRICANTS MARKET SEGMENTATION

By Product
Process Oil
General Oil
Metalworking Fluid
Engine Oil
Others
By Application
Metalworking
Metal Forming
Aluminum
Copper
Others - Manganese, Silicon, Zinc, Manganese-Silicon Alloys, and Nickel
Metal Cutting
Aluminum
Copper
Others - Bronze, Steel, Tin, Nickel, and Titanium
Metal Joining
Fastening
Others - Brazing, Soldering, Adhesive Joining, and Riveting
Metalworking Electronics
Industrial Heat Exchangers
Others - Polishing, Lapping, and Grinding
Textiles
Textile Weaving
Non-Woven Textiles
Textile Finishing
Dyeing
Stentering
Drying
Printing
Others - Singeing, Desizing, Scouring, and Bleaching
Composites
Others - Quilting, Sewing, Ginning, Blending, Carding, and Combing
Energy
Transformers
Pipelines
Liquefied Natural Gas
Ocean Energy
Others - Oil and Gas Exploration and Production, Refining, Transmission, and Well Services
Chemical Manufacturing
Industrial Gases
Fertilizers
Polymers
Others- Pharmaceutical Ingredients, Surfactants and Cleaning Materials, Adhesives, Oilfield Chemicals, Catalysts, Agricultural Chemicals, and Advanced Materials Industries
Food Processing
Beverages
Frozen Food
Canned Food
Fruits & Vegetables
Others - Canned Fish, Meat, Baked Food, Noodles, Pickles, and Spices Products
Processed Potatoes
Bakery
Cocoa & Chocolate
Others - Fishes, Meat, and Sea Food Products
Hydraulic Machinery
Compressors
Bearings
Others - Valves, Actuators, Accumulators, and Filters
Others - Mining and Jewelery

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This release was published on openPR.