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Industrial Lubricants Market Set to Exhibit Lucrative Growth in Asia-Pacific in Future
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Besides, the flourishing food and beverage sector, on account of the changing lifestyle of the people and burgeoning population in Latin America (LATAM) and Asia-Pacific (APAC), will drive the industrial lubricants market at a CAGR of 4.3% during the forecast period (2016–2024). The market is expected to grow from $48,860.7 million in 2016 to $68,412.0 million by 2024. This industry is transforming due to the advent of multinationals, the emergence of commodity branding, and the low cost of technology. This industry uses industrial lubricants in slides, labelers, conveyors, bottle washers, blenders, sifters, knives, mixers, packaging machinery, slicers, and wrappers.
According to P&S Intelligence, APAC accounted for the largest share in the industrial lubricants market, in 2016, and it is projected to continue this trend in the forecast years as well. This can be ascribed to the rapid industrialization in China and India and the emerging economies of Southeast Asia. Moreover, the advancements in industrial machinery in such countries also support market growth in the region. Besides, the increasing investments in the construction of utilities, industrial hubs, and other civic infrastructure facilities in APAC is expected to drive the demand for industrial lubricants in the foreseeable future.
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Thus, the expanding capacity of industrial units, flourishing food and beverage sector, and strengthening wind turbine industry will boost the requirement for industrial lubricants in the foreseeable future.
GLOBAL INDUSTRIAL LUBRICANTS MARKET
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
By Region
North America
Europe
Asia-Pacific (APAC)
Central and South America (CSA)
Middle East and Africa (MEA)
Contact:
P&S Intelligence
Contact: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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