Press release
Industrial Lubricants Market to Record an Exponential CAGR by 2024 - 2031 | Conocophilips Company, Exxon Mobil Corporation
Industrial Lubricants Market
Industrial lubricants are compounds used to reduce friction between surfaces in contact which are moving or are subject to movements or shocks so as to protect and improve the functionalities of both. They are primarily used in various industrial applications such as manufacturing, mining, power generation, and construction.
Market Dynamics:
The industrial lubricants market is witnessing high growth owing to rise in manufacturing sector across the globe along with rapid industrialization. As per IMF, the global manufacturing output is expected to grow at a rate of 5% annually during the forecast period. This rising manufacturing activity will propel the demand for various industrial equipment and machinery which requires lubricants for smooth functioning. Furthermore, growing mining activities especially in Asia Pacific and African countries is also expected to augment the market growth during the period. Improved industrial safety regulations regarding use of quality lubricants will further drive the industrial lubricants market by 2031.
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Adoption of Biodegradable and Recyclable Lubricants
With sustainability gaining increased focus, there is a growing opportunity for biodegradable and environmentally acceptable industrial lubricants. Many industries are actively working to reduce their carbon footprint and use of non-renewable resources. Plant managers and engineers seek lubricant options that do not pollute soil or water bodies if released into the environment due to accidental spills or during disposal. Conventionally available petroleum-based lubricants are non-biodegradable and their cleanup involves high expenses. In contrast, vegetable- and synthetic-based greases approved by regulatory agencies can biodegrade in a short period without hazardous residues. Their use significantly lowers compliance costs for industries. Leading lubricant producers are thus strengthening their bio-based lubricant portfolios which is expected to drive future demand.
Increasing Automation and Adoption of Industry 4.0 Technologies
The industrial lubricants market will see new demand trends emerge from the significant transformation underway with the adoption of advanced manufacturing technologies. The rising levels of automation with Internet of Things (IoT) connectivity on the plant floor will augment condition monitoring of lubricated equipment and assets. Sophisticated lubricant analysis using sensors and data analytics will provide real-time insights into lubricant health, machine performance as well as predictive maintenance needs. This will strengthen the case for using supreme quality lubricants tailored for specific applications. Furthermore, advanced robots, collaborative robots, and 3D printing will also need high-performance greases and oils to function reliably in 24/7 operations. The integration of Industry 4.0 standards will open up new revenue pools for lubricant suppliers moving beyond traditional product sales to value-added services leveraging digitalization.
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Top Companies Featured in This Report:
★ Conocophilips Company
★ Exxon Mobil Corporation
★ Fuchs Lubricants
★ Sinopec Corporation
★ Indian Oil Corporation
★ Miller Oils
★ Panolin International
★ Petrobras
★ Petrochina Company
★ Renewable Lubricants Inc.
★ Royal Dutch Shell
★ Statoil Lubricants
★ among others.
Market Segmentation:
By Product Type:
★ Base Oil
★ Mineral
★ Synthetic
★ Bio-based
★ Lubricant Type
★ Hydraulic Lubricants
★ Metal Cleaners
★ Gear Lubricants
★ Compressor Lubricants
★ Turbine Lubricants
★ Grease
★ Soap Thickener
★ Non-soap Thickener
★ Inorganic Thickeners
By Applications:
★ Automotive
★ Metal Processing
★ Construction
★ Marine
★ Power Plants
★ Chemical Processing
★ Food Processing
★ Industrial
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Industrial Lubricants Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Industrial Lubricants market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Industrial Lubricants market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Industrial Lubricants market.
Segment Analysis: Examining the market value and sales volume of Industrial Lubricants by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Industrial Lubricants market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Industrial Lubricants sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )
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