Industrial Lubricant Market Will Witness Growth Based On Rising Growth Of Key End-Use Industries Such As Chemical Manufacturing Till 2024: Grand View Research, Inc.

The global industrial lubricant market(http://www.grandviewresearch.com/industry-analysis/industrial-lubricants-market) is expected to reach USD 68.41 billion by 2024, according to a new report by Grand View Research, Inc. The growth of key end-use industries such as chemical manufacturing, food processing and electronics particularly in Asia Pacific is expected to drive industry growth. Increase in industrial output in emerging economies such as China, India, Russia, Brazil, and South Africa, predominantly in core manufacturing sectors, such as metal forming, foundry, consumer appliances, and plastics, along with the mining industry is expected to foster demand.
Initiatives such as continuously evolving emission standards, improving engine technology, and norms about mitigated carbon footprints are being adopted in emerging economies such as China and India. The paradigm shift towards environmental conservation is touted to be the key growth driving factors.
Chemical manufacturing was the largest application for industrial lubricants due to the high demand for non-reactive, sustainable and compatible processing fluids to handle various intermediaries and petrochemicals in a safe & efficient manner.

Further key findings from the report suggest:
• The global Industrial Lubricant Market demand was 15.01 million tons in 2015 and is expected to reach 19.47 million tons by 2024, growing at a CAGR of 3.0% from 2016 to 2024
• Demand in North America & Europe is expected to remain high despite relative stagnancy in manufacturing growth. A revitalized manufacturing sector post recovery from the economic depression of 2009, is a major driving factor for lubricants consumption in these regions
• India emerged as the fastest growing market in Asia Pacific and is expected to grow at a CAGR of 4.3% from 2016 to 2024. India offers rewarding opportunities to industry participants with the government implementing innovative schemes to bolster domestic manufacturing activities
• Process oils primarily find use in the rubber, chemical and technical industries as a process aid or raw material. The segment accounted for over 32% of the global volume in 2015, growing at an estimated CAGR of 3.1% from 2016 to 2024
• Key companies operating in the industry include Shell, Total S.A., ExxonMobil Corp., Chevron Corp., Valvoline International, Kluber Lubrication, Fuchs Group, The Lubrizol Corporation, Clariant, Castrol, and Petronas Lubricant International

Grand View Research has segmented the Industrial Lubricant Market on the basis product, application and region:
Global Industrial Lubricants Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
• Process Oils
• General Industrial Oils
• Metalworking Fluids
• Industrial Engine Oils
• Others
Global Industrial Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
• Metalworking
o Metal Forming
o Metal Cutting
o Metal Joining
o Electronics
o Industrial Heat Exchangers
• Textiles
o Textile Weaving
o Non-Woven Textile
o Textile Finishing
o Composites
• Energy
o Transformer Oil
o Pipelines
o Liquefied Natural Gas
o Ocean Energy
• Chemical Manufacturing
o Industrial Gases
o Fertilizers
o Polymers
o Others
• Food Processing
o Beverages
o Frozen Food
o Canned Food
o Processed Potatoes
o Bakery
o Cocoa Chocolate
• Hydraulic
o Compressors
o Bearings
• Other Industrial Applications
Global Industrial Lubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
• Asia Pacific
o China
o India
o Japan
o Southeast Asia
• Latin America
o Brazil
• Middle East & Africa
o Saudi Arabia

About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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This release was published on openPR.