Global Industrial Lubricants Market
According to the report, the global market for industrial lubricants is projected to expand at 3% CAGE from 2016 to 2020. The growth of the market can be attributed to the increase in process automation across the globe. With the incessantly growing population and globalization, the demand for high quality products is increasing extensively. As a result of this, manufacturers across the globe are focusing on automating their production facilities. This is expected to aid in the improvement of the efficiency of the processes and help in increasing productivity to achieve better results. The increasing productivity is bound to increase the run time of machinery, thus resulting in a high demand for industrial lubricants in order to prevent failure of the equipment. However, a weak global economic outlook is anticipated to hinder the progress of the industry.
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Over the coming years, the introduction of bio-based lubricants is expected to be a major trend and gain traction successively. Companies are focusing on the production of bio-based lubricants using sources such as vegetable to address issues related to the negative impact of petroleum lubricants on the environment. Based on product, the global industrial lubricants market has been segmented into synthetic oil lubricants, bio-based oil lubricants, and mineral oil lubricants. In 2015, mineral oil lubricants led the product segment by accounting the leading share. These lubricants are basically derivatives of crude oil and are employed in several manufacturing industries such as textile, paper, and rubber industries as processing oils and engine oils. Mineral oil lubricants are inexpensive in nature in comparison to bio-based and synthetic oils and thus this will boost the demand for it across the globe over the coming years.
Geographically, the global industrial lubricants market has been classified into Europe, the Middle East and Africa, Asia Pacific, and the Americas. Among these, the market for industrial lubricants in Asia Pacific is expected to emerge dominant over the coming years owing to the easy availability of raw materials and inexpensive labor in the region. The competition among the players in the market is intense due to constant price wars. Some of the chief companies in the market are SK Lubricants, Sinopec, PetroChina, Petrobras, Chevron, CITGO, Total, Shell, ExxonMobil, Castrol, and BP.
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