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Lubrication Systems Market Competitive Dynamics & Global Outlook 2022
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The report states that the global lubricant systems market, which had a valuation of US$4,367.10 mn in 2013, will expand at a slow yet positive 2.14% CAGR between 2014 and 2022. Growing at this pace, the market is expected to reach a valuation of US$5,281.16 mn by 2022. The report states that the recovering markets for cement and automobiles after witnessing a downturn during the recent recession in certain regions of the globe will drive the global lubricant systems market. The numerous advantages of automated lubrication systems over manual processes will also propel adoption. However, the sluggish growth of major end-use industries will limit the market’s growth to a certain extent.
The report presents a comprehensive study of the key factors driving and restraining the global lubrication systems market. Major forces influencing profitability and industry structure are also analyzed in the report with the help of Porter’s Five Forces analysis. Furthermore, market attractiveness analysis and value chain analysis of the global lubrication systems market are also presented in the report.The report segments the global lubrication systems market on the basis of type, process, end-user, and geography.
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On the basis of type, the market is segmented into automated/centralized systems and manual lubrication systems. Of these, the segment of automated/centralized lubrication systems dominated the market in 2013 owing to numerous factors such as proper lubrication achieved with these systems and reliability. Manual lubrication systems are used in agricultural machines and local service stations. Owing to the rising adoption of automated/centralized systems, the market for manual lubrication systems is projected to decline over the report’s forecast period.
On the basis of process, the market for lubrication systems is segmented into wet sump and dry sump lubrication systems. Dry sump lubrication systems are used in industries such as cement, hydrocarbons, and steel. Wet sump lubrication systems are often used in the automobile industry; over 92% of all the vehicles across the world use wet sump lubrication systems.
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Key end users of lubrication systems include industries such as paper, cement, mining and mineral processing, steel, and automobile. Other industries such as marine and railway also utilize a variety of lubrication systems on a large scale. Over the report’s forecast period, demand for lubrications systems is expected to grow at the fastest pace in the mining and mineral processing industry.
On the basis of geography, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Of these, Asia Pacific is projected to dominate the global market over report’s forecast period.
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