Industrial Lubricants Market 2018 by Global Leaders : ExxonMobil Corporation, Royal Dutch Shell Plc., Chevron Corporation, BP p.l.c., Total S.A., Petrochina Company Limited

Market Highlights
Industrial lubricants are used to reduce friction and also lessen the wear and tear of materials. The increasing demand for lightweight passenger cars and heavy-duty commercial vehicles, is expected to drive the demand of industrial lubricants. Increasing disposable income among individuals in developing countries also has a positive influence on industrial lubricants market. However, the high cost of synthetic lubricants may hamper the growth of the global industrial lubricants market.

Global Industrial Lubricants Market was valued at USD 56.87 billion in 2016, and is expected to grow at CAGR of 2.4% by 2022.

Market Research Analysis
On the basis of regions, global industrial lubricants market is segmented as North America, Europe, Asia-Pacific and RoW. Asia-Pacific region accounts the largest market share of the global industrial lubricants market. Rapid industrialization in developing countries such as India and China is the primary factor driving the growth of the market in Asia-Pacific region. Additionally, growing automotive, transportation and construction industries in these countries also accelerate the demand of industrial lubricants in Asia-Pacific region. Asia-Pacific region is expected to grow at the fastest pace during the forecast period. Saturated regions such as Europe are expected to grow at a moderate pace, owing to increasing output from end-use industries.

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Key Players
The key players of global industrial lubricants market are
• ExxonMobil Corporation (U.S.),
• Royal Dutch Shell Plc. (The Netherlands),
• Chevron Corporation (U.S.),
• BP p.l.c. (U.K.),
• Total S.A. (France),
• Petrochina Company Limited (China),
• Sinopec Limited (China),
• LUKOIL (Russia),
• Fuchs Petrolub AG (Germany),
• Idemitsu Kosan Co. Ltd (Japan).

Automotive sector dominates the end user segment
On the basis of End Users, global industrial lubricants market is segmented into automotive, manufacturing, heavy industries, power generation and others. Automotive sector dominates the end user segment of global industrial lubricants market mainly due to high demand for industrial lubricants form automotive sector.

However, power generation is expected to be the fastest growing end use sector of the industrial lubricants market. Rising demand for energy across the globe ultimately fueling the demand of industrial lubricants in the power generation industry. Power plants require industrial lubricants that can provide superior performance, water resistance, with high corrosion inhibition. The use of industrial lubricants such as compressor oil, turbine oil, hydraulic oil grease and others in power generation industry, ensures the highest efficiency and operating reliability.

Hydraulic lubricants segment accounts for the largest share in the global industrial lubricants market mainly due to its low cost as compared to the other lubricants. Additionally, the growing demand of hydraulic lubricants from construction & mining industry, is also fueling the growth of the market. Hydraulic lubricants segment is expected to grow at a significant pace during the forecast period while the metal working fluid segment is expected to grow at the fastest pace during the forecast period. The growth is mainly due to the rising demand for metals in the automotive industry.

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