The importance of industrial lubricants in commercial areas has increased over the years. They help achieve higher productivity and also improve efficiency of machineries. These lubricants can be used in variety of industries such as automotive, construction, power, oil and gas, industrial machinery, mining, and hydraulic, among many others. As these industries are growing rapidly in developed and developing countries, the demand for industrial lubricants is also growing. In addition to the traditional lubricants used, synthetic and bio lubricants are also being widely used in various industries, globally.
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The growing automation in end use industries and strong industrial growth in emerging economies are the key factors driving the steady growth in the global industrial lubricants market. In recent years, strong industrial growth has been observed in the developing economies. According to Civil Aviation Administration of China (CAAC), the Chinese government is planning to build airports, which is double of the current number of airports. It is estimated that the number of airports will increase from 234 in 2019 to 450 in 2035. Similarly, in November 2018, the South African government announced an investment of $1.0 billion in South Sudanese oil industry to help Sudan develop its oil sector to provide more affordable energy for South Africa. With this increase in construction activities and growth in oil & gas industry, the demand for associated products such as lubricants will also increase.
The global industrial lubricants market study presents historical market data in terms of both value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2025 by industry (construction & mining, metal production, cement & chemicals, power generation, oil & gas, food & beverages, general manufacturing), type (hydraulic oil, metalworking fluids, gear oil, compressor oil, grease, turbine oil) and geography. The study also evaluates industry competitors and analyzes the market at regional and country level.
Based on type, the hydraulic oil segment is estimated to account for the largest share of the overall industrial lubricants market in 2019. The large share of this market is mainly attributed to the growing demand from end user industries, specifically from construction and mining; and its low cost as compared to other types of industrial lubricants. However, grease market segment is slated to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the extensive range of industrial applications supported by technological improvements; growing demand from emerging economies such as China, India, and Brazil, among others; legislative pressure; improving industrial grease quality; and growing awareness of bio greases among end users.
Based on industry, power generation industry segment is estimated to account for the largest share of the overall industrial lubricants market in 2019. The large share of this segment is mainly attributed to increasing urbanization and growing population, growing demand for electricity, steady economic growth, rising number of power generation plants, and increase in number of manufacturing industries in emerging economies.
Geographically, Asia-Pacific region is estimated to command the largest share of the global industrial lubricants market in 2019, followed by North America and Europe. In addition, Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Growth in this market is mainly attributed to growing economy; rapid growth in industrialization and infrastructural developments; rising private and government investments; cost effective manufacturing operations; availability of cheap skilled labor; and presence of large number of industrial lubricant manufacturers. Moreover, growing investments in industrial sector in countries such as China, India, Japan, Indonesia, and Philippines over the years further supports the growth of industrial lubricants market in this region.
The report also includes extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (20162019). The key players operating in the global industrial lubricants market are Shell International B.V., Exxon Mobil Corporation, BP P.L.C., Chevron Corporation, Total Lubrifiants, China National Petroleum Corporation, China Petroleum & Chemical Corporation (SINOPEC CORP.), LUKOIL, FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., Klüber Lubrication, Hindustan Petroleum Corporation Limited, Eni S.P.A., The Lubrizol Corporation, and Morris Lubricants.
Browse key industry insights spread across 214 pages with 160 market data tables & 34 figures & charts from the report: https://www.meticulousresearch.com/product/industrial-lubricants-market-5037/
