Global Industrial Lubricants Market - Overview
Industrial lubricants are used to reduce friction. Their primary function is to displace solid surfaces with a fluid film. They are used to modify surface properties, regulate temperature, or remove debris. The Global Industrial lubricants Market is growing with the rapid pace; mainly due to growing demand from automotive industry.
According to a recent study report published by the Market Research Future, The global market of Industrial Lubricants is booming and expected to gain prominence over the forecast period. The Global Industrial Lubricants market is forecasted to demonstrate an exponential growth by 2028, surpassing its previous growth records in terms of value with a whooping, double digit CAGR of 2.45% during the estimated period (2021 – 2028).
Lower fuel & energy consumption owing to better machinery performance has also contributed to industrial lubricants market growth. To ensure smooth working of machines in industries, the demand for grease increasing in industries is also fuelling the growth of the global industrial lubricants market. However, increasing popularity of hybrid electric vehicles and high cost of synthetic and bio-based industrial lubricants may restrict the growth of the market.
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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), and Idemitsu Kosan Co. Ltd (Japan) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Industrial Lubricants Market.
Global Industrial Lubricants Market - Competitive Analysis
Global Industrial Lubricants Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Industrial Lubricants manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of Industrial Lubricants for every application.
In November 2017, Energy giant Royal Dutch Shell has opens massive new lubricant plant in Tuas. The plant will produce up to 430 million litres of industrial lubricants and greases a year.
In June 2017, ExxonMobil has announced the completion of the expansion of its lubricant facility in Jurong, Singapore to increase production of grease and synthetic lubricants, including Mobil 1TM, the company’s flagship synthetic engine oil. The expansion of the Jurong lubricant plant further strengthens the company’s manufacturing capabilities and its ability to meet the growing demand for grease and synthetic lubricants products in the Asia Pacific region.
In May, 2017, Petronas expand its lubricant-blending plant in Shandong, China to meet the market’s growing demand for the product. The annual output of the plant within the Weifang Economic Development Zone was expected to increase from 45,000 to 150,000 tonnes, which included automotive and industrial lubricant.
Industrial Lubricants Market - Segmentation
Global Industrial Lubricants Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
On the basis of type, market is segmented into Hydraulic lubricants, Compressor lubricants, Gear lubricants, Metal working fluids and others. Hydraulic lubricants dominates the type segment of the market. Growing demand from construction and mining industry and lower cost as compare to other lubricants increase the demand of the hydraulic lubricants. The metal working fluid segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the rising metal consumption in the automotive industry.
On the basis of End User, market is segmented into Automotive, Manufacturing, Heavy industries, Power Generation and others. Automotive industry dominates the end user segment of the market. Power Generation segment is expected to grow at the highest CAGR during the forecast period mainly due to rising demand for energy across the globe.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
Global Industrial Lubricants Market -
Asia-Pacific region dominates the global Industrial Lubricants Market and is expected to witness the highest growth during the forecast period. China, India, Japan, Australia and Indonesia are among the major markets for Industrial Lubricants in the Asia Pacific region. Rapid industrialization and urbanization driving the growth of the market in the region. Additionally, increasing passenger car sales owing to increasing disposable income in Southeast Asian countries are also expected to contribute to automotive lubricants growth.
North America and Europe are the major region for the Industrial Lubricants Market. These regions are expected to contribute significantly during the forecast period. In Europe, Germany, U.K., and France are major contributors for the growth of the market.