Pune, India, September, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Automotive Sector Market Research Report.
Faster machine operation is required to stay in sync with the rapid industrialization. Industrial lubricants market are a perfect solution that reduces friction to maintain the smooth going of machines. The global market is expecting a positive boost from the automotive sector following which the CAGR may rise to 3.03% during the forecast period (2023 - 2030). Industrial lubricants cover the solid surface of the machine with a fluid layer to enhance surface properties, assist in regulating temperature and remove dust particles. The result is so convincing that various industries are employing this method to increase their machine performance and longevity. The demand is getting mostly generated by the burgeoning automotive industry which has a high requirement for the component in machines as well as in cars. Other industries have also spurred the intake of grease which consequently spurs the global market for industrial lubricant. A market valuation of USD 56.87 billion during the forecast seems to be quite achievable reveals Market Research Future (MRFR) in a well-analyzed report.
However, the market can witness a slight abrasion owing to the rising demand for hybrid electric cars. But the situation is not going to remain adverse for long. Demand for industrial lubricants in industries is on the rise which can compensate for the slowing down of the same in the automotive sector. Environmental regulations can also prove to be detrimental to the market.
Shell’s PurePlus technology is revolutionizing the industry as it offers a 99.9% pure end product which increases its usability in required sectors such as lubricants. Companies such as Viva Energy Australia is benefitting much from such technological advancement.
The global industrial lubricants market can be segmented by type, state, source, and end-users.
Based on type, the market can be segmented into hydraulic lubricants, compressor lubricants, gear lubricants, metalworking fluids, and others. Metalworking fluids accounted for over 30.0% of the global market in 2016.
State-wise segmentation of the market includes solid, liquid and others.
Source-based segmentation consists natural, synthetic and compound. Synthetic segment is expected to grow with fastest CAGR during the forecast period.
Based on end-users, the market comprises automotive, manufacturing, heavy industries, power generation and others. Driven by a huge surge in power demand, power generation is expecting the fastest growth rate during the forecast period.
Region-specific segmentation of the market covers North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The APAC region is currently in charge of the global market. By getting ample tailwind from burgeoning sectors such as automotive and industry in the region, the market is expecting to propel up further during the foreseeable future. Also, the presence of countries such as India and China can play a key factor in the growth of the market so much so that it can achieve the fastest growth rate during the same period.
North America has the second largest market and is mainly administered by the U.S. which has a well-developed industrial record to support the growth substantially. Europe’s industrial growth got saturated to some extent, and the market is getting mainly driven by Germany, France, and the U.K. Other developing countries of South America, Africa, and the Middle East can expect higher returns.
The market is gaining favors from mergers and acquisitions which results in rising competition. For instance, Maximus International has recently bought Pacific Lubricants. Fuchs Petrolub SE, with an eye on synthetic lubricants, has acquired Ultrachem, Inc.
The major players of global industrial lubricants market are Total S.A. (France), Royal Dutch Shell Plc. (The Netherlands), ExxonMobil Corporation (U.S.), LUKOIL (Russia), PetroChina Company Limited (China), Valvoline International, Chevron Corporation (U.S.), BP p.l.c. (U.K.), Fuchs Petrolub AG (Germany), Lucas Oil, Sinopec Limited (China), Idemitsu Kosan Co. Ltd (Japan) and others.
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