ID: MRFR/CnM/2002-HCR | February 2021 | Region: Global | 111 pages
Industrial Lubricants Market 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. High demand from the automotive sector is the key factor driving the growth of the industrial lubricants market. 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. On the other hand, increasing popularity of hybrid electric vehicles 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.
Study Objectives of Global Industrial Lubricants Market
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), and Idemitsu Kosan Co. Ltd (Japan).
Asia-Pacific region dominates the global industrial lubricants market. Rapid growth in automotive and manufacturing sector in this region is a significant factor that spurs the demand of the market in APAC region. In Asia-Pacific region, global industrial lubricants market is expected to grow at the fastest pace during the forecast period. Saturated regions such as Europe is expected to grow at a moderate pace, owing to increasing output from end-use industries.
The report for Global Industrial Lubricants Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
Frequently Asked Questions (FAQ) :
The global industrial lubricants market is expected to expand at a CAGR of 2.4% from 2014-2022
The global industrial lubricants market is majorly driven by the smooth functioning of machines across industrial sectors globally.
The global industrial lubricants market faces a challenge from the growing electric or hybrid machines.
Fuchs Petrolub AG, Royal Dutch Shell Plc., BP p.l.c., Idemitsu Kosan Co. Ltd, Sinopec Limited, LUKOIL, Total S., Chevron Corporation, Petrochina Company Limited, and ExxonMobil Corporation are the topmost players of the global industrial lubricants market
The APAC region is expected to dominate the global industrial lubricants market.