ID: MRFR/CnM/2002-HCR | February 2021 | Region: Global | 111 pages
The industrial lubricants market size is expected to attain a global CAGR of 2.45% during the ongoing forecast period of 2021-2028. By the end of the forecast period in 2028, the market is expected to reach market revenue worth USD 73.3 billion. During the historic forecast period for the market that ended before the arrival of the pandemic in 2019, the market was valued at a global figure worth USD 62.8 billion.
COVID 19 Analysis
The industrial lubricants market revenue has been majorly affected by the advent of the pandemic since its arrival in 2019-2020. Due to the pandemic, the global industries and prominent markets have been at a standstill as the lockdown has been imposed followed by the announcement of strict norms of banning imports and exports followed by the halt of international flights that have curbed global opportunities for market growth during 2020 and the period that will follow.
Hence, the global market players have been witnessing an emerging need for reliable investment quantum that will give rise to the research and developments of new products and services followed by the mergers, acquisitions, and collaborations amongst established players across the world during the period.
The industrial lubricants market size is likely to expand owing to the drivers that will drive the market towards global growth by the end of the period in 2028. A rapid degree of urbanization followed by industrial processes and the increased degree of technological advancements in the developing and developed countries promise great market attributes for growth. For instance, the rising investments in Abu Dhabi’s National Oil Company are likely to give rise to initiatives that support wide industrialization followed by market trends that increase the adoption rate of industrial lubricants during the forecast period.
The industrial lubricants market is witnessing the emergence of probable market restraints in the form of developed automated lubrication processes and procedures that are coming into practice by having improper lubrication. The smoothening degree is less that might restrain the market from growing in the forecast period.
Countries like India, China, Japan, and Indonesia, as a part of the global APAC region belonging to the industrial lubricants market, the market players are likely to provide immense and lucrative growth opportunities to the market to dwell upon. Also, the US and Brazil are on the way to technological advancement and development and collaborating with the market implementations for the market to expand upon during the ongoing forecast period that will be ending in 2028.
The industrial lubricants market has been divided all across the globe based on the type, end-users, and region.
Based on the Type
The market has been divided all across the globe based on the type into hydraulic lubricants, gear lubricants, metalworking lubricants, compressor lubricants, and various others. Owing to increasing demand for the mining and construction industry, hydraulic lubricants hold the largest market share. However, metalworking lubricant is also expected to grow at a faster pace during a review period.
Based on the End-User
The market has been divided all across the globe based on the end-user into power generation sector, automotive manufacturing sector, heavy industries sector, and others. The largest market share is held by the automotive industry.
Based on the Region
The market has been divided worldwide based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
The industrial lubricants market has been divided all across the region based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. Being the fastest-emerging region, the largest market share in the global market is held by the Asia-Pacific region owing to the presence of countries like South Korea, Japan, China, and India which are regarded as hubs of the automotive market and hence drives the market demand in this region. Moreover, increasing urbanization is another factor that creates more market demand.
The second-largest market share in the global market is held by the North American region owing to the presence of countries like the US, Canada, and Mexico that drive the market demand in this region. Increasing investment in various construction and power generation programs creates more market demand. The presence of various major key players also drives the market demand in this region.
The third-largest market share in the global market is held by the European region owing to the presence of a well-established technologically advanced infrastructure that requires more power generation and hence creates more growth opportunities in this region. Moreover, increasing investment coupled with increased expenditure in various power generation projects drives the market demand in this region.
The Latin American region and the Middle East and African region show the least market share due to the presence of low infrastructure in both these regions. Low per capita income is another contributing factor that restricts the market growth in these regions.
The most prominent major key players in the industrial lubricants market all across the globe are mentioned below:
These major key players adopt various strategies to endure their market position in the industrial lubricants market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market of the industrial lubricants market all across the globe.
This global industrial lubricants market research report includes the following components mentioned below:
This global market research report contains characteristics that drive the growth of the industrial lubricants market in the global market and the factors that restrict its growth in the global market. The technical analysis in the global market during the forecasted period is mentioned. The impact of the COVID 19 on the industrial lubricants market in the global market is mentioned. The future growth rate in the industrial lubricants market during the review period is estimated and mentioned.
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ExxonMobil Corporation (U.S.), Idemitsu Kosan Co. Ltd (Japan), Royal Dutch Shell Plc. (The Netherlands), ExxonMobil Corporation (U.S.), Fuchs Petrolub AG (Germany), Chevron Corporation (U.S.), LUKOIL (Russia), BP p.l.c. (U.K.), Sinopec Limited (China), Total S.A. (France), and Petrochina Company Limited (China)|
|Key Market Opportunities||The demand for hybrid electric vehicles is rising due to reduced maintenance costs and eco-friendly features|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The industrial lubricants market is anticipated to grow at a higher CAGR of 2.4% in the global market during the forecasted period.
The most prominent major vital players are ExxonMobil Corporation (US), Chevron Corporation (US), Sinopec Limited (China), Petrochina Company Limited (China), Fuchs Petrolub AG (Germany), LUKOIL (Russia), Royal Dutch Shell Plc. (The Netherlands), and various others.
The largest market share in the industrial lubricants market all across the globe is held by the Asia-Pacific region.