January 15, 2020
— Market Insights
Market Research Future estimated that the global industrial lubricants market is predicted to should double-digit growth rate of 2.4% during the forecast period, 2017-2022.
Industrial lubricants are used to reduce friction. Its main function is to move solid surfaces with a liquid film. They are used to change surface properties, regulate temperature, or remove dirt. The global market for industrial lubricants is growing rapidly, mainly due to the growing demand from the automotive industry. Growing demand from the construction and mining industry and lower costs than other lubricants increase the demand for hydraulic lubricants. Increased government investment in infrastructure development and growing construction activities is expected drive the global industrial lubricants market during the evaluation period.
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Reduced fuel and energy consumption through improved machine performance have also contributed to the growth of the industrial lubricant market. To ensure that machines work well in industries, the growing demand for grease in industries also spurs the growth of the global industrial lubricant market. However, the growing popularity of hybrid and electric vehicles and the high cost of synthetic and organic industrial lubricants may hamper the market growth.
Shell Marine inked an agreement with CCCC Dredging (Group) Co Ltd of China to provide technical services and supply marine lubricants across the Chinese company fleet. The intentional cooperation, ratified today at a signing ceremony, demonstrates Shell Marine’s competence to deliver a complete all-in-one service, reliably supplying lubricants and technical services around the clock as per the demand.
Royal Dutch Shell Plc.
BP p.l.c, LUKOIL
Petrochina Company Limited
Idemitsu Kosan Co. Ltd,
Fuchs Petrolub AG
By focusing on competitive advantage, Industrial Lubricant manufacturers strive to develop products that offer optimum efficiency, convenience, and reliability. Due to their international and regional presence, these manufacturers guarantee their customers the consistency of service and product quality.
The global market for hydraulic lubricants is highly diversified by type and end-user.
Based on type, the market for hydraulic lubricants is segmented into, compressors, gear lubricants, metal fluids, and others. Hydraulic lubricants dominate the typical market segment. The metalworking fluids segment is expected to grow with the highest annual growth rate over the forecast period. The growth of this sector is attributed to the increasing consumption of metals in the automotive industry.
Based on the end-user, the market is bifurcated into automotive, manufacturing, heavy industry, power generation, and so on. The automotive industry dominates the end-user segment of the market. The power generation sector is expected to record growth in CAGR over the forecast period, mainly due to the escalating demand for energy around the globe.
The Asia Pacific region dominates the global industrial lubricant market and is expected to see the strongest growth over the forecast period. China, India, Australia, Japan, and Indonesia are among the leading industrial lubricant markets in the Asia Pacific region. Rapid industrialization and urbanization are the drivers of market growth in the region. In addition, the increase in passenger car sales due to increased disposable income in Southeast Asian countries is also likely to promote the growth of automotive lubricants.
North America and Europe are the most important region in the industrial lubricant market due to the presence of manufacturing companies associated with the F&B sector, pharmaceuticals, and others. These regions are expected to contribute significantly over the forecast period. In Europe, Germany, the United Kingdom, and France make the largest contribution to market growth.
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