The global industrial lubricants market size is expected to reach US$ 72.4 billion by 2026, growing at noteworthy CAGR of 4.7 % over the forecast period 2019 to 2026.
Industrial lubricants are described as the fluid used to decrease wear and tear and friction. Industrial lubricants may be based on water or oil. Their principal function is to prevent contact between tools or finished components between metals and metals. Properties in corrosion protection, excellent demulsibility and support for equipment life are shown in industrial lubricants. It is used for a certain level of performance in various equipment. They assist to enhance productivity and machinery effectiveness. In many applications such as automobiles, industrial machinery, mining, hydraulic, and many more industrial lubricants can be used. The choice of lubricants varies depending on the exposure to harsh chemicals, temperature, etc. On the other hand, a moderate single digit growth is expected in the predicted period in the global industrial lubricants market.
The report provides analysis of global Industrial Lubricants market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Due to the increasing automotive industry, the global industry of industrial lubricants is expected to see high growth in the coming years. The growing production of cars is one of the main contributing factors to the development of the world market for industrial lubricants. In the forecast period, increased demand for low viscosity fluids in the automotive sector will boost the industrial lubricant market. Increasing demand for greases is projected to help the global industrial lubricants market grow in the next few years to continue the fluid operation of machinery. In the global market for industrial lubricants the growing food industry is also expected to be a major driver of growth. The world's industrial lubricants market should also be driven by rapid industrialisation in developing nations. In each region, there are certain standards concerning the obligatory minimum requirements for industrial lubricants imported and produced. Research and development investments and adequate expansion can support the growing worldwide players in the field of industrial lubricants.
In developing countries, rapid industrialisation followed by an increase in the number of commercial activities fuels the demand for industrial lubricants. Increasing investments in R&D and the right channel of expansion contribute to key players ' global growth. Unconventional energy, chemicals and mining are some of the industries that will be able to experience significant growth. It is anticipated that the demand for the compressors, hydraulics, industrial motors, centrifuges and bearings will be further increased. The US process oil industry accounts for the highest proportion and is expected to grow by 2.8 percent in terms of quantity during the period of the prediction. The United States has continuously evolved and used high quality lubricants with a longer oil drain interval, resulting in less efficient lubricant consumption.
Increasing demand for a variety of finished goods and the need to expand manufacturing capacity has led producers to depend on machines to automate manufacturing and manufacturing. The main driving factors for the forecast period include initiatives, such as continually changing emission standards, improved power engine technology as well as mitigating carbon footprints adopted in emerging economies such as China and India.
Modern consumer lifestyles and a Western standard of living have increased demand for processed and frozen foods. Automation of the packaging line and adaptation to robotic high-pressure activities are anticipated to promote the development of the markets for processed food. Further developments in the sector are anticipated to result in increased significance of agro processing. The use of synthetic lubricants is a significant cause of environmental pollution and increasing concerns and strict laws regarding environmental pollution.
In 2018, the application segment led by chemical manufacturing. Energy installations are strongly dependent on their equipment's efficiency to stay competitive, including gas and steam turbine, wind turbines, compression plants for natural gas and coal-fired power plants.
Also in metalwork, the growing industrial and metal demand in applications such as machines and buildings are likely to see rapid growth. The requirement in various applications, such as foundry, ships, aircraft, milling and industrial machinery, for the metalworking processes such as cutting, welding, and forming will further drive this sector. The food processing demand was estimated at more than 1,840 kilotons in 2018 and is projected to increase by approximately 3.0% during the forecast era. The awareness of equipment maintenance and changes in industrial maintenance policies to minimize machine cost are also anticipated to result in good development for general industrial oils.
Asia Pacific is anticipated to register the largest CAGR in developing markets, for example India, Indonesia, Thailand and Malaysia, in 2019 to2026 owing to established end-use sectors. In addition, the awareness regarding the improvement of industrial equipment operational efficiency following lubricant application is expected to further improve the products. Demand for industrial lubricants is expected to stay at a greater level in North America and Europe despite the relative stagnation of industrial development. An increasing demand for petroleum field chemicals is expected to boost market growth in North America as a result of drilling and exploration activities. The resurgence and modernization of industrial machinery are the main driving force behind the determination in the forecast period of the demand for European industrial lubricants.
Global Industrial Lubricants Market, By Product
Global Industrial Lubricants Market, By Application
Global Industrial Lubricants Market, By Geography
The market research study on “Industrial Lubricants Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Industrial Lubricants market segments with market dynamics and their impact. The report also covers basic technology development policies.
This report provides an analysis of the newest trends in industry in each of the subsegments from 2014 to 2026 and forecasts revenues and volume growth at global, regional, and country levels. ARC has divided the global report on industrial lubricants on the basis of product, application and region for the purposes of this study:
Key Players & Strategies
The Industrial Lubricants market consists of key vendors such as Royal Dutch Shell; Phillips 66; ExxonMobil Corp.; The Lubrizol Corp.; Lucas Oil Products, Inc.; Amsoil, Inc.; Total S.A.; Fuchs Group; Kluber Lubrication; Bel-Ray Co., Inc.; Chevron Corp.; Clariant; Quaker Chemical Corp., Valvoline International, Inc.; and others.
With a big amount of worldwide and local players, the market is extremely fragmented. Companies invest strongly in research and development to create innovative goods to make the sector competitive. Based on increased awareness about emission reduction and energy conservation needs, there has been a shift in trend towards the use of bio-based raw materials.
Factors like distribution partnerships, technological innovations, product portfolio, strategic developments and capabilities are part of the industry competition. Two fresh cutting liquids have been announced by Castrol to promote the production of metal parts.