Description
Global Industrial Lubricants Market Analysis and Forecast Report 2030
Product Overview
Lubricants refer to any material which aids to reduce friction between surfaces connected mutually. Lubricants avoid corrosion when applied on both inner and outer surfaces. Industrial lubricant is a mixture of components such as liquid, fluid, and greases used to reduce binding and friction and also to lessen the wear and tear of substances. Industrial lubricants contain emulsions, mineral oils, synthetic lubricants, or petroleum. Industrial lubricants can be solid, semi-solid, fluid, or plastic material. They have an organic or inorganic base. It is used for the lubrication of all types of products related to industrial machines including turbines, hydraulic systems, open and closed gears, compressors, industrial transmission, and pneumatic tools. They enhance the performance and efficiency of machinery and offer them a longer life. They are primarily used in automotive, aerospace, marine, and military services.
Market Highlights
Global Industrial Lubricants market is expected to project a notable CAGR of 3.75% in 2030.
Global Industrial Lubricants market to surpass USD 93.1 billion by 2030 from USD 64.4 billion in 2020 at a CAGR of 3.75% throughout the forecast period, i.e., 2021-30. Global industrial lubricant market is estimated to grow due to its growing demand in the automotive and construction industry. Furthermore, to improve the engine quality and to regulate the vehicle emission standards the demand for industrial lubricants is rising as a result of which the market is anticipated to grow in the coming years.
Recent Highlights in Global Industrial Lubricants Market
In July 2019, ExxonMobil inaugurated a high-performance lubricant Mobil Pegasus™ 610 Ultra which will help the company to enlarge its business and increase the company profit.
In 2017, Group Renault and BP decided to expand their partnership so that they can increase their share in the market. It will be affected from January 1, 2020.
Global Industrial Lubricants Market: Segments
Synthetic oil-based segment to grow with the highest CAGR during 2021-30
Global Industrial Lubricants market is segmented by base oil into bio-based oil, mineral oil lubricants, synthetic oil lubricants. The synthetic Oil-based segment held the largest market share in the year 2020. Synthetic oil lubricants provide high performance in harsh conditions and can be modified according to the need. Also, they are chemical resistant and have high shear stability.
Hydraulic Segment to grow with the highest CAGR during 2021-30
Global Industrial Lubricants market is distributed by type into grease, gear lubricants, hydraulic lubricants, compressor lubricants, turbine lubricants, metalworking fluids, and others. Hydraulic Segment held the largest market share in the year 2020 owing to its exceptional properties. Hydraulic lubricants are cost-effective as compared to other types of lubricants. as a result, its demand is mounting from the construction industry.
Automotive segment to grow with the highest CAGR during 2021-30
Global Industrial Lubricants market is bifurcated by end-users into marine, automotive, industrial, transportation, textiles, chemicals, power generation, mining, food processing, and others. The automotive segment held the largest market share in the year 2020 and will continue to dominate the market throughout the forecast period because of the escalating demand for vehicles by customers. Industrial lubricants are required for the effective functioning of machines and to prevent failure of equipment.
Market Dynamics
Drivers
High Demand from Various End-User Industry
Wide application of lubricants in several industries such as mining, automobiles, construction, metal forming, plastic, and machining is projected to grow the market over the forecasting period. lubricants are used in the food processing industry to lubricate machines including mixers, conveyors, slicers, sifters, bottle washers. The construction industry is the principal end-user of industrial lubricants. With the growing infrastructure development, the demand for industrial lubricants is anticipated to fuel.
Increasing Demand for Grease
To continue the smooth working of machineries in industries the demand for grease is increasing which is propelling the market growth. Apart from that grease protects the component from rust and corrosion and acts as a seal to prevent water and dirt.
Restraint
Environmental Regulations
Industrial lubricants are hazardous for the environment as some of them are the byproducts of petrochemicals which leads to water pollution after being disposed of in the water. Moreover, the government is imposing bans on the usage of synthetic lubricants which is expected to hamper the global industrial lubricants market.
Global Industrial Lubricants Market: Key Players
Royal Dutch Shell
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
ExxonMobil
FUCHS
Shell plc
Chevron U.S.A. Inc.
BP p.l.c.
PetroChina Company Limited
BASF SE
KMG Chemicals
Eni S.p. A
Quaker Chemical Corporation
PETRONAS Lubricants International
Other Prominent Players
Global Industrial Lubricants Market: Regions
Global Industrial Lubricants market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.
Global Industrial Lubricants market in Asia Pacific held the largest market share in the year 2019. Asia Pacific will continue to dominate the global Adhesives market due to rapid industrialization and increasing population. Innovation in industrial machinery is projected to grow the market in this region. The automotive and manufacturing sector is growing rapidly in Asia pacific that is spurring the demand for lubricants.
Global Industrial Lubricants market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Industrial Lubricants market report also contains analysis on:
Industrial Lubricants market Segments:
By Base Oil
Bio-based oil
Mineral Oil Lubricants
Synthetic Oil Lubricants
By Type
Grease
Gear Lubricants
Hydraulic lubricants
Compressor Lubricants
Turbine Lubricants
Metal Working Fluids
Others
By End-User
Marine
Automotive
Industrial
Transportation
Textiles
Chemicals
Power Generation
Mining
Food Processing
Construction Industry
Others
Global Industrial Lubricants market Dynamics
Global Industrial Lubricants market size
Supply & Demand
Current Trends / Issues/ Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
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