Demand for Industrial Lubricants Market to Gain Momentum in the 2030 End-use
Posted by Pradnya on April 30th, 2022
The global industrial lubricants market is driven by massive industrialization backed by increase in frequency of trade activities. The industry verticals slated to grow include mining, chemicals, and unconventional energy. As such, demand for hydraulics, bearings, centrifuges, industrial engines, and compressors is expected to increase going forward. This, in turn, will drive the industrial lubricants market, as these finished goods ask for industrial lubricants for smooth processing. PMR states that the global industrial lubricants market will witness a CAGR of over 3% between 2020 and 2030.
Key Takeaways from Industrial Lubricants Market
How is the industrial lubricants market structured?
The key players in the industrial lubricants market include Idemitsu Kosan Co., Ltd., LUKOIL, Fuchs Petrolub AG, PetroChina Compaany Limited, Total S.A., BP plc, Chevron Corporation, ExxonMobil Corporation, and Royal Dutch Shell. On the organic expansion front, Royal Dutch Shell, in the year 2019, did come up with its very first industrial lubricant laboratory in India. It is to address the demand for new-fangled lubricant products in the industries. ExxonMobil holds the second-largest market share. It does offer compressor oil, hydraulic fluid, gear oil, metalworking fluid, and turbine oil (as another industrial lubricant).
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Joined: February 3rd, 2017
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