Global Lubrication Systems Market Estimated to Reach US$ 4,808 Mn by 2026
Posted by parker89 on May 7th, 2019
The global lubrication systems market was valued at US$ 3,565 Mn in 2017 and is anticipated to expand at a CAGR of more than 3% from 2018 to 2026, according to a new report titled ‘Lubrication Systems Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR).
Lubricants are essential for proper functioning of any machinery used in an application. Lubricants are used to reduce friction between two moving surfaces that are in contact with each other. A lubrication system does not eradicate friction from the machinery. Friction is required for transfer of power from one part to another. A lubrication system is employed to lower the wear and tear in the operating machinery. Advancements in technology have led to development of several controlling and monitoring systems, which assist in proper lubrication of various machineries or units.
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Rise in demand for lubrication systems in cement plants
Growth of the housing & real estate sector is boosting the demand for cement. The sector accounts for about 65% of the global consumption of cement. Other major consumers of cement include public infrastructure (20%) and industrial development (15%). The global cement industry experienced capacity addition of around 32–36 million tons in 2017. As of December 2017, about 575 cement plants with total production capacity of 460 MTPA were operational.
Growing focus on workers’ safety and rising machine reliability to boost market
Rising expenditure on maintenance and repair of machinery is expected to boost the demand for lubrication systems in the next few years. Shrinking profit margins resulting from machinery downtime are likely to compel industries to deploy automatic lubrication systems. Moreover, stringent regulations regarding employee and environment safety are expected to boost the demand for lubrication systems further. Advancements in the lubrication technology make efficient lubrication systems ideal for installation. Manual application of lubricants on moving parts can prove to be hazardous for workers. Utilization of automatic lubrication systems lowers the threat of operational hazards and provides effective lubrication to the machinery. Use of automatic/centralized lubrication systems simplifies the process of accessing the remote greasing points located in confined spaces. Environment safety is another factor that is likely to boost the demand for lubrication systems in the near future. Improper lubrication can have detrimental impact on the environment. Utilization of lubrication systems in plants reduces excessive usage of lubricants. Some of the lubricants can be non-biodegradable or partially degradable in nature and can have long-term impact on the environment.
Asia Pacific to lead the global lubrication systems market
Asia Pacific is anticipated to be a highly attractive region of the global lubrication systems market during the forecast period. Asia Pacific constituted more than 30% share of the global lubrication systems market in 2017. Increasing disposable income of people in countries such as India and China has resulted in infrastructure development and raised the standards of living. Asia Pacific is expected to increase its production capacity for cement and steel. This is likely to result in the construction of new facilities and expansion of existing ones. This, in turn, would result in rise in the demand for lubrication systems in the region in the near future.
Highly competitive market with dominance of top players
The global lubrication systems market is highly competitive. In order to gain a higher market share, companies operating in North America, Europe, and Asia Pacific are rapidly expanding their portfolio of lubrication systems. Key players operating in the global market are Graco Inc., Bijur Delimon, Cenlub Systems, SKF, Shaan Lube Equipment Pvt. Ltd., Southern Lubrication (Pvt) Ltd., S.V.A. Rikkon Lubes Private Limited, Pricol Limited, AFMC LUBRICATION PVT LTD, Systematrix Engineering Service, Lubrite Industries, LUBE Corporation, KRS Multilub Pvt. Ltd., BEKAWORLD, Beka-Lube Products Inc., Dropco Multilub Systems Private Limited, Groeneveld Group, and I.L.C. S.r.l.
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Joined: May 7th, 2019
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