Industrial Lubricants Market Sees Promising Growth

Posted by Donald Rooney on September 24th, 2019

Industrial lubricants are defined as compounds like fluids, greases and oils which are used for tear and wear of materials and helps in reducing friction and binding. It also prevents electrical resistivity and further helps in increasing thermal conduction. Industrial lubricants are used in some of the prominent industries which include, automotive & transportation, industrial equipment, and textiles. Global industrial lubricants market is expected to rise to an estimated value of USD 73.30 billion by 2026, registering a steady CAGR in the forecast period of 2019-2026. Top Manufacturers Covered in the Report: Exxon Mobil Corporation, 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, Calumet Specialty Products Partners, L.P., Klüber Lubrication, PETRONAS Lubricants International, Total and Indian Oil Corporation Ltd among others.

Segmentation: Global Industrial Lubricants Market

  •          Global Industrial Lubricants Market By Base Oil (Bio-based Oil, Mineral Oil and Synthetic Oil)
  •          Type (Grease, Gear Lubricants, Hydraulic Lubricants, Compressor Lubricants, Turbine Lubricants, Metal Working Fluids and Others)
  •          Application (Marine, Automotive, Industrial, Transportation, Textiles, Chemicals, Power Generation, Mining, Food Processing and Others)
  •          Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026

Competitive Analysis:

Global industrial lubricants market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Industrial Lubricants market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

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Market Drivers:

  •          Increase in process-automation in manufacturing units is driving the market growth
  •          Rising demand for automobiles is driving the market
  •          Increasing demand for grease in industries to continue smooth working of machineries is propelling the market growth
  •          High consumption of general industrial oils is another factor driving the market growth
  •          Improving PMI indices across the globe and resultant rise in production capacities is boost the market

Market Restraints:

  •          High cost of synthetic and bio-based lubricants is restricting the market growth
  •          Increasing intervals of drain in industrial operations acts as a market restraint
  •          Stringent environmental regulations is hampering the growth of this market

Key Developments in the Market:

  •          In July 2019 ExxonMobil launches Mobil Pegasus™ 610 Ultra, a high performance lubricant which is used in modern medium- and high-speed four cycle gas engines. It will help the company to expand its business and increase its customer portfolio which will also further increase the company’s profit
  •          In 2017, Group Renault and BP with its global lubricant business Castrol have decided to enlarge their strategic partnership which will be affected from January 1, 2020. It will help the company to increase their share in the market

Key Insights in the report:

  •          Complete and distinct analysis of the market drivers and restraints
  •          Key market players involved in this industry
  •          Detailed analysis of the market segmentation
  •          Competitive analysis of the key players involved

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Donald Rooney

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Donald Rooney
Joined: September 12th, 2019
Articles Posted: 87

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