Industrial Lubricants Market Regions, Application, Trends, Business Scenario, Size, Share, and Forecasts Report 2027

 Business / by pallavi patil / 90 views

The research further examines and provides data on the market by type, application and geography interspersed with illustrations and other graphical representations. The global industrial lubricants market was valued at USD 58.22 Billion in 2019 and is projected to reach USD 75.23 Billion by 2027, at a CAGR of 3.2% during the forecast period. The market is being driven by increasing usage of high-performance lubricants, primarily in wind energy industry and expansion of the cold chain industry.

Industrial lubricants are used to reduce friction between two surfaces. They help machines to work without any glitch and prolong the life of affected parts by lowering the wear and tear. Most of the industrial lubricants used have organic base, such as mineral oil or petroleum fraction. Moreover, increased investments in research and development are also likely to boost the industrial lubricants market during the forecast period. Industrial lubricants are used in several industries for carrying out the business effectively and smoothly. Manufacturing companies particularly use industrial lubricants to evade corrosion. Replacement of corroded parts can be expensive, particularly steel and iron parts. Industrial lubricants help in removing waste particles, transporting them to a filter. In order to help in reducing contaminants, lubricants are generally used with detergent additives.

Rising focus by major companies on product/service expansion into new and untapped domestic markets, increasing investments in strategic agreements, favourable government policies and regulations, and growing competition in the market are some major trends observed in the Industrial Lubricants market. Development of more advanced offerings is driving rising demand and deployment in respective sectors/industries, and this is expected to drive Industrial Lubricants market revenue growth to a significant extent over the forecast period.

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Key Highlights of Report

In December 2020, Nyara Energy, formerly known as Essar Oil, partnered with Shell, a major energy company, to sell the latter’s industrial lubricants through its network of fuel stations in India. Nyara Energy has over 5,900 fuel stations in India and it plans to build new stations to reach 7,300 stations by 2022.

Hydraulic fluids offer a lubricating film, which reduces the wear and tear on moving parts of an equipment. Effectiveness of the film depends on the balance between viscosity of the lubricants, sliding speeds and loads, and fluid stability.

Synthetic oil has excellent low-temperature flow performance, it offers enhanced oxidation and thermal stability, and it has excellent wear protection. This type of oil is higher in quality and purity than mineral oils.

The construction segment held the largest share of the industrial lubricants market in 2019, due to high demand for construction activities in China and India. From dump trucks and draglines, bulldozers, to scrapers and shovels, all construction equipment are subjected to harsh conditions, which generates demand for lubricants.

The Asia Pacific region held the largest share of the global market, with high demand witnessed in China. The country is a rapidly developing nation and is witnessing strong growth of construction, power generation, and oil & gas sectors.

Key market participants include The Lubrizol Corporation, ExxonMobil Corp, Royal Dutch Shell, Amsoil, Inc., Valvoline International, Inc., Kluber Lubrication, Clariant, Chevron Corp., Petronas Lubricant International, and Quaker Chemical Corp.

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Regional Landscape

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Market Taxonomy:

Chapter 1: Methodology & Scope

  • Definition and forecast parameters
  • Methodology and forecast parameters
  • Data Sources

Chapter 2: Executive Summary

  • Business trends
  • Regional trends
  • Product trends
  • End-use trends

Chapter 3: Industry Insights

  • Industry segmentation
  • Industry landscape
  • Vendor matrix
  • Technological and innovation landscape

Chapter 4: Regional Landscape

Chapter 5:  Company Profile

  • Business Overview
  • Financial Data
  • Product Landscape
  • Strategic Outlook

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