Lubricants are indispensable to proper machinery functioning since they reduce wear & tear between various moving parts. They also assist in lowering operation downtimes while contributing to higher productivity.
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Data Bridge Market Research provides new industry report “global industrial lubricants market” accounted for USD 56.90billion in 2016 and is projected to grow at a CAGR of 2.7% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Global Industrial Lubricants Market, By Type (Metalworking Fluid, Grease, Hydraulic Oil, Gear, Compressor, Turbine Oil), By Base Oil (Mineral Oil, Synthetic Oil, Bio-Based Oil)By End-Use (Construction & Mining, Metal, Cement, Power Generation, Manufacturing, Food Processing, General Manufacturing) – Industry Trends and Forecast to 2024
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The incorporation of various additives renders them corrosion & temperature resistant which ultimately prolongs machinery & equipment lifespan.There is a growing demand for industrial lubricantsconstruction & mining, metal, cement, power generation, manufacturing and food industrial activity, which is expected to be one of the major drivers of the market over the next seven years.
Major Market Drivers and Restraints:
- Rapid industrialization in BRICS nations
- Increasing demand from the food processing industry
- Quality improvement of industrial lubricants
The industrial lubricants market is segmented on the basis of typeinto metalworking fluid, grease, hydraulic oil, gear oil, compressor and turbine oil.
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The metalworking fluid segment is further segmented into removal, protecting, forming and treating. The grease segment is further sub segmented into metallic soap thickener, non-soap thickener, inorganic thickener and others.
The hydraulic oil is further segmented into HI, HIp, Hlp-D and fire resistance. The gear oil segment is further divided into rust & corrosion inhibited gear oil, compounded gear oil, and extreme pressure gear oil.
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On the basis of base oil, the market is segmented mineral oil, synthetic oil and bio-based oil.
On the basis of end-user, the market is segmented construction & mining, metal, cement, power generation, manufacturing, food processing, general manufacturing and others. The general manufacturing is further sub segmented into automotive, chemical, marine, oil & gas, textile and others.
The food processing is further sub segmented into food, bakery, sugar, dairy, meat poultry & seafood, beverage, pharmaceuticals & cosmetics and others.
Global Intra-Abdominal Pressure Measurement Devices Market– Competitive Analysis:
The global industrial lubricants market is highly fragmented with the presence of a large number of players across different regions. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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Global Intra-Abdominal Pressure Measurement Devices Market– Major Market Competitors:
Some of the major players in industrial lubricants market includeRoyal Dutch Shell PLC.,ExxonMobil Corporation, BP P.L.C., Chevron Corporation, Total, PetroChina Company Limited, China Petrochemical Corporation (Sinopec), Lukoil, FUCHS, Idemitsu Kosan Co. Ltd, Phillips 66 Lubricants, AmsoilInc, Bel-Ray Company LLC., Morris Lubricants, Bharat Petroleum Corporation Limited, Penrite Oil, UltrachemInc, Valvoline LLC, Peak Lubricants Pty Ltd, Rock Valley Oil and Chemical Co., Liqui Moly GmbH, The Lubrizol Corporation, Indian Oil Corporation Ltd, Eni S.P.A., Emulsichem Lubricants Pvt. Ltd. and many more.
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