Global Industrial Lubricants Market – Overview
The industrial lubricants market size is expected to attain a global CAGR of 2.45% during the ongoing forecast period of 2021-2028. By the end of the forecast period in 2028, the market is expected to reach market revenue worth USD 73.3 billion. During the historic forecast period for the market that ended before the arrival of the pandemic in 2019, the market was valued at a global figure worth USD 62.8 billion.
Industrial Lubricants Market - Competitive Analysis
Space, characterized by the presence of some well-established players appears to be highly competitive. Well established players incorporate collaboration, acquisition, partnership, technology launch, and expansion.
Key Vendors:
Common industrial applications of these lubricants include air compressors, bearings, natural gas engines, gears, hydraulics, turbines, wind turbines. Although these lubricants are useful for every large and small machine used across the industries, machinery used in energy/ power sectors remain its key application area.
Energy sectors such as, miming, coal, gas turbines, natural gas engines, nuclear energy, wind energy, OG, drilling – offshore onshore, refineries, well services, extensively consume Industrial lubricants to increase the efficiency and operations of millions of machines they use and that are exposed to the harsh climatic conditions, chemicals and to the water.
Clearly, energy/ power sectors drive the market growth of Industrial lubricants, increasing their sale on the global platform. Marin and shipping is another key application are of these lubricants, accounting for the second largest contributor to the market growth. Despite the wide adoption across industries, including some of the burgeoning and prominent sectors, the industrial lubricants market is yet to witness phenomenal growth records.
Market Research Future (MRFR) in its recently published study report mentions that the global Industrial Lubricants market was valued at USD 56.87 billion in 2016, and is expected to grow at 2.4% CAGR during the forecast period 2017 - 2022.
However, paramount concerns pertaining to the environmental hazards associated with the mineral oil lubricants may affect the overall growth of the market in the developed and the developing regions. Adversely, investments in RD activities to produce innovative lubricants are expected to provide opportunities for growth in the future.
New specifications are bringing formulation changes and additive selection. Moreover, regulations are pushing those specifications towards stricter chemical limits and lower viscosities. Regulations are greatly impacting viscosity and the chemical composition of lubricant additives being used, targeting fuel economy and emissions. Specification upgrades are mandating increased antioxidant and dispersant usage. Mandates like these are anticipated to favor the growth of anti-oxidants, ash-less anti-wear, and dispersants.
The rapid technological advances in the manufacturing sector is intensifying the demand for high-performance and environment-friendly lubricants and their additives. Hence, lubricant manufacturers must continually upgrade their product portfolio and production capabilities to match the revised requirements. Although these results in the emergence of value-added products, severely impact the overall profit margins of these lubricant manufacturers. In addition to the costs of revised formulations, vendors also incur the capital costs associated with the technology and infrastructural upgrades. Noncompliance with the revised requirements invites regulatory attention and leads to a decline in market shares.
Industry/ Innovation/ Related News
May 18, 2018 – Savita Oil (India), a leading global manufacturer for lubricants, launched repositioned Savsol for the Indian lubricant market to reposition the popular lubricant targeting at millennial consumers, mechanics, and trade.
Global Industrial Lubricants Market – Segments
MRFR has segmented the report into 3 key dynamics for the convenience and enhanced understanding;
By Types : Comprises Hydraulic lubricants, Gear lubricants, Compressor lubricants, and Metal working fluids among others.
By End Users :Manufacturing, Automotive, Heavy industries, and Power Generation among others.
By Regions : North America, Europe, APAC and Rest of the World.
Industrial Lubricants Market – Regional Analysis
Globally, Asia Pacific accounts for the largest market for Industrial Lubricants due to the augmented demand from the growing end-users sectors such as energy/power and manufacturing, especially, in India, China, Indonesia Japan. Growing industrialization coupled with the ever-increasing population drive the regional market growth.
China, backed by the burgeoning manufacturing sector accounts for the largest consumer of the product followed by India, Thailand, Japan, and Vietnam, among others. Also, considerably growing demand for the product in different industrial sectors, foster the growth of the APAC market. The market trends substantiating the regional market growth include rapid urbanization, industrialization and the increasing consumption of the product in the industrial sector.
Us Industrial Lubricants owing to the enormous contribution from the US market, fuelled by the broad application areas of the product across the industries.
The Europe Industrial Lubricants market accounts for the third largest market globally. The resurging economy is fuelling the automotive sector in the region. Furthermore, declining crude oil prices are fostering the growth in the automotive industry, increasing the production rate, which in turn, promotes the growth of the regional market.
However, the stringent environmental regulations imposed on the uses of products that emit volatile organic compounds (VOC) are restricting the market growth on a large scale. Nonetheless, augmenting demand for the product in the industrial sector, and others applications are expected to drive the regional market growth up to some extent.
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In order to stay updated with technology and work process of the industry, MRFR often plans conducts meet with the industry experts and industrial visits for its research analyst members.
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