Their primary function is to displace solid surfaces with a fluid film. They are used to modify surface properties, regulate temperature, or remove debris. High demand from the automotive sector is the key factor driving the growth of the industrial lubricants market. To ensure smooth working of machines in industries, the demand for grease increasing in industries is also fuelling the growth of the global industrial lubricants market. On the other hand, increasing popularity of hybrid electric vehicles may hamper the growth of the global industrial lubricants market. Global industrial lubricants market was valued at USD 56.87 billion in 2016, and is expected to grow at CAGR of 2.4% by 2022.
The technical advancements such as differential additive structure, growing applications of additives such as anti-wear additives, corrosion protection additives and others help to function the lubricant under conditions of extreme stress, pressure and temperature which is the defining difference between industrial and other lubricants. The downfall of the oil prices has reduced the costs of stock material favoring the market. Specialized industrial lubricants such as high viscosity, high demulsibility, and others are the fastest growing group.
Top Key Player:-
- ExxonMobil Corporation
- Royal Dutch Shell Plc.
- Chevron Corporation
- BP p.l.c.
- Total S.A.
- Petrochina Company Limited
- Sinopec Limited
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To generate an accurate understanding of the market the global industrial lubricants report has been segmented on the basis of type, state, source, end user and regions.
Based on type, the report has been segmented by hydraulic lubricants, compressor lubricants, gear lubricants, metal working fluids and others. Process oils are the leading segment, accounting for over 30.0 % of market in 2016.
Based on state, the report has been segmented by solid, liquid and others.
Based on source, the report has been segmented by natural, synthetic and compound.
Based on end user, the report has been segmented by automotive, manufacturing, heavy industries, power generation and other
Based on region, the report has been segmented by North America, Europe, Asia-Pacific and Middle East and Africa.
December, 2017 – Maximus international is set to aquire pacific lubricants
November, 2017 – Fuchs Petrolub SE, acquired Ultrachem, Inc., producer of specialty synthetic lubricants used in compressor and industrial maintenance.
Asia-Pacific region dominates the global industrial lubricants market. Rapid growth in automotive and manufacturing sector in this region is a significant factor that spurs the demand of the market in APAC region. In Asia-Pacific region, global industrial lubricants market is expected to grow at the fastest pace during the forecast period. Saturated regions such as Europe is expected to grow at a moderate pace, owing to increasing output from end-use industries.
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