Industrial Lubricants Market – Overview
Manufacturing industries have multiplied over the span of years. As an outcome of which the industrial sector has attained expansion. The development in the larger zone creates an opening for the smaller businesses to prosper. The Global Industrial Lubricants Market has witnessed progression due to this fact. Off lately, the demand for this product seems to have escalated dramatically. Because of which, Market Research Future (MRFR) made an in-depth assessment on this topic. The research report by them suggests that this market will develop at a rapid pace during the forecast period of 2017-2022.
The research report titled ‘Industrial Lubricants Market’ describes this product as a fluid that has the ability to reduce wear and tear during the manufacturing of various products. Industrial lubricants are the need of the hour as they can aid in obtaining higher productivity and can also extend the shelf life of machinery.
In the forthcoming years, this market will unearth numerous growth prospects. From a statistical point of view as well the future seems to be bright. The market is anticipated to grow at a moderate CAGR of 2.4. Back in the year 2016, the market was valued at USD 56.87 billion and by the end of the forecast period, the numbers are expected to double.
Currently, there is a very high demand in the automotive for this product and this happens to be a primary growth driver for the market. Other aspects that tend to also positively influence the market are the need for smoothly functioning machineries, rising demand for grease in various verticals of the industry.
The market may have to overcome certain restraints like the rising fame of hybrid electric vehicles. However, efforts are being made in that direction and in some time a plausible solution will be discovered.
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The assessment study offered by Market Research Future provides a detailed and in-depth analysis of all the sections of the market. The report has an entire section that has been dedicated to offering segmental insights. Here are some of the most important facts from the section.
By End User – Automotive, power generation, manufacturing and heavy industries. Power generation will be the fastest progressing segment. The power generation industry observes an immense need for industrial lubricants which is why this segment also happens to have the lead.
By Type – Metal working fluids, hydraulic lubricants, gear lubricants and compressor lubricants. Metal working fluids govern the industrial lubricants market in terms of type. It is because of the increasing consumption of metal in the automobile sector.
Comprehensive Regional Analysis
The market for Industrial Lubricants is not constrained to one single country or region. It ranges from corner to corner of the world, some the major areas where its prominence is eminent are North America, Asia Pacific, Europe and Rest of the World.
The research report by Market Research Future affirms that Asia Pacific holds an edge over the others in terms of region. This can be attributed to the speedy growth in the manufacturing and automotive sector in this area. Europe, on the other hand, will move ahead at a steady pace during the projection period. Its advancement will be propelled by the growing output from the end-user industries.
April 27, 2018 – In a positive turn of events, Univar Canada Ltd., a subsidiary of Univar Inc., an organization that specializes in distributing ingredients and chemicals across the globe announced a partnership with Boss Lubricants. Both of these giants together have decided to sign an energy and mining markets distribution agreement today for Western Canada. The market has high hopes for this project.
Key Players & Growth Strategies
Some of the highly acclaimed brands of this market can be listed as Fuchs Petrolub AG (Germany), Royal Dutch Shell Plc. (The Netherlands), Total S.A. (France), PetroChina Company Limited (China), Idemitsu Kosan Co. Ltd (Japan), Chevron Corporation (U.S.) and ExxonMobil Corporation (U.S.).
All these players have to constantly work on their services and products to ensure that the consumer’s demands are being met. Furthermore, they also need to employ certain growth strategies like acquisitions, strategic partnerships and investment in research and development activities.
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