Market Research Future published a Half-Cooked Research report on “Global Industrial Lubricants Market Research Report – Forecast to 2022”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022
The Global Market for Industrial Lubricants 2020 was worth USD 56.87 billion in the year 2016, estimates Market Research Future (MRFR). MRFR also expects the market to achieve a growth rate of 2.4% during the forecast timeframe, which is 2017 to 2022.
Top Drivers and Main Barriers:
The fast-paced rate of industrialization across developing countries in conjunction with an increasing number of trade activities, has boosted the demand for Industrial Lubricants. Growing investments in research and development (R&D) activities also benefit the market. A few of the significant industries that generate the highest demand for lubricants are chemicals, mining and unconventional energy, among others. Rising awareness about the benefits of lubricants can win the favor of more industries like hydraulics, compressors, centrifuges, bearings and industrial engines.
Constantly evolving consumer lifestyles paired with the rising prevalence of western ways of living has ramped up the demand for processed and frozen foods. Thus, packaging line automation, as well as the rising adaption to high-pressure operations using robotics, can foster the growth of the processed foods market in the following years. The growing importance of agro-processing across the globe can lead the market to greater heights during the review period.
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Mounting demand for a vast range of finished goods combined with the subsequent need for the expansion of production capabilities has prompted the manufacturers to go for machinery that can help them automate their production processes. Rising number of initiatives like the strict emission standards, advancements in engine technology, and the norms with regard to carbon footprints in emerging countries like India and China can work in favor of the Industrial Lubricants Market in the ensuing years.
Latest Trends in the Industrial Lubricants Market
Environment-friendly lubricants are viewed as an ideal substitute to petroleum-based lubricants, in an effort to bring down the negative impact of the latter on the environment. A vast amount of lubricants is washed off into water streams owing to careless disposal and leakages, which leads to health issues. Bio-based lubricants are the latest trend in the Industrial Lubricants Market and can gain enormous traction in the coming years, backed by the rising concerns regarding the environment.
Industrial Lubricants Companies
The Top Industrial Companies profiled in the report are Petrochina Company Limited (China), Fuchs Petrolub AG (Germany), Chevron Corporation (U.S.), BP p.l.c. (U.K.), Total S.A. (France), LUKOIL (Russia), Sinopec Limited (China), Royal Dutch Shell Plc. (The Netherlands), Idemitsu Kosan Co. Ltd (Japan), ExxonMobil Corporation (U.S.), to name a few.
Browse Key Industry Insights spread across 111 pages with 36 market data tables & 12 figures & charts from the report, “Industrial Lubricants Market Information: By Type (Hydraulic Lubricants, Compressor Lubricants, Gear Lubricants, Metal Working Fluids and Others), by End User (Automotive, Manufacturing, Heavy Industries, Power Generation and Others) and Region – Growth Potential, Price Trends, Competitive Market Share & Forecast 2025” in detail along with the table of contents: https://www.marketresearchfuture.com/reports/industrial-lubricants-market-2695
The Market for Industrial Lubricants has been segmented with respect to two primary dynamics to offer an enhanced understanding. The two segments covered in the report are type and end-user.
The Type-Based Market segments are Compressor lubricants, fluids, Hydraulic lubricants, Metalworking Gear lubricants, and others. Hydraulic lubricants have been identified as the leading segment in the market, given the mounting demand from the construction and mining industry along with their lower price compared to other lubricants. On the other hand, the segment of metalworking fluid can garner the highest growth rate during the conjectured period, on account of the increasing metal consumption within the automotive industry.
The various end-users in the global market are Manufacturing, Automotive, Power Generation, Heavy industries, and others. The automotive industry segment leads the market, while the power generation segment showcases immense potential to achieve the fastest CAGR in the coming years, owing to the soaring demand for energy all over the world.
The Geographical Distribution of the Industrial Lubricants Market consists of Europe, North America, Asia Pacific (APAC) and the Rest of the World (RoW).
APAC is the presiding region in the global market for Industrial Lubricants and is on its way to achieving the highest growth rate in the near future. India, China, Australia, Japan, and Indonesia are some of the most lucrative markets for Industrial Lubricants in the region, given the rising industrialization and urbanization rate. Also, surging passenger car sales on account of the mounting disposable income also stimulate market growth in the region.
Demand in Europe and North America for Industrial Lubricants is strikingly high, making them highly developed markets. The United Kingdom (U.K), Germany, and France are the major growth influencers in the regional market. The chief factors inducing market growth in the region include the amplified demand for oilfield chemicals, in the wake of rising drilling and exploration activities in North America. Revival of industrial activities and the steady modernization of industrial machinery promotes the growth of the Industrial Lubricants Market in Europe.
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