Industrial Lubricants Market Surpass US$ 72.4 Bn by 2026
July 2, 2019 - 9:00 PM EDT
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Industrial Lubricants Market Surpass US$ 72.4 Bn by 2026
Acumen Research and Consulting, Recently Published Report On “Industrial Lubricants Market Size, Share, Trends, Growth Opportunity and Forecast 2019-2026”.
LOS ANGELES, July 02, 2019 (GLOBE NEWSWIRE) -- The global industrial lubricants market is estimated to grow at CAGR above 4.7 % over the forecast time frame 2019 to 2026 and reach the market value around USD 72.4 billion by 2026.
It is expected that improved PMI indexes worldwide and the resulting growth in manufacturing capacity will increase the demand for industrial lubricants. In addition, increasing manufacturing operations will encourage investments in manufacturing machinery, creating a strong potential for growth for industrial lubricants.
Significant revenue due to high consumption of general industrial oils is due to the growth of the industrial lubricant market. There will be considerable growth for related industries, such as chemicals, unconventional energy and mining. This trend is expected to further increase the demand for products for compressors, industrial motors, hydraulics, centrifuges and covers. Companies are investing heavily in R&D to develop innovative products to make the industry more competitive. The trend for the use of bio-based raw materials has changed because of increased knowledge about the need to reduce emissions and to conserve energy.
Asia Pacific is anticipated to register the largest CAGR in developing markets, for example India, Indonesia, Thailand and Malaysia, in 2019 to2026 owing to established end-use sectors. In addition, the awareness regarding the improvement of industrial equipment operational efficiency following lubricant application is expected to further improve the products. Demand for industrial lubricants is expected to stay at a greater level in North America and Europe despite the relative stagnation of industrial development. An increasing demand for petroleum field chemicals is expected to boost market growth in North America as a result of drilling and exploration activities. The resurgence and modernization of industrial machinery are the main driving force behind the determination in the forecast period of the demand for European industrial lubricants.
The fluid used to reduce material wear and tear and also to reduce friction is defined as industrial lubricants. Manufacturing lubricants can be based on water or petroleum. Their main role is to prevent contact between instruments or finished materials between metals and metals. Properties for corrosion protection, great demulsion and help extend the life of the machinery are shown in industrial lubricants. It is used for a specific level of performance in various equipments.
Key Findings
Due to increasing industrial activities and modernization of industrial equipment, the demand for product in Europe will increase by around 3% at the CAGR over the predicted period.
A large proportion of global oil reserves are accounted for by Saudi Arabia. The Government will have a beneficial effect on the regional mark with heavy investments in education & infrastructure growth to decrease unemployment.
Companies are taking approaches to strengthen their product range and regional presence, such as mergers and acquisitions.
Manufacturers of industrial lubricants market are aiming to achieve optimum business growth by implementing other strategies including joint venture, capacity expansion, product development, and R&D investments
The Industrial Lubricants market consists of key vendors such as Royal Dutch Shell; Phillips 66; ExxonMobil Corp.; The Lubrizol Corp.; Lucas Oil Products, Inc.; Amsoil, Inc.; Total S.A.; Fuchs Group; Kluber Lubrication; Bel-Ray Co., Inc.; Chevron Corp.; Clariant; Quaker Chemical Corp., Valvoline International, Inc.; and others.
With a big amount of worldwide and local players, the market is extremely fragmented. Companies invest strongly in research and development to create innovative goods to make the sector competitive. Based on increased awareness about emission reduction and energy conservation needs, there has been a shift in trend towards the use of bio-based raw materials.
Factors like distribution partnerships, technological innovations, product portfolio, strategic developments and capabilities are part of the industry competition. Two fresh cutting liquids have been announced by Castrol to promote the production of metal parts.
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