The industrial lubricants market is projected to generate $68,412.0 million by 2024, witnessing a 4.3% CAGR during the forecast period (2016–2024), growing from $48,860.7 million in 2016. The positive influencers of the market are the growth in the energy sector, surging demand for processed food, and expansion of the textile industry. Industrial lubricants are compounds, mainly oils, grease, and fluids that are used to reduce wear and tear and friction of machinery and its components.
The industrial lubricants market is observing the trend of the expansion of the industrial lubricants production base in the Asia-Pacific (APAC) region. Previously, major petrochemical companies focused on the popular oil-producing regions, such as the Middle East, the Americas, and Europe. However, in recent times, with increasing exploration and production activities, the focus has been shifted to the APAC region. This has resulted in an increase in the sales of industrial lubricants in the region due to strengthening of the supply chain of various end-use industries owing to the rising investments.
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A major contributor to the industrial lubricants market’s growth is the prospering energy sector. Rapid commercialization and industrialization have led to the rising energy consumption worldwide. Further, the improving economic status of developing nations has also resulted in increased electricity consumption in households, especially in Indonesia, China, and India. To keep up with the growing demand for power, more power generation projects are being constructed. Industrial lubricants are extensively used in power plants to enhance equipment reliability and uptime, smooth functioning of transformers, and in switchgear and oil immersed circuit breakers.
The industrial lubricants market share can generate substantial revenue from the developing economies. Industrial lubricants manufacturers can take advantage of the economic prosperity of these countries, especially Brazil, India, China, and South Africa, as industries here are flourishing due to the growing demand for end products. These countries are emerging as major manufacturing hub for electronics and machinery. For instance, India is emerging as a hotspot for energy and construction sectors, which is heavily deploying industrial equipment, thereby adding to the high requirement for industrial lubricants.
By application, the industrial lubricants market is categorized intohydraulic machinery, metalworking,food processing, textile, chemical manufacturing, energy, and others (mining and jewelry). In 2016, the largest volume share, of more than 20.0%, was held by the chemical manufacturing category, among all others. Chemical oils are used for enhancing the life and performance of machines which undergo strenuous activities for prolonged periods. In the forecast period, the highest volume CAGR is predicted to be registered by the textile category, as lubricants used in this industry play an important role in the smooth operations of the textile machinery.
Based on product, the classifications of the industrial lubricants market are the engine oil, process oil, metalworking fluid, general oil, and others (demolding oil, lubricating grease, industrial gear oil, chainsaw oil, and turbine oil). Among all, the largest volume share, of more than 30.0%, was accounted for by the process oil classification. These oils are used for a variety of applications, such as enhancing the grip of tires and elastomer workability. In the forecast period, the fastest growth would be exhibited by engine oils, as they help in the smooth functioning of engines and protect them from wear and tear.
Therefore, the market for industrial lubricants is headed toward prosperity as improving economy across the world is leading to the growth of numerous industries, thereby resulting in the high demand for industry-specific lubricants.
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