According to the new market research report “Industrial Lubricants Market by Type (Metalworking Fluid, Grease Hydraulic, Gear, Compressor, Turbine Oil), End-Use Industry (Construction & Mining, Metal, Cement, Power Generation, Manufacturing, Food), Base Oil, and Region - Global Forecasts to 2021”, published by MarketsandMarkets™, the global industrial lubricants market was valued at USD 57.09 Billion in 2016, and is projected to grow at a CAGR of 2.5% to reach USD 64.48 Billion by 2021.
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Massive industrial growth in Asia-Pacific & Middle East & Africa and rise in process automation is expected to drive the global industrial lubricants market
Metalworking fluid is anticipated to grow at the highest CAGR in the global industrial lubricants market from 2016 to 2021
The global industrial lubricants market is segmented by type, namely, hydraulic oil, metalworking fluid, gear oil, compressor oil, grease, turbine oil, and others. The metalworking fluid segment is expected to grow at the highest CAGR in the global industrial lubricants market from 2016 to 2021. The growth of this segment is attributed to the rising metal consumption in the automotive industry.
Synthetic oil to be the fastest-growing segment of the global industrial lubricants market during the forecast period
Synthetic oil is projected to be the fastest-growing segment in the global industrial lubricants market during the forecast period. This high growth is mainly due to its high performance in extreme conditions, better viscosity index, higher shear stability, and chemical resistance. Synthetic oil based industrial lubricants can be customized according to the requirements, so that it can have a controlled molecular structure with predictable properties. The main drawback of synthetic oil based industrial lubricants is the high cost. However, the synthetic oil segment is projected to grow at the highest CAGR in the Asia-Pacific region during the forecast period, due to the high industrial growth and rising awareness in the region.
Power generation is anticipated to be the fastest-growing end-use industry of the global industrial lubricants market during the forecast period
The demand for industrial lubricants is the highest in the power generation industry, due to the rising demand for energy across the globe. Power plants need particular grades of industrial lubricants that can provide superior performance, water resistance, with high corrosion inhibition. The use of industrial lubricants such as compressor oil, turbine oil, hydraulic oil grease and others in power generation industry ensure the highest efficiency and operating reliability.
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Asia-Pacific to be the fastest-growing market for industrial lubricants during the forecast period
The Asia-Pacific industrial lubricants market is expected to grow at the highest CAGR during the forecast period. The high growth of the emerging economies and the increasing disposable income in the region make Asia-Pacific an attractive market for industrial lubricant manufacturers. The tremendous growth of industrial production and increased trade are primarily responsible for the high consumption of industrial lubricants.
Currently, the global industrial lubricants market is led by various market players such as ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Chevron Corporation (U.S.), BP p.l.c. (U.K.), Total S.A. (France), Petrochina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), Idemitsu Kosan Co. Ltd (Japan), and others.
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