Global Industrial Lubricants Market is projected to cross USD 65.0 billion by 2023, at a CAGR of over 3% during the forecast period. Demand for the industrial lubricants industry is largely driven by the massive industrial growth in Asia-Pacific and Middle East & Africa. Also, the market for industrial lubricants is growing due to the rising demand for industrial lubricants from various industries, such as the textile industries, metal working industries and chemical manufacturing industries. In terms of product, the market for industrial lubricants is categorized into General Oil, Process Oil, Engine Oil, Gear Oil, Transmission & Hydraulic Fluids, Greases, Metalworking Fluid (MWF) and others. The metalworking fluid category is predicted to witness the fastest growth during the forecast period.
In terms of base oil, the market for industrial lubricants is categorized into Bio-Based Lubricants, Mineral Oil Lubricants, Synthetic Lubricants and Semi-Synthetic Lubricants. The semi-synthetic lubricants is predicted to be the fastest growing in the Global Industrial Lubricants Market during the forecast period. Taking into an account of geographical landscape, the global industrial lubricants industry in the Asia-Pacific is projected to witness a formidable growth throughout the forecast period.
The growth of the Asia-Pacific industrial lubricants industry is majorly attributable to the rapid industrialization the developing nations of the region, such as China and India. Some of the leading players in the Global Industrial Lubricants Market are Amsoil Inc., Quaker Chemical Corporation, Calumet Specialty Products Partners L.P., Chevron Corporation among others. Some of the leading players in the Global Industrial Lubricants Market are Amsoil Inc., Quaker Chemical Corporation, Calumet Specialty Products Partners L.P., Chevron Corporation, Klüber Lubrication München SE & Co. KG, Phillips 66, PETRONAS Lubricants International, Exxon Mobil Corporation, BP PLC, Total S.A. and others.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the suppliers which could not be identified due to the limitations of secondary research. TechSci Research analysed the service offerings, distribution channels and presence of all major collaboration manufacturers across the globe.
TechSci Research calculated the market size of Global Industrial Lubricants Market using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analysing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company website, news articles, press releases, company annual reports, investor presentations and financial reports were also used by TechSci Research.
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