According to a recent study report published by the Market Research Future, The global market of Industrial Lubricants is booming and expected to gain prominence over the forecast period. The Global Industrial Lubricants market is forecasted to demonstrate an exponential growth by 2022, surpassing its previous growth records in terms of value with a whooping, double digit CAGR of 2.4% during the estimated period (2017 – 2022).
Lower fuel & energy consumption owing to better machinery performance has also contributed to industrial lubricants market growth. To ensure smooth working of machines in industries, the demand for grease increasing in industries is also fuelling the growth of the global industrial lubricants market. However, increasing popularity of hybrid electric vehicles and high cost of synthetic and bio-based industrial lubricants may restrict the growth of the market.
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ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (The 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), and Idemitsu Kosan Co. Ltd (Japan) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Industrial Lubricants Market.
Global Industrial Lubricants Market - Competitive Analysis
Global Industrial Lubricants Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Industrial Lubricants manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of Industrial Lubricants for every application.
In November 2017, Energy giant Royal Dutch Shell has opens massive new lubricant plant in Tuas. The plant will produce up to 430 million litres of industrial lubricants and greases a year.
In June 2017, ExxonMobil has announced the completion of the expansion of its lubricant facility in Jurong, Singapore to increase production of grease and synthetic lubricants, including Mobil 1TM, the company’s flagship synthetic engine oil. The expansion of the Jurong lubricant plant further strengthens the company’s manufacturing capabilities and its ability to meet the growing demand for grease and synthetic lubricants products in the Asia Pacific region.
In May, 2017, Petronas expand its lubricant-blending plant in Shandong, China to meet the market’s growing demand for the product. The annual output of the plant within the Weifang Economic Development Zone was expected to increase from 45,000 to 150,000 tonnes, which included automotive and industrial lubricant.
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Industrial Lubricants Market - Segmentation
Global Industrial Lubricants Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
On the basis of type, market is segmented into Hydraulic lubricants, Compressor lubricants, Gear lubricants, Metal working fluids and others. Hydraulic lubricants dominates the type segment of the market. Growing demand from construction and mining industry and lower cost as compare to other lubricants increase the demand of the hydraulic lubricants. The metal working fluid segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the rising metal consumption in the automotive industry.
On the basis of End User, market is segmented into Automotive, Manufacturing, Heavy industries, Power Generation and others. Automotive industry dominates the end user segment of the market. Power Generation segment is expected to grow at the highest CAGR during the forecast period mainly due to rising demand for energy across the globe.
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Global Industrial Lubricants Market - Regional Analysis
Asia-Pacific region dominates the global Industrial Lubricants Market and is expected to witness the highest growth during the forecast period. China, India, Japan, Australia and Indonesia are among the major markets for Industrial Lubricants in the Asia Pacific region. Rapid industrialization and urbanization driving the growth of the market in the region. Additionally, increasing passenger car sales owing to increasing disposable income in Southeast Asian countries are also expected to contribute to automotive lubricants growth.
North America and Europe are the major region for the Industrial Lubricants Market. These regions are expected to contribute significantly during the forecast period. In Europe, Germany, U.K., and France are major contributors for the growth of the market.
The key players of global industrial lubricants market are ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (The 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), and Idemitsu Kosan Co. Ltd (Japan).
Lubricants Manufacturing Industries
Distributer & Supplier companies
Consultants and Investment bankers
Government as well as Independent Regulatory Authorities
Product matrix which gives a detailed comparison of the market for different recycled product types
Study Objectives of Global Industrial Lubricants Market
To provide detailed analysis of the market structure along with forecast for the next five years of the various segments and sub-segments of the global industrial lubricants market.
To provide insights about factors affecting the market growth
To analyze the global industrial lubricants market based on various Factors such as Supply Chain Analysis, and Porter’s Five Force Analysis
To provide historical and forecast revenue of the market segments and sub-segments with respect to regions and their respective key countries
To provide country level analysis of the market with respect to the current market size and future prospective
To provide country level analysis of the market for segments by type, end users and region
To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the industrial lubricants market
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