Industrial Lubricants Market by Product, by Application, by Geography - Global Market Size, Share, Development, Growth, and Demand Forecast, 2016-2024
NEW YORK, Nov. 19, 2019 /PRNewswire/ --
Industrial Lubricants Market by Product (Process Oil, General Oil, Metalworking Fluid, Engine Oil), by Application (Metalworking [Metal Forming {Aluminum, Copper}, Metal Cutting {Aluminum, Copper}, Metal Joining {Fastening}, Metalworking Electronics, Industrial Heat Exchangers], Textiles [Textile Weaving, Non-Woven Textiles, Textile Finishing {Dyeing, Stentering, Drying, Printing}, Composites], Energy [Transformers, Pipelines, Liquefied Natural Gas, Ocean Energy], Chemical Manufacturing [Industrial Gases, Fertilizers, Polymers], Food Processing [Beverages, Frozen Food, Canned Food {Fruits & Vegetables}, Processed Potatoes, Bakery, Cocoa & Chocolate], Hydraulic Machinery [Compressors, Bearings]), by Geography (U.S., Canada, Mexico, Germany, U.K., France, China, India, Japan, Southeast Asian Countries, Brazil, U.A.E.) - Global Market Size, Share, Development, Growth, and Demand Forecast, 2016-2024
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Industrial lubricants market is projected to reach $68,412.0 million by 2024, the rising need for lubricants is attributed to the fact that these lubricants improve the various industrial processes without altering physical properties and quality of the final product. Owing to rapid industrialization and growing need for effective and streamlined processes of industrial production, the market is expected to grow during the forecast period.
Based on product, the industrial lubricants industry is categorized into process oil, general oil, metalworking fluid, engine oil, and others. The others category includes demolding oils, lubricating greases, chainsaw oils, compressor oils, turbine oils, and industrial gear oils. Globally, process oil accounted for the largest share in the industrial lubricants market with more than 30.0% contribution in terms of volume in 2016. Processing oil facilitates the smooth functioning of industrial machinery by maintaining temperature and reducing friction of the machinery parts and components. Growing industrialization in countries such as China and India is expected to boost the consumption of process oil used during various manufacturing processes.
Based on application, the industrial lubricants industry is categorized into metalworking, textile, energy, chemical manufacturing, food processing, hydraulic machinery, and others (mining and jewelery applications). Among all the application areas, chemical manufacturing category held the largest share in the market, accounting for more than 20.0% share in terms of volume, in 2016. In chemical manufacturing application, lubricants are used to enhance the manufacturing process, control high temperature, and avoid contamination of chemicals. With the expansion of industrial base of chemical manufacturing, the industrial lubricants market is expected to grow at a significant pace in the forecast period.
APAC accounted for more than 40.0% share in terms of volume in the industrial lubricants market in 2016. Rapid industrialization in the major APAC nations including China, India, and Japan will continue to raise the demand for lubricants used in different industries. Moreover, emerging countries in APAC are investing heavily on construction and infrastructure projects such as utilities, industrial hubs, and other civic infrastructure facilities. The development of these projects will continue to aid the growth in demand for industrial lubricants used in the machinery of the projects.
The major trend witnessed in the industrial lubricants market is the expansion in the industrial lubricants production base of APAC
Over the years, a large number of companies engaged in the production of petrochemicals have established their production base near oil-producing regions in Middle East, and the Americas. However, over the recent years, significant expansion has been witnessed in the petrochemical sector of the APAC region. The trend of shifting production base in the APAC region has strengthened the supply chain of various end-use industries. Moreover, industrial lubricants production capacity will continue to rise in the APAC region, owing to the large-scale investment plans by different players. Hence, with growing investments, a major trend is being witnessed in terms of capacity expansion in the industrial lubricants market of the APAC region.
Over the years, countries such as China, India, Brazil, and South Africa have witnessed rapid economic growth, characterized by large-scale expansion of industrial sector in the world. China, in particular, emerged as a global manufacturing hub and has a well-developed electronics and machinery manufacturing base. Moreover, India has emerged as a major hotspot for construction and energy sectors as the country continue to invest heavily on infrastructure development projects. The rapid economic developments in these countries have offered fresh growth opportunities for the industrial lubricants market as these lubricants are needed to support the manufacturing process of different industries.
Some of the major players operating in the global industrial lubricants market are Phillips 66, Amsoil Inc., Calumet Specialty Products Partners L.P., Klüber Lubrication München SE & Co. KG, Quaker Chemical Corporation, Houghton International Inc., Blaser Swisslube AG, PETRONAS Lubricants International, BP PLC, Exxon Mobil Corporation, FUCHS PETROLUB SE, Chevron Corporation, Total S.A., The Lubrizol Corporation, Royal Dutch Shell PLC, Idemitsu Kosan Co. Ltd., and Clariant AG.
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