NEW YORK, March 22, 2018 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05360457
The U.S. industrial lubricants market is expected to reach USD 8.94 billion by 2025, according to a new report by Grand View Research, Inc. Increasing initiatives by the U.S. government to promote the manufacturing sector along with the rising number of trade activities across the region have been major factors driving market growth.
Lubricating oils have diverse applications in chemical manufacturing sector followed by textile industry in the U.S. Heat exchangers have a very broad range of industrial applications in the region. These are being utilized increasingly within production plants as well as factories to keep water, gas, machinery, and chemicals other substances within a safe operating temperature.
With the rise in the construction industry in the U.S., metal joining fluids are being increasingly used in the region across diverse commercial applications. Metal joining consists of specialized processes such as honeycomb brazing and vacuum, complex operations that require a unison between expertise and technology. These factors shall expand the scope of lubricants usage in production processes across the U.S.
Industrial engine oils are designed to offset the rising fuel and operating costs.They exhibit lesser coefficient of friction, which helps in saving fuel, while at the same time, keeps the engine clean for optimal efficiency of combustion.
Specifically, the oils help in keeping the ports, piston, crankcase, and filters clean for a long duration. Industrial engine oils are widely used to prevent wear & tear, corrosion, and reduce friction in engines.
Further key findings from the report suggest:
• The U.S industrial lubricants demand exceeded 2,260.3 kilo tons in 2016 and is expected to grow at a CAGR of 2.6% from 2017 to 2025
• Process oil emerged as the leading product segment in 2016, with the segment revenue projected at USD 2.76 billion by 2025
• The U.S. has witnessed rapid emergence of high-performance lubricants formulated from liquefied natural gas base stock in recent years, which has been significantly driven by an upsurge in the shale gas economies
• Rising consumer preference for high quality fabrics as a result of increasing awareness of transitioning fashion trends and a rise in disposable income has fostered lubricants demand in textiles
• Technological developments and intense efforts to increase production capacities by several manufacturers is also expected to boost growth
• Key industry participants include ExxonMobil Corp., The Lubrizol Corporation, Total S.A., Castrol, Valvoline International Inc., Chevron Corp., Royal Dutch Shell, Phillips 66 and Lucas Oil Products Inc.
Read the full report: https://www.reportlinker.com/p05360457
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