The global industrial lubricant market is expected to reach USD 68.41
billion by 2024, according to a new report by Grand View Research, Inc. The
growth of key end-use industries such as chemical manufacturing, food
processing and electronics particularly in Asia Pacific is expected to drive
industry growth. Increase in industrial output in emerging economies such as
China, India, Russia, Brazil, and South Africa, predominantly in core
manufacturing sectors, such as metal forming, foundry, consumer appliances, and
plastics, along with the mining industry is expected to foster demand.
Initiatives such as continuously evolving emission standards, improving
engine technology, and norms about mitigated carbon footprints are being
adopted in emerging economies such as China and India. The paradigm shift
towards environmental conservation is touted to be the key growth driving
factors.
Chemical manufacturing was the largest application for industrial
lubricants due to the high demand for non-reactive, sustainable and compatible
processing fluids to handle various intermediaries and petrochemicals in a safe
& efficient manner.
In depth research report
on Industrial Lubricants Market
Further key findings from
the report suggest:
•
The global Industrial Lubricant Market demand was 15.01 million tons in
2015 and is expected to reach 19.47 million tons by 2024, growing at a CAGR of
3.0% from 2016 to 2024
•
Demand in North America & Europe is expected to remain high despite
relative stagnancy in manufacturing growth. A revitalized manufacturing sector
post recovery from the economic depression of 2009, is a major driving factor
for lubricants consumption in these regions
•
India emerged as the fastest growing market in Asia Pacific and is
expected to grow at a CAGR of 4.3% from 2016 to 2024. India offers rewarding
opportunities to industry participants with the government implementing
innovative schemes to bolster domestic manufacturing activities
•
Process oils primarily find use in the rubber, chemical and technical
industries as a process aid or raw material. The segment accounted for over 32%
of the global volume in 2015, growing at an estimated CAGR of 3.1% from 2016 to
2024
•
Key companies operating in the industry include Shell, Total S.A.,
ExxonMobil Corp., Chevron Corp., Valvoline International, Kluber Lubrication,
Fuchs Group, The Lubrizol Corporation, Clariant, Castrol, and Petronas
Lubricant International
Grand View Research has segmented the Industrial Lubricant Market on the
basis product, application and region:
Global Industrial
Lubricants Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2024)
•
Process Oils
•
General Industrial Oils
•
Metalworking Fluids
•
Industrial Engine Oils
•
Others
Global Industrial
Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2024)
•
Metalworking
o
Metal Forming
o
Metal Cutting
o
Metal Joining
o
Electronics
o
Industrial Heat Exchangers
•
Textiles
o
Textile Weaving
o
Non-Woven Textile
o
Textile Finishing
o
Composites
•
Energy
o
Transformer Oil
o
Pipelines
o
Liquefied Natural Gas
o
Ocean Energy
•
Chemical Manufacturing
o
Industrial Gases
o
Fertilizers
o
Polymers
o
Others
•
Food Processing
o
Beverages
o
Frozen Food
o
Canned Food
o
Processed Potatoes
o
Bakery
o
Cocoa Chocolate
•
Hydraulic
o
Compressors
o
Bearings
•
Other Industrial Applications
Global Industrial
Lubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2024)
•
North America
o
U.S.
o
Canada
o
Mexico
•
Europe
o
Germany
o
UK
o
France
•
Asia Pacific
o
China
o
India
o
Japan
•
Southeast Asia
•
Latin America
o
Brazil
•
Middle East & Africa
o
Saudi Arabia
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports,
and consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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