Flourishing manufacturing g landscape in Asia is likely to be a key growth-driving factor for the industry in future. Additionally, high demand for lubricants has also resulted in a shift in global production landscape to the eastern hemisphere, with China and India emerging as major hubs.
The Global Industrial Lubricants Market size is expected to reach USD 68.41 billion by 2024, according to a new report by Grand View Research, Inc., registering a revenue-based CAGR of 4.3% during the forecast period.
The global industry is characterized by stringent regulations in Europe and North America, where ecolabel norms and environmental standards have prompted companies to develop bio-based feedstock for production and assess emissions associated with the lifecycle of lubricants.
Moreover, the industry has been witnessing increasing demand for process oils, industrial engine oils, and general oils across metalworking, energy, and chemicals manufacturing sectors, which indicates a positive outlook over the coming years, particularly in Eastern European and Asian markets.
North America and Europe are mature markets for lubricants, with demand arising from new avenues of the manufacturing sector, such as industrial automation and robotics.
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These regions together accounted for nearly 40.0% of the overall industrial lubricants consumption in 2016. Major corporations such as Total, Castrol, and Chevron have their origins in these regions and are key entities in terms of innovative disruptions in the industry.
Top Players of Industrial Lubricants Market:
Key companies operating in the global industrial lubricants market include Lubrizol, Fuchs Group, Amsoil Inc., Bel Ray Co., Kluber Lubrication, Total S.A., Valvoline International, Clariant, Quaker Chemical Corp., Royal Dutch Shell plc, Castrol, Lucas Oil, and Philipps 66.
Market Segmentation of Industrial Lubricants Market:
The Global Industrial Lubricants Market segmented on the basis of Product and Application.
By Product:
Process Oils
General Industrial Oils
Metalworking Fluids
Industrial Engine Oils
By Application:
Metalworking
Textiles
Energy
Chemicals Manufacturing
Food Processing
Hydraulic
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