OTTAWA, Nov. 18, 2020 (GLOBE NEWSWIRE) — Precedence Research, Recently Published Report on “Industrial Lubricants Market (By Product: General Industrial Oils, Process Oils, Industrial Engine Oils, Metalworking Fluids, and Other Industrial Lubricants; By Application: Textiles, Metalworking, Energy, Industrial Gases, Chemical Manufacturing, Hydraulic, and Food Processing) – Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 – 2027”.
Lubricants are the important part of a machine that ensures smooth functioning of different parts of a machine. Lubricants are generally explained as compounds such as greases, oils, and fluids that provide friction between machine parts. Their main function is to avoid metal-to-metal contact in dyes as well as finished component tooling. Further, the lubricants used in the industries expected to reduce friction, cool parts, minimize wear, disperse contaminants, transmit power, prevent corrosion, and act as a sealant.
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Growth Factors
Major factors that are accounted to drive the industrial lubricants include shifting consumer preference for processed and frozen foods along with increasing demand for green energy generation methods. Hectic lifestyle as well as significant impact of western culture on eating habits has fostered the demand for frozen foods. In addition, an alarming rise in the pollution across the globe coupled with fast depletion of natural resources such as coal and petroleum expected to thrive the demand for green energy, thereby propel the growth of industrial lubricants over the upcoming years.
Additionally, significant growth in the industry automation across various part of the world that has notably fostered the replacement and upgradation of machine parts expected to drive the market for industrial lubricants over the coming years. This trend is likely to expand the production capabilities of the manufacturers along with the production time.
However, rising rate of contamination & environmental pollution because of the use of synthetic lubricants along with stringent regulations for the same expected to hamper the market growth. In addition, disposal of these lubricants is another major factor for concern. Most of the additives used during the manufacturing of industrial lubricants are petrochemical derivatives that pose serious threat to the water bodies when disposed in them. Hence, increasing concern for environmental protection pertaining to the disposal, use, and recycling of lubricants restrict the market growth.
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Report Highlights
- North America and Europe predicted to maintain their dominance in terms of demand volume for the industrial lubricants despite of the stagnancy in the industrial growth
- The Asia Pacific projected to be the fastest growing market during the analysis period due to well-established application industries across developing countries
- In 2019, process oil holds the highest market share in the global industrial lubricants market in terms of both value and volume among other product types due to its large applications in various industries
- Chemical manufacturing emerged as the largest application segment in 2019 due to increased demand for chemical oils in production of fertilizer, pharmaceutical & cosmetics products, and industrial gas
- The metalworking application segment is likely to register rapid growth over the upcoming years on account of rising demand for metal products in applications such as building and machinery
Regional Snapshots
The Asia Pacific emerged as the most opportunistic market for industrial lubricant during the analysis period. Prime factors supporting the escalating growth of the region are shifting of manufacturing bases towards Asian countries, changing consumer preference towards processed & packaged foods, largest chemical market, and prominent demand for fertilizers and pesticides from agriculture sector. Apart from these factors, the region has well-established industries that include textile, agriculture, food processing, chemical, energy and many more that triggers the demand for the industrial lubricants over the upcoming years.
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North America and Europe are the prominent revenue contributors in the global industrial lubricants market and anticipated to continue their dominance over the forthcoming years. The growth of the regions is mainly attributable to the renaissance in industrial activities coupled with increasing adoption of modern industrial machineries. Furthermore, increasing drilling and exploration activities across the regions that significantly triggers the demand for oilfield chemicals projected to drive the market for industrial lubricants in the regions.
Key Players & Strategies
The key market players in the global industrial lubricants market witness intense competition owing to large number of payers present on both regional as well as global level. Because of the same, the global market for industrial lubricants is highly fragmented in nature. To sustain in the highly competitive market these industry participants are significantly investing in the Research & Development (R&D) activity. Shifting trend towards bio-based lubricants along with the increasing need for emission reduction expected to open new horizon for these market players for investment and growth. Apart from the investment, merger & acquisition, partnership, and collaboration are the other main strategies adopted by the industry players to retain their position in the global market.
Some of the key players operating in the market are Fuchs Group, Exxonmobil Corp, The Lubrizol Corporation, Phillips 66, Royal Dutch Shell, Lucas Oil Products, Inc., Bel-Ray Co., Inc., Amsoil, Inc., Kluber Lubrication, and Chevron Corp. among others.
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