A recent report published by Infinium Global Research on industrial lubricants market provides in-depth analysis of segments and sub-segments in the global as well as regional industrial lubricants market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional industrial lubricants market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global industrial lubricants market. According to report the global industrial lubricants market is projected to grow at a CAGR of 4.5% over the forecast period of 2018-2024.
Lubricants are the material used to reduce the friction between mobility surfaces in mutual contact that ultimately reduces the heat generated when the surface moves. Oil, fluids, and grease are the commonly used industrial lubricants as they reduced wear and tear of materials while reducing binding and friction. In some extreme cases, they may also prevent or lessen electrical resistivity while it increases thermal conduction. Lubricants are used in many industries including manufacturing, construction, food, mining, textile, and several others. In addition, the industrial lubricants have the ability to carry thermal energy so they are vastly used in various applications including metalworking, machine cooling, and process heating.
Rapidly growing industrialization across the globe is the key factor driving the growth of the industrial lubricant market. New technologies development and rapidly improving production processes are created massive growth in the manufacturing, construction and mining industries across the world. The lubricants play an import role in the maintenance of industrial machinery and other types of equipment. Moreover, continuously growing industrial automation and improved quality of lubricants are likely to boost the growth of industrial lubricants market. However, the high cost of Bio-based lubricants is hampering the growth of industrial lubricants market.
Furthermore, the industries rely heavily on petroleum-based lubricants which may cause grave concern related to future energy security and cause serious environmental pollution and hazards. The Bio-based lubricants are the best suitable lubricants for the mineral-based lubricants. Bio-based lubricants have been found to exhibit superior lubricant properties over the conventional mineral lubricants, with renewability and biodegradability features. The growing consumption and demand of bio-based lubricants from various end-use industries are projected to create various growth opportunities in the Industrial lubricants market over the forecast period.
Among the geographies, Asia Pacific is the largest and fastest growing region in the industrial lubricants market. The rapidly growing industrialization and growing disposable income are driving the growth of industrial lubricants market. In addition, the presence of large manufacturing, construction, mining, and textile industries in the Asia Pacific contributes to the growth of industrial lubricants market in this region.
The report on global industrial lubricants market covers segments such as type and applications. On the basis of type the global industrial lubricants market is categorized into grease, oils, and fluids. On the basis of applications the global industrial lubricants market is categorized into air compressors, bearings, natural gas engines, gears, hydraulics, turbines, auxiliary equipment, and others.
The countries covered in the North America region include the U.S., Canada, and Mexico; while the Asia-Pacific region includes countries such as China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are the major markets included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in the region. In the Asia-pacific region, rapid industrial growth in India and China offer a substantial potential for the growth in the industrial lubricants market. As a result, the APAC region is projected to experience a growth at a CAGR of x.x% over the forecast period 2018-2024.
The report provides profiles of the companies in the global industrial lubricants market such as Royal Dutch Shell PLC, Exxon Mobil Corporation, Total S.A., Chevron Corporation, PetroChina Company Limited, Sinopec Limited, Fuchs Group, Phillips 66, Valvoline International, Inc. and Kluber Lubrication.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global industrial lubricants market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of industrial lubricants market. Moreover, the study highlights current market trends and provides forecast from 2016-2024. We also have highlighted future trends in the industrial lubricants market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the industrial lubricants market to understand the present and future trends in this market and formulate their strategies accordingly.
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