San Francisco, Oct 24 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. Flourishing
manufacturing 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 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. 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.
Browse full research report on Industrial Lubricants Market: www.grandviewresearch.com/industry-analysis/industrial-lubricants-market
Further key findings from the report suggest:
- The global
industrial lubricants market size was estimated at over 15 million tons in
2016 and is projected to expand at a CAGR of 3.0% from 2016 to 2024
- Asia Pacific
was the leading consumer and accounted for nearly 50.0% of the overall
volume in 2016. China generated the largest demand in the region, followed
by Southeast Asian countries and India
- Process oils
were the leading product segment, accounting for over 32.0% of the market
revenue in 2016. The segment is likely to be driven by evolving machinery
maintenance standards in the manufacturing sector
- In terms of
revenue, the metalworking fluids segment was valued at USD 7.2 billion in
2016. Resurgence of the metal foundry sector in America and Europe has
provided much relief to the product segment in the recent past, with its
growth highly dependent on trends across Asia Pacific
- Energy is a
major application sector for the industry, and accounted for nearly 20.0%
of the overall demand in 2016. The sector is driven by growth of renewable
power generation sectors in western markets and demand, and consequent
generation, of conventional energy in Asia
- 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
- Product
innovation, restructuring supply chains, capacity expansions, and evolving
marketing channels are a few areas of strategic importance for companies.
In 2015, Castrol expanded its industrial lubricants facility in Chennai,
India from 75 kilo tons to 95 kilo tons.
Browse more reports of this category
by Grand View Research: www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand
View Research has segmented the global industrial lubricants market on the
basis of product, application, and region:
Industrial
Lubricants Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2024)
- Process Oils
- General
Industrial Oils
- Metalworking
Fluids
- Industrial
Engine Oils
- Others
Industrial
Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2024)
- Metalworking
- Metal
Forming
- Aluminum
- Copper
- Others
- Metal
Cutting
- Aluminum
- Copper
- Others
- Metal
Joining
- Fastening
- Others
- Electronics
- Industrial
Heat Engines
- Others
- Textiles
- Textile
Weaving
- Non-woven
Textiles
- Textile
Finishing
- Composites
- Others
- Energy
- Transformer
Oil
- Pipelines
- Liquefied
Natural Gas
- Ocean Energy
- Others
- Chemicals
Manufacturing
- Industrial
Gases
- Fertilizers
- Polymers
- Others
- Food
Processing
- Beverages
- Frozen Food
- Canned Food
- Processed
Potatoes
- Bakery
- Cocoa &
Chocolate
- Others
- Hydraulic
- Compressors
- Bearings
- Others
- Other
Industrial Applications
Industrial
Lubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2024)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Southeast
Asia
- Central &
South America
- Brazil
- Middle East
& Africa
- Saudi Arabia
- UAE
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/global-industrial-lubricants-market
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information:
www.grandviewresearch.com
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