The global industrial lubricants market size was USD 66.01 billion
in 2020. The market is projected to grow from USD 67.55 billion in 2021
to USD 85.00 billion in 2028 at a CAGR of 3.3% during the
2021-2028 period. This information is published by Fortune Business Insights™, in its report, titled, “Industrial Lubricants Market, 2021-2028.”
According to our researchers, industrial lubricants has colossal utilization for turbine machines, power generation, metal & mining, and food & beverage applications. Moreover, the growth in demand the product, owing to the above-mentioned applications is further sustaining the adoption of advanced machinery to refine and enhance efficiency, thus expanding the industrial lubricants market growth.
Segments
Hydraulic Segment to Record
Highest Market Share
On the basis of base oil, the market is classified into mineral oil,
synthetic oil, and bio-based oil.
In terms of application, the market is
divided into hydraulic fluid, metal working fluid, gear oil, grease, and
others. Hydraulic fluid segment recorded the largest share in the market owing
to its high utilization in a variety of finished goods.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
We
conduct our reports based on an expansive examination method that precisely
accentuates insightful information delivery. Our scholars have utilized a data
navigation method which further guides us to present reliable predictions and
provide accurate market dynamics. Further, our analysts have gained permission
to various global as well as domestically sponsored records in order to provide
updated information so that the shareholders and professional business owners
capitalize only in the fundamental areas.
Driving Factors
Rising Implementation of Automation in Production to Amplify Market
Growth
The surge in demand for automation in the production sector is expected
to fuel the market during the forecast period. In manufacturing, equipment are
utilized from automated systems for production procedures. Automation offers
superior effectiveness by mounting production capability, foreseeable
maintenance, and abridged costs. These benefits further aid the company in
developing an expansive variety of product kinds to entice consumers by having
low investment and securing a positive yield on investment.
Regional Insights
Asia Pacific to Thrive
Backed by Growing Economy in this Region
The market in
Asia Pacific stood at USD 27.88 billion in 2020. The region held the largest
industrial lubricants market share that can be linked with the growing economy
and surging industrialization.
In North America,
the product demand can be accredited to the increase in renewal undertakings
and commercial sector enlargement.
Europe has
observed prompt automobiles production, wherein industrial lubricants are
utilized in machinery during the production and assembling of automobile
fragments.
Competitive Landscape
Acquisitions Commenced by
Pivotal Companies to Foster Market Growth
The
fundamental players operating in the market incessantly choose effective
stratagems to boost their brand value as well as endorse the global market
growth of the product while facing the lowest imaginable hurdles. One such
proficient strategy is, procuring competitive companies and further
safeguarding a beneficial income for both the involved companies.
Industry Development
October 2020 – Shell Lubricants expanded its
portfolio to provide end-to-end lubrication solutions and service offerings for
key industrial sectors. With this business expansion, Shell Lubricants
prioritized the focus on supporting the primary metals and power sectors with
the addition of new products to its portfolio.
List of Key Players
Covered in the Report
·
FUCHS (Germany)
·
Repsol (Spain)
·
Exxon Mobil
(U.S.)
·
BP plc (U.K.)
·
Shell
(Netherlands)
·
Petrobras
(Brazil)
·
Hindustan Petroleum
Corporation Limited (India)
·
Indian Oil
Corporation Ltd. (India)
·
Gazprom Neft PJSC
(Russia)
·
PT Pertamina
Lubricants (Indonesia)
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