Industrial Lubricants Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

 

The global industrial lubricants market is primarily driven by the increasing adoption of complex machinery and tools in various industries. The main task and most important function of lubricants are to reduce friction lubricants and offer wear protection, which extends machine runtimes and thereby protects raw materials. Awareness of lubricants is increasing among consumers as it is contributing to the sparing use of resources and thereby to sustainability. Their task of reducing friction reduces the amount of energy input required and, in this way, saves emissions. Hence, escalating its market demand across the globe.

The Industrial Lubricants Market is expected to grow at a steady rate of over 3% in the forecasted period. Factors such as rapid urbanization, industrialization, and increasing technological advances in emerging economies are the major factors supporting the growth of the industrial lubricants market. In addition, growing construction and mining activities have increased the utilization of heavy equipment in many countries. Due to the increase in the utilization of such equipment, the demand for industrial lubricants is also increasing.

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According to UnivDatos Market Insights (UMI)’ research report “Global Industrial Lubricants Market”, the market is expected to witness robust growth during the forecast period (2022-2028).

Based on Base oil, the industrial lubricants market is segmented into mineral oil, synthetic oil, and bio-based oil. The mineral oil category caters substantial share of the market. As Petrochemical components and increasing derivatives of natural, harvestable raw materials from the oleo-chemical industry are finding increasing acceptance because of their environmental compatibility and some technical advantages.

Based on end-user, the industrial lubricants market is classified into energy generation, oil & gas, manufacturing, railway & marine, heavy engineering equipment, and others. Among these, the oil & gas industry is estimated to capture a major share in the global industrial lubricants market. In the oil & gas industry, onshore and offshore activities face extreme temperature variations, resulting in the need for unplanned downtime for maintenance and repair. Lubricants help in maximizing the service life of machine components and enhancing energy efficiency.

Asia Pacific to witness extensive growth

For a better understanding of the market adoption of the industrial lubricants industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World. Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed due to the increasing growth in the base oil movement, rapid industrialization & urbanization, rising population, and high growth in major end-use industries, such as textiles, chemicals, food processing, and metalworking. Also, the growing investments in the agriculture sector to reduce manual work and increase the use of various machinery to reduce time and improve efficiency are expected to drive the market.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Industrial lubricants market are BP Plc, Exxon Mobil Corporation, Fuchs Petrolub SE, Chevron Corporation, Idemitsu Kosan Co. Ltd., Lukoil Oil Co., PetroChina Co. Ltd., Total S.A., Royal Dutch Shell Plc, and BASF SE.

“Global Industrial Lubricants Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.        

Market Segmentation:

1.      By Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil)

2.      By Product Type (Hydraulic fluid, Metalworking fluid, Gear Oil, Compressor Oil, Grease, Turbine Oil, and Others)

3.      By End-User (Energy Generation, Oil & Gas, Manufacturing, Railway & Marine, Heavy Engineering Equipment, and Others)

4.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.      By Company (BP Plc, Exxon Mobil Corporation, Fuchs Petrolub SE, Chevron Corporation, Idemitsu Kosan Co. Ltd., Lukoil Oil Co., PetroChina Co. Ltd., Total S.A., Royal Dutch Shell Plc, and BASF SE)

Key questions answered in the study:

1.      What are the current and future trends of the global industrial lubricants industry?

2.      How the industry has been evolving in terms of base oil, product type, and end-user?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global industrial lubricants industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global Industrial lubricants’ suppliers across various region and countries?