Industrial lubricants are defined as compounds like fluids,
greases and oils which are used for tear and wear of materials and helps in
reducing friction and binding. It also prevents electrical resistivity and
further helps in increasing thermal conduction. Industrial lubricants are used
in some of the prominent industries which include, automotive &
transportation, industrial equipment, and textiles. Global industrial lubricants market is expected to rise to an estimated value
of USD 73.30 billion by 2026, registering a steady CAGR in the forecast period
of 2019-2026. Top Manufacturers Covered in the Report: Exxon Mobil
Corporation, FUCHS, Shell plc, Chevron U.S.A. Inc., BP p.l.c., PetroChina
Company Limited, BASF SE, KMG Chemicals, Eni S.p.A, Quaker Chemical
Corporation, Calumet Specialty Products Partners, L.P., Klüber Lubrication,
PETRONAS Lubricants International, Total and Indian Oil Corporation Ltd among
others.
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Segmentation: Global Industrial
Lubricants Market
·
Global Industrial Lubricants Market By Base Oil
(Bio-based Oil, Mineral Oil and Synthetic Oil)
·
Type (Grease, Gear Lubricants, Hydraulic
Lubricants, Compressor Lubricants, Turbine Lubricants, Metal Working Fluids and
Others)
·
Application (Marine, Automotive, Industrial,
Transportation, Textiles, Chemicals, Power Generation, Mining, Food Processing
and Others)
·
Geography (North America, South America,
Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to
2026
Key Developments in
the Market:
·
In July 2019 ExxonMobil launches Mobil Pegasus™
610 Ultra, a high performance lubricant which is used in modern medium- and
high-speed four cycle gas engines. It will help the company to expand its
business and increase its customer portfolio which will also further increase
the company’s profit
·
In 2017, Group Renault and BP with its global
lubricant business Castrol have decided to enlarge their strategic partnership
which will be affected from January 1, 2020. It will help the company to
increase their share in the market
Competitive Analysis:
Global industrial lubricants market is highly fragmented and
the major players have used various strategies such as new product launches,
expansions, agreements, joint ventures, partnerships, acquisitions, and others
to increase their footprints in this market. The report includes market shares
of Industrial Lubricants market for Global, Europe, North America,
Asia-Pacific, South America and Middle East & Africa.
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Market Drivers:
·
Increase in process-automation in manufacturing
units is driving the market growth
·
Rising demand for automobiles is driving the
market
·
Increasing demand for grease in industries to
continue smooth working of machineries is propelling the market growth
·
High consumption of general industrial oils is
another factor driving the market growth
·
Improving PMI indices across the globe and
resultant rise in production capacities is boost the market
Market Restraints:
·
High cost of synthetic and bio-based lubricants
is restricting the market growth
·
Increasing intervals of drain in industrial
operations acts as a market restraint
·
Stringent environmental regulations is hampering
the growth of this market
Key Insights in the
report:
·
Complete and distinct analysis of the market
drivers and restraints
·
Key market players involved in this industry
·
Detailed analysis of the market segmentation
·
Competitive analysis of the key players involved
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