The industrial lubricants market size was significantly robust in 2020 and is expected to register a steady revenue CAGR over the forecast period. Key factors driving market revenue growth are increasing demand for low viscosity fluids and greases in the automotive sector and new eco-friendly lubricants that have been innovated due to negative environmental impact of petroleum-based lubricants.
Lubricants are an essential component that are required for the proper functioning of various machine segments in multiple industries. These are primarily defined as compounds such as oils, fats, and liquids. Its primary function is to prevent metal-to-metal contact in finished component dyes and tooling. Industrial lubricants are expected to cool parts, reduce friction, distribute contaminants, minimize wear, prevent corrosion, transmit force, and act as sealants. Lubricants have many industrial uses to protect against corrosion and reduce friction. Industrial lubricants are to be commended because these offer thermal stability and do not disintegrate even in the highest temperature range.
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Top Players in the Global Industrial Lubricants Market:
- Royal Dutch Shell
- LUKOIL
- Total S.A.
- BP p.l.c.
- Idemitsu Kosan Co., Ltd
- Fuchs Petrolub AG
- ExxonMobil Corporation
- PetroChina Company Limited
- Sinopec Limited
- Chevron Corporation
Rapid urbanization and industrialization and increasing technological advancements in emerging countries are the main factors supporting growth of the industrial lubricants market. In addition, design of the internal combustion engine has advanced significantly and is now exposed to much more stress and heat due to engine improvements. This has also resulted in introduction of very high-speed engines that require a better-quality motor oil. In addition, gearbox and bearing technology has also improved. All these developments and improvements require much better lubricants. This has resulted in rapid growth of the market for industrial lubricants and is helping it to evolve and expand.
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Market segmentation based on Base Oil Market:
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
Product Type Outlook:
- Hydraulic fluid
- Metalworking fluid
- Gear Oil
- Compressor Oil
- Grease
- Turbine Oil
- Others
End-use Outlook:
- Construction
- Metal Mining
- Cement Production
- Power Generation
- Automotive
- Chemical
- Oil Gas
- Textile
- Food Processing
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Frequently Asked Questions Answered in the Report:
- What is the estimated revenue growth rate of the global Industrial Lubricants market over the forecast period?
- What are the major factors driving the global market revenue growth?
- Which are the leading manufacturers and suppliers in the global Industrial Lubricants market?
- Which regional market is expected to lead in terms of revenue share in the global Industrial Lubricants market over the forecast years?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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