Global Industrial Lubricants market to surpass USD 93.1 billion by 2030 from USD 64.4 billion in 2020 at a CAGR of 3.75% throughout the forecast period, i.e., 2021-30. Global industrial lubricant market is estimated to grow due to its growing demand in the automotive and construction industry. Furthermore, to improve the engine quality and to regulate the vehicle emission standards the demand for industrial lubricants is rising as a result of which the market is anticipated to grow in the coming years.
Lubricants refer to any material which aids to reduce friction between surfaces connected mutually. Lubricants avoid corrosion when applied on both inner and outer surfaces. Industrial lubricant is a mixture of components such as liquid, fluid, and greases used to reduce binding and friction and also to lessen the wear and tear of substances. Industrial lubricants contain emulsions, mineral oils, synthetic lubricants, or petroleum. Industrial lubricants can be solid, semi-solid, fluid, or plastic material. They have an organic or inorganic base. It is used for the lubrication of all types of products related to industrial machines including turbines, hydraulic systems, open and closed gears, compressors, industrial transmission, and pneumatic tools. They enhance the performance and efficiency of machinery and offer them a longer life. They are primarily used in automotive, aerospace, marine, and military services.
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Global Industrial Lubricants Market: Key Players
- Royal Dutch Shell
- 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
- PETRONAS Lubricants International
- Other Prominent Players
Global Industrial Lubricants Market: Segments
Synthetic oil-based segment to grow with the highest CAGR during 2021-30
Global Industrial Lubricants market is segmented by base oil into bio-based oil, mineral oil lubricants, synthetic oil lubricants. The synthetic Oil-based segment held the largest market share in the year 2020. Synthetic oil lubricants provide high performance in harsh conditions and can be modified according to the need. Also, they are chemical resistant and have high shear stability.
Hydraulic Segment to grow with the highest CAGR during 2021-30
Global Industrial Lubricants market is distributed by type into grease, gear lubricants, hydraulic lubricants, compressor lubricants, turbine lubricants, metalworking fluids, and others. Hydraulic Segment held the largest market share in the year 2020 owing to its exceptional properties. Hydraulic lubricants are cost-effective as compared to other types of lubricants. as a result, its demand is mounting from the construction industry.
Automotive segment to grow with the highest CAGR during 2021-30
Global Industrial Lubricants market is bifurcated by end-users into marine, automotive, industrial, transportation, textiles, chemicals, power generation, mining, food processing, and others. The automotive segment held the largest market share in the year 2020 and will continue to dominate the market throughout the forecast period because of the escalating demand for vehicles by customers. Industrial lubricants are required for the effective functioning of machines and to prevent failure of equipment.
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High Demand from Various End-User Industry
Wide application of lubricants in several industries such as mining, automobiles, construction, metal forming, plastic, and machining is projected to grow the market over the forecasting period. lubricants are used in the food processing industry to lubricate machines including mixers, conveyors, slicers, sifters, bottle washers. The construction industry is the principal end-user of industrial lubricants. With the growing infrastructure development, the demand for industrial lubricants is anticipated to fuel.
Industrial lubricants are hazardous for the environment as some of them are the byproducts of petrochemicals which leads to water pollution after being disposed of in the water. Moreover, the government is imposing bans on the usage of synthetic lubricants which is expected to hamper the global industrial lubricants market.
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Global Industrial Lubricants market report also contains analysis on:
Industrial Lubricants market Segments:
- By Base Oil
- Bio-based oil
- Mineral Oil Lubricants
- Synthetic Oil Lubricants
- By Type
- Gear Lubricants
- Hydraulic lubricants
- Compressor Lubricants
- Turbine Lubricants
- Metal Working Fluids
- By End-User
- Power Generation
- Food Processing
- Construction Industry
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