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Industrial Lubricants Market to account for US$ 28 Bn by the end of forecast period 2019-2027 – Lake Shore Gazette

Industrial Lubricants Market to account for US$ 28 Bn by the end of forecast period 2019-2027

Enhanced operational efficiency offered by industrial lubricants is bolstering their use in the constantly expanding manufacturing sector, as well as other industries such as power generation and oil & gas. Growing use of high-performance lubricants in these end-use industries is expected to drive market growth in the forecast period (2019-2027). As indicated by a new study of Persistence Market Research (PMR), global demand for industrial lubricants will progress moderately through 2027, reaching a value of US$ 28 Bn.

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Key Takeaways

  • Growing use of complex machinery and tools in industries, is increasing the demand for general industrial oils, making it a prominent segment in the global industrial lubricants market.
  • The global market is witnessing a gradual shift towards bio-based industrial lubricants. In addition to the environmental advantages, bio-based industrial lubricants provide better lubrication and superior viscosity.
  • Customers in the manufacturing industry are seeking to increase output efficiency by minimizing downtime and boosting productivity, resulting in sustained demand growth for industrial lubricants.
  • Manufacturers are focused on sustainability measures such as recycling and reuse of industrial lubricants. Lubricant manufacturers are providing on-site and off-site lubricant recycling equipment and services to their customers.
  • Asia Pacific commands a prominent share in the global industrial lubricants market owing to significant growth in the manufacturing industry and increasing oil & gas operations in the region.

With the use of specialty additives, companies are focused on providing industrial lubricants with better efficiency. Growing environmental concerns are turning the focus of the lubricant industry towards the development of bio-based lubricants, which are estimated to gain more consumer preference in the coming years.

How is Market Structure Defined?

Key players are expanding their global presence by investing in organic growth and practicing integration across the value chain to reduce production costs. For example, Exon Mobil Corporation completed the expansion of its Singapore refinery to upgrade the production of Group II base stock and enhance its integrated competitiveness.

Companies are emphasizing on providing high-grade industrial lubricants and custom product solutions to boost their unique selling proposition and competitive position. Key players in the global industrial lubricants market include Royal Dutch Shell plc, and Exon Mobil Corporation, among others.

Tough Competition among Manufacturers

In the coming years, industrial lubricants are expected to witness consistent demand. With the persistent trend of providing application-specific lubricants, manufacturers are focused on keeping their product portfolios strong. Asia Pacific remains the most lucrative region in the global market with a prominent value-volume share, while the Middle East & Africa is estimated to witness high CAGR. With increasing demand, key players are expanding their presence through strategic acquisitions and leveraging distributors to penetrate target regions.

What Does the Report Cover?

This market research offers a comprehensive assessment of the key market dynamics such as manufacturing and sales scenario, buying and supplying patterns, cost structure, and facts & figures about the global industrial lubricants market structure. This report also represents comprehensive information about how the global industrial lubricants market is projected to grow over the forecast period of 2019-2027. The study comprises of facts and statistics related to the micro as well as macroeconomic factors impacting developments in the market.

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About PMR’s Expertise in Chemical and Nanomaterials

Persistence Market Research’s Chemicals & Nanomaterials team is regarded as one of the most reliable and authoritative sources of intelligence among stakeholders across the value chain. Our team of industry experts provides vital insights across a broad range of sub domains, including but not limited to, commodity, specialty chemicals, composites, nanotechnology, and institutional cleaning chemicals. PMR’s research and consulting services include market sizing, product and market segmentation, and a detailed discussion on prevailing and anticipated market conditions. Reach out to us for more information on how we can help.

Companies covered in Industrial Lubricants Market Report

  • 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

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