Pune India, Dec. 08, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the industrial lubricants market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the industrial lubricants market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as product type, end-use, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global industrial lubricants market are ExxonMobil Corporation, PetroChina Company Limited, Royal Dutch Shell, Sinopec Limited, Fuchs Petrolub AG, Chevron Chemical Corporation, Hindustan Petroleum Corporation Limited, Repsol, Idemitsu Kosan Co. Ltd., LUKOIL, among others. To achieve a substantial market share in the worldwide industrial lubricants market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A lubricant is a substance applied to surfaces that move relative to one another. The lubricant reduces friction and wear on the surfaces. The lubricant may, however, be used for additional functions in addition to these primary ones. Additional roles include heat transmission, sealing, corrosion protection, and impurity trapping and ejection in mechanical systems. There are numerous different types of lubricants; the most widely used ones include grease, liquid, and solid lubricants. Grease is often given in 35-lb kegs, but oil is frequently provided in 55-gallon drums and 5-gallon pails. The additives in lubricants are frequently used to calculate the shelf life of lubricants. Storage methods that maximise shelf life are available in dry, clean, and less sensitive to temperature variations environments. Drums should be stored on their sides and protected from the elements with tarps and shelters if they must be kept outside. When handling the drums, they can be rolled on their sides but not dropped. Drum handling jaws, which can completely enclose drum perimeters, should be employed on forklifts rather than blades, which are not the proper tool for grasping the drum sides. The goal is to administer the proper lubricant type in the right amount at the right time, whether the system is automatic or human.
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Scope of Industrial Lubricants Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | By Product Type, By End-use, region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | ExxonMobil Corporation, PetroChina Company Limited, Royal Dutch Shell, Sinopec Limited, Fuchs Petrolub AG, Chevron Chemical Corporation, Hindustan Petroleum Corporation Limited, Repsol, Idemitsu Kosan Co. Ltd., LUKOIL, among others |
Segmentation Analysis
Hydraulic fluid is expected to be the fastest growing segment in 2021.
The product type segment is compressor oil, hydraulic fluid, greases, gear oil, refrigeration oil, and others. Hydraulic fluid is expected to witness the highest growth rate during the forecast period. Loaders, cranes, excavators, and other types of construction machinery all extensively use hydraulic fluids. This is as a result of its better hydraulic system performance, superior performance, and increased mechanical stress endurance. The construction sector is experiencing a sharp increase in the demand for hydraulic fluids. Also, the market is being driven by an increase in infrastructure and development projects.
The automotive segment is expected to be the fastest-growing segment in 2021.
The end-use includes metalworking, chemical manufacturing, automotive, energy, textiles, industrial gases, hydraulic, and food processing. Automotive is expected to witness the highest growth rate during the forecast period. Industrial lubricants are widely utilised in the automotive industry in gearing, high-speed bearings, brake systems, engines, metalworking fluid, and other parts. This is because to the greater binding, performance, and working life that lubricants offer over other materials. Because of the rising demand for reasonably priced and fuel-efficient vehicles as well as technological improvements in the automotive industry, the market is being driven by the rapidly growing automotive production across the globe.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Industrial Lubricants include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
- Asia Pacific region witnessed a major share. The strong demand across key industries has an impact on the region's robust expansion of industrial lubricants. Due to the superior qualities of industrial lubricants, such as improved performance, binding, protection against damage, and extended machinery life, the automotive industry accounts for the majority of demand. The market is driven by the increase of vehicle production in important APAC nations including China, Japan, India, and others. The Japan Automobile Manufacturers Association (JAMA) reports that from 344,875 units in December 2019 to 360,103 units in January 2020, the country's production of motor vehicles grew. Thus, the booming need for lubricants for construction, automobile production, and other uses in the Asia-Pacific area has an impact on the market for industrial lubricants.
Country Analysis
- Germany
Germany's industrial lubricants market size was valued at USD 5.17 billion in 2021 and is expected to reach USD 6.39 billion by 2029, at a CAGR of 2.7% from 2022 to 2029.
The involvement of various multinational chemical producers around Germany is largely responsible for the rapid growth. Largely used in a variety of processes, including the fertilizer industry, rotatory and compressor units in manufacturing facilities, and more, these industrial lubricants help increase running cycles and improve the operation of machinery that is subjected to high stress.
- China
China Industrial Lubricants’s market size was valued at USD 7.39 billion in 2021 and is expected to reach USD 9.8 billion by 2029, at a CAGR of 3.7% 2022 to 2029. The Chinese market is growing as a result of the nation's quick industrialization, urbanization, population growth, and robust growth in important end-use industries including textiles, chemicals, food processing, and autos. According to the China Association of Automobile Manufacturers, China produced and sold 26.08 million cars, up from 26.27 million in the preceding three years, an increase of 3.4% and 3.8% respectively year over year (CAAM).
- India
India's Industrial Lubricants market size was valued at USD 6.3 billion in 2021 and is expected to reach USD 11.9 billion by 2029, at a CAGR of 8.1% from 2022 to 2029. Demand for industrial lubricants is fueled by growth in India's auto industry. The domestic sales of passenger vehicles in India climbed from 2,711,457 units in 2020–21 to 3,069,499 units in 2021–22, according to the Society of Indian Automobile Manufacturers (SIAM). Additionally, the market is expected to rise as a result of the rising residential building and infrastructure development in the Asia-Pacific region. For instance, the Make in India campaign aims to raise US$965.5 million by 2040 for investments in India's infrastructure.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand for industrial lubricantss from various applications, including commercial and residential applications.
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