Pune India, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the textile machine lubricants market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the textile machine lubricants market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the base oil, application, and regions. 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 textile machine lubricants market are Nye Lubricants, Total S.A, Kluber Lubrication, The Chemours Company, Vickers Oils, Bruckner Textile Machinery, Eni Oil Products, Matrix Specialty Lubricants, Carl Bechem GmbH, Eldons Lubricants Industry, Caltex, MORESCO Corporation among others. To achieve a substantial market share in the worldwide textile machine 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.
As a vital component for the efficient functioning of textile machinery, textile machine lubricants have played a crucial role. These textile machine lubricants have allowed today's modern textile machines to run at greater speeds while maintaining the quality of the products. The use of textile machine lubricants can increase the equipment's runtime, thereby reducing maintenance requirements. The use of textile machine lubricants also minimizes the risk of unplanned downtime. It is essential to use textile machine lubricants to promote the smooth operation of the machine and to prevent rust from developing inside it. Because the textile industry is capital-intensive, a reduction in maintenance can result in considerable savings, thereby evoking the demand for textile machine lubricants. In addition, the textile industry is growing rapidly, as fashion trends push manufacturers to build modern textile mills and expand their production capacities. It has been observed that companies operating in the textile machine lubricants market are engaging in research and development activities so that they can differentiate their products from their competitors, which is creating new growth opportunities for the market. There are some factors which are hindering the market growth such as fluctuating prices of base oils and delays in manufacturing processes.
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Scope of Textile Machine Lubricants Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Base Oil, Application and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Nye Lubricants, Total S.A, Kluber Lubrication, The Chemours Company, Vickers Oils, Bruckner Textile Machinery, Eni Oil Products, Matrix Specialty Lubricants, Carl Bechem GmbH, Eldons Lubricants Industry, Caltex, MORESCO Corporation among others. |
Segmentation Analysis
Mineral oil-based is expected to be the fastest-growing segment in 2022.
The Base oil segment includes mineral oil-based and synthetic oil-based. The mineral oil-based segment is expected to witness the highest growth rate during the forecast period. As a colourless, oily, almost tasteless, and water-insoluble liquid, mineral oil can be found in cosmetics, carrier oils, lubricant laxatives, and a variety of other products. It is used in a variety of industrial and mechanical applications as a nonconductive fluid to replace air and water and as a coolant or thermal fluid for electric appliances.
Knitting machines are expected to be the fastest-growing segment in 2022.
The application segment includes spinning machines, processing machines, winding machines, knitting machines, weaving machines, finishing machines, and others. The knitting machine segment is expected to witness the highest growth rate during the forecast period. Knitting machines are widely used in textile industries as well as in households, which propels the demand for textile machine lubricants for the smooth functioning of the machines.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the textile machine lubricants market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. A substantial amount of small, medium, and large-scale textile manufacturing industries in the Asia Pacific is mainly responsible for the growth of the market. The regulatory frameworks in the Asia Pacific have begun to resemble those in the United States and Europe, and as a result, nations like Japan and South Korea are prioritizing eco-labelled lubricants.
Country Analysis
- Germany
Germany's textile machine lubricants market size was valued at USD 0.48 billion in 2022 and is expected to reach USD 1.12 billion by 2030, at a CAGR of 5.5% from 2023 to 2030.
Rising textile manufacturing in the country and increased demand for textile lubricants in the manufacturing processes propels the growth of the market.
- China
China’s textile machine lubricants market size was valued at USD 0.53 billion in 2022 and is expected to reach USD 1.16 billion by 2030, at a CAGR of 5.6% from 2023 to 2030.
Increased use of these lubricants is expected to boost the textile machine lubricant market in the region. Additionally, these lubricants reduce unscheduled maintenance costs, which will boost the demand for textile lubricants in the country.
- India
India's textile machine lubricants market size was valued at USD 0.67 billion in 2022 and is expected to reach USD 5.10 billion by 2030, at a CAGR of 5.7% from 2023 to 2030.
In the textile sector as a whole, clothing and fashion trends are emerging every day, and the business has kept up with them through efficient production and on-time delivery, boosting the market growth in the country.
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 in the textile industries for the smooth functioning of textile machines, propelling the growth of the market across the countries.
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