NEW YORK, March 30, 2018 (GLOBE NEWSWIRE) -- According to the study published by P&S Market Research, industrial lubricants market is projected to reach $68 billion by 2024, Rising demand for a variety of manufactured finished goods as well as subsequent need for expanding production capabilities has influenced manufacturers to rely on different machinery to automate production process and processing functions.

On the basis of product, industrial lubricants market has been segmented into process oils, general oils, metalworking fluids, engine oils and others. Process oils are estimated to hold more than 20% share in the industrial lubricants market in 2017. Processed industrial lubricant is a special category of oil which finds wide application scope in a range of chemical as well as technical industries. Process oils are used as raw material as well as a processing aid in different end-use industries such as chemicals, rubber, and plastic. Increasing demand for chemicals, primarily in Asia-Pacific, is expected to drive their production.

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On the basis of application, global industrial lubricants market has been segmented into metalworking, textile, energy, chemical manufacturing, food processing, hydraulic and others. Chemical manufacturing will be the largest application area for industrial lubricants market, during the forecast period. Chemical manufacturing and processing plant operational challenges include temperature extremes, threat of contamination from other chemicals, continuous operation, water and particulates. Lubricants used in the chemical manufacturing application results in the lengthening of lubricant and equipment lifespan, reduced oil temperatures, reduced friction, heat, energy consumption and extended oil drain intervals.

Asia-Pacific is estimated to hold the largest share in the industrial lubricants market in 2017. The Asia-Pacific region is expected to be the fastest growing industrial lubricants market during the forecast period owing to high growth in the oil market, burgeoning population, rapid industrialization, and urbanization, coupled with strong growth in major end-use industries such as food processing, textiles, chemicals, and metalworking. The market presents several lucrative opportunities to innovators who tap into niche applications and introduce newer products with advantageous product characteristics.

Growth of chemical manufacturing industry, particularly driven by top chemical manufacturing countries such as Germany, the UK, Russia and France are expected to drive the growth of industrial lubricants market. These lubricants are required for variety of applications such as fertilizer production, compressors, and rotatory machines. They help in optimizing the performance and operating life cycle of the equipment which is subjected to severe stress and wear & tear. Increasing demand for processed food & beverages owing to changing consumer preferences and busy lifestyle is expected to fuel the industrial lubricants market growth in food processing applications.

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Growth of energy industry, particularly oil & gas and mining in North America is expected to be a key driving factor for industrial lubricants market growth in the region. These lubricants are required at every stage of the energy generation sector ranging from performance efficiency of the equipment to the availability at all times. Factors such as downtime in the oil & gas industry caused by numerous variables, corrosion, wear & tear and operational inefficiency results in a huge loss for the producers, impacting output for a couple of days.  These lubricants stimulate the smooth working of machinery and equipment with reduced friction between parts.

Some of the major players operating in the global industrial lubricants industry are ExxonMobil Corp., Fuchs Group, The Lubrizol Corporation, Royal Dutch Shell, Phillips 66, Lucas Oil Products, Inc., Amsoil, Inc., Bel-Ray Co., Inc., Total S.A., Kluber Lubrication, Valvoline International, Inc., Chevron Corp., Clariant, Quaker Chemical Corp., Zeller+Gmelin GmbH & Co. KG, Houghton International, Inc., Castrol, Blaser Swisslube, Inc., Calumet Specialty Products Partners, L.P., Petronas Lubricant International, Idemitsu Kosan Co., Ltd. and Yushiro Chemical Industry Co., Ltd.

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