Industrial Lubricants Market Overview by Industry Chain Information, Upstream Raw Materials & Downstream Industry
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Market Size – USD 58.22 Billion in 2019, Market Growth – at a CAGR of 3.2%, Market Trend – Rapid industrialization in Asia Pacific
VANCOUVER, BC, CANADA, May 18, 2023 /EINPresswire.com/ -- The global industrial lubricants market is estimated to reach value of USD 75.23 Billion by 2027, according to a current analysis by Emergen Research. Increase in the number of trade activities and surge in industrialization in developing countries are estimated to propel the industrial lubricants market in the near future. Industrial lubricants are used to reduce friction between two surfaces. They help machines to work without any glitch and prolong the life of affected parts by lowering the wear and tear. Most of the industrial lubricants used have organic base, such as mineral oil or petroleum fraction. Moreover, increased investments in research and development are also likely to boost the industrial lubricants market during the forecast period. Industrial lubricants are used in several industries for carrying out the business effectively and smoothly. Manufacturing companies particularly use industrial lubricants to evade corrosion.
The new report titled ‘Global industrial lubricants Market’, published by Reports and Data, is methodically curated by our team of analysts, keeping readers’ understanding in mind, and includes a wide-ranging database of industry distribution. The report takes a closer look at the historical and current market scenarios to accurately predict the global industrial lubricants market outlook over the forecast duration (2019-2027). Researchers have taken a holistic approach towards the global market analysis and highlighted the factors that influence the overall growth of the market. The study involves the use of efficient analytical tools like SWOT analysis and Porter’s Five Forces to inspect the strengths, weaknesses, opportunities, and threats associated with the growth of the various market segments. The report provides crucial details, such as the market shares of the key players, which help the reader attain a comprehensive outlook of the industrial lubricants market.
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Key Highlights of Report
Hydraulic fluids offer a lubricating film, which reduces the wear and tear on moving parts of an equipment. Effectiveness of the film depends on the balance between viscosity of the lubricants, sliding speeds and loads, and fluid stability.
Synthetic oil has excellent low-temperature flow performance, it offers enhanced oxidation and thermal stability, and it has excellent wear protection. This type of oil is higher in quality and purity than mineral oils.
The construction segment held the largest share of the industrial lubricants market in 2019, due to high demand for construction activities in China and India. From dump trucks and draglines, bulldozers, to scrapers and shovels, all construction equipment are subjected to harsh conditions, which generates demand for lubricants.
The Asia Pacific region held the largest share of the global market, with high demand witnessed in China. The country is a rapidly developing nation and is witnessing strong growth of construction, power generation, and oil & gas sectors.
In December 2020, Nyara Energy, formerly known as Essar Oil, partnered with Shell, a major energy company, to sell the latter’s industrial lubricants through its network of fuel stations in India. Nyara Energy has over 5,900 fuel stations in India and it plans to build new stations to reach 7,300 stations by 2022.
With our new report, you are less likely to fall behind in knowledge or miss out on opportunities. See how our work could benefit your research, analyses, and decisions. Emergen Research study is for everybody needing commercial analyses for the Industrial Lubricants Market, 2022 to 2030, market-leading companies. You will find data, trends and predictions.
Major Players/Manufacturers profiled in the report are:
The Lubrizol Corporation, ExxonMobil Corp, Royal Dutch Shell, Amsoil, Inc., Valvoline International, Inc., Kluber Lubrication, Clariant, Chevron Corp., Petronas Lubricant International, Quaker Chemical Corp
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Global Industrial Lubricants Market Report - Segmental Analysis:
Product Type Outlook (Revenue, USD Billion; 2017–2027)
Hydraulic Fluid
Metalworking Fluid
Gear Oil
Compressor Oil
Grease
Turbine Oil
Others
Transformer Oil
Refrigeration Oil
Textile Machinery Lubricants
Base Oil Outlook (Revenue, USD Billion; 2017–2027)
Mineral Oil
Synthetic Oil
Polyalphaolefins (PAO)
Polyalkylene Glycol (PAG)
Esters
Group iii (Hydrocracking)
Bio-based Oil
End-use Industry Outlook (Revenue, USD Billion; 2017–2027)
Construction
Metal & Mining
Cement Production
Power Generation
Automotive (Vehicle Manufacturing)
Chemical
Oil & Gas
Textile
Food Processing
Others
Agriculture
Pulp & Paper
Marine (Deck Manufacturing)
Key Geographies Profiled in the Report:
North America(the U.S., Mexico, and Canada)
Asia Pacific(China, Japan, India, and Rest of Asia Pacific)
Europe(the U.K., France, Germany, and Rest of Europe)
Latin America(Brazil and Rest of Latin America)
Middle East & Africa(GCC Countries and Rest of Middle East & Africa)
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