Global Industrial Lubricants Market: Snapshot
Industrial lubricants find use in the lubrication applications for a wide range of machinery and components. They are used for the lubrication of turbines, compressors, hydraulic systems, ball bearings, pneumatic tools, industrial transmission systems, and gears. They are usually laced with additives to bolster the anti-wear properties of these lubricants. Solution providers for industrial lubricants in the market choose their additives carefully, so as to meet different criteria such as those pertaining to ISO/DIN standards. They are hence coming out with their proportions of base oils and additives to meet specific objectives, and for different industrial machinery. OEMs might have their own set of requirements. A range of synthetic base oils have been trialed by lubricant manufacturers especially in developing and developed worlds.
Growing popularity of hydraulic oils is a notable factor propelling the market prospects. Over the years, they have been extensively used in building machinery and industrial plants. A growing body of research in improving the tribological properties is expected to bolster new avenues in the industrial lubricants market. The search for new non-conventional base oils might unlock new potential for players seeking higher stakes in the market. Rising demand for a variety of industrial lubricants in heavy-duty mining and construction equipment in several industrialized nations is boosting the revenues in the market. Over the years, lubricants and oils with new properties are expected to open new avenues for vendors. A case in point is fire-resistant hydraulic oils. Strides in heavy machinery manufacturing in various parts of the world are expected to bolster prospects. This is great part of the demand for new machinery in wind and solar industry.
Global Industrial Lubricants Market: Snapshot
Industrial lubricants find use in the lubrication applications for a wide range of machinery and components. They are used for the lubrication of turbines, compressors, hydraulic systems, ball bearings, pneumatic tools, industrial transmission systems, and gears. They are usually laced with additives to bolster the anti-wear properties of these lubricants. Solution providers for industrial lubricants in the market choose their additives carefully, so as to meet different criteria such as those pertaining to ISO/DIN standards. They are hence coming out with their proportions of base oils and additives to meet specific objectives, and for different industrial machinery. OEMs might have their own set of requirements. A range of synthetic base oils have been trialed by lubricant manufacturers especially in developing and developed worlds.
Growing popularity of hydraulic oils is a notable factor propelling the market prospects. Over the years, they have been extensively used in building machinery and industrial plants. A growing body of research in improving the tribological properties is expected to bolster new avenues in the industrial lubricants market. The search for new non-conventional base oils might unlock new potential for players seeking higher stakes in the market. Rising demand for a variety of industrial lubricants in heavy-duty mining and construction equipment in several industrialized nations is boosting the revenues in the market. Over the years, lubricants and oils with new properties are expected to open new avenues for vendors. A case in point is fire-resistant hydraulic oils. Strides in heavy machinery manufacturing in various parts of the world are expected to bolster prospects. This is great part of the demand for new machinery in wind and solar industry.
A lubricant is an organic material used to reduce friction between two parts mutually connected to each other. In industrial applications which use huge machines, lubricants play a vital role in reducing friction between components moving at high speeds, thereby minimizing the heat generated, avoiding losses, and reducing wear & tear. They aid maintenance, ensure safety at the workplace by preventing accidents caused by possible leaks & spills, help avoid energy losses, and increase productivity & efficiency. Gear oil, motor oil, hydraulic oil, synthetic lubricants, and grease are commonly used industrial lubricants and find application at almost every site which uses machinery. Typical examples include air compressors, gas engines, gears, bearings, hydraulics, and turbines. Industrial segments which utilize these lubricants include power generation, food & beverages, oil & gas, and manufacturing. Industrial lubricants help maintain the efficiency of a machine and ensures reliability. Rapid industrialization, need for infrastructural development & automation, and the plummeting oil prices are key drivers of the expanding industrial lubricants market. Most of these lubricants are products composed of mineral oil which is non-biodegradable, highly eco-toxic, and poses a threat to the environment as well as human life. Thus, use of lubricants leads to pollution and greenhouse gas emissions through spills, leakages, or accidents. Stringent environmental considerations, laws, and norms therefore pose a threat to their usage. This, along with the need for efficiency-enhancing lubricants, gives rise to demand for substitutes providing higher efficiency as well as eco-friendly properties. Bio-degradable lubricants sourced out of eco-friendly fuels and food grade lubricants are recent developments in the industry. Given the stringent environmental policies, bio-degradable lubricants are expected to substitute existing lubricants on a large scale in the near future.
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Based on end-use industry, the market for industrial lubricants can be segmented into the following categories: power generation, food, manufacturing, automobiles, and oil & gas. Rising demand for automobiles is anticipated to drive the lubricants market during the forecast period. On the basis of application, the market for industrial lubricants can be divided into the following segments: gear lubricants, hydraulic lubricants, compressor lubricants, and others.
In terms of the type of source, the market can be split into the following groups: mineral oil, bio-based oil, and synthetic oil. At present, the market is dominated by the use of lubricants manufactured from mineral oil which are likely to dominate the market during the forecast period. However, bio-based and eco-friendly lubricants are anticipated to exhibit a significant CAGR due to the rising health hazards caused by environmental pollution, awareness about environmental factors, and stringent government norms.
Geographically, the market can be distributed over Asia Pacific, Europe, Latin America, North America, and Middle East & Africa. Asia Pacific is projected to be a highly attractive market as compared to other regions, owing to its industrial growth, massive automotive sector, rapid development, and the need for infrastructure in the region’s developing nations.
Key players in the market include Shell, ExxonMobil, Chevron Corporation, Total, and BP.
The industrial lubricants market is predicted to be attractive with chances of significant growth during the forecast period, especially in the bio-based & eco-friendly lubricants segment and Asia Pacific, with the automotive industry acting as a major contributor. Industrial growth, infrastructural development, need for automation, and stringent pollution control norms & regulations are estimated to be key propellants of this market.
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