The global industrial lubricants market size was USD 66.01 billion in 2020. The market is projected to grow from USD 67.55 billion in 2021 to USD 85.00 billion in 2028 at a CAGR of 3.3% during the 2021-2028 period. This information is published by Fortune Business Insights™, in its report, titled, “Industrial Lubricants Market, 2021-2028.”
According to our researchers, industrial lubricants has colossal utilization for turbine machines, power generation, metal & mining, and food & beverage applications. Moreover, the growth in demand the product, owing to the above-mentioned applications is further sustaining the adoption of advanced machinery to refine and enhance efficiency, thus expanding the industrial lubricants market growth.
COVID-19 Impact
COVID-19 to Decay Growth of Several Industries
The coronavirus outbreak has adversely influenced the market as a consequence of momentary lockdown of production units. This triggered a decrease in demand for industrial lubricants as machineries and equipment were lying still, without any usage. Furthermore, lubricants are also utilized in automotive and marine applications as fuel and machine oils to keep the system running. The quarantine and ban imposed on import and export activities led to automobiles and marine vessels being unused, thereby declining product demand.
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Segments
Hydraulic Segment to Record Highest Market Share
On the basis of base oil, the market is classified into mineral oil, synthetic oil, and bio-based oil.
In terms of application, the market is divided into hydraulic fluid, metal working fluid, gear oil, grease, and others. Hydraulic fluid segment recorded the largest share in the market owing to its high utilization in a variety of finished goods.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
We conduct our reports based on an expansive examination method that precisely accentuates insightful information delivery. Our scholars have utilized a data navigation method which further guides us to present reliable predictions and provide accurate market dynamics. Further, our analysts have gained permission to various global as well as domestically sponsored records in order to provide updated information so that the shareholders and professional business owners capitalize only in the fundamental areas.
Driving Factors
Rising Implementation of Automation in Production to Amplify Market Growth
The surge in demand for automation in the production sector is expected to fuel the market during the forecast period. In manufacturing, equipment are utilized from automated systems for production procedures. Automation offers superior effectiveness by mounting production capability, foreseeable maintenance, and abridged costs. These benefits further aid the company in developing an expansive variety of product kinds to entice consumers by having low investment and securing a positive yield on investment.
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Regional Insights
Asia Pacific to Thrive Backed by Growing Economy in this Region
The market in Asia Pacific stood at USD 27.88 billion in 2020. The region held the largest industrial lubricants market share that can be linked with the growing economy and surging industrialization.
In North America, the product demand can be accredited to the increase in renewal undertakings and commercial sector enlargement.
Europe has observed prompt automobiles production, wherein industrial lubricants are utilized in machinery during the production and assembling of automobile fragments.
Competitive Landscape
Acquisitions Commenced by Pivotal Companies to Foster Market Growth
The fundamental players operating in the market incessantly choose effective stratagems to boost their brand value as well as endorse the global market growth of the product while facing the lowest imaginable hurdles. One such proficient strategy is, procuring competitive companies and further safeguarding a beneficial income for both the involved companies.
Industry Development
October 2020 – Shell Lubricants expanded its portfolio to provide end-to-end lubrication solutions and service offerings for key industrial sectors. With this business expansion, Shell Lubricants prioritized the focus on supporting the primary metals and power sectors with the addition of new products to its portfolio.
List of Key Players Covered in the Report
- FUCHS (Germany)
- Repsol (Spain)
- Exxon Mobil (U.S.)
- BP plc (U.K.)
- Shell (Netherlands)
- Petrobras (Brazil)
- Hindustan Petroleum Corporation Limited (India)
- Indian Oil Corporation Ltd. (India)
- Gazprom Neft PJSC (Russia)
- PT Pertamina Lubricants (Indonesia)
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