Industrial operations are often subject to a wide variety of operating environments and extreme temperatures. Manufacturers are focusing on developing high viscosity index oils, which are formulated to withstand variations in temperature. With the incessant demand from end-use sectors, the industrial lubricants market is expected to witness steady growth in the years to come. The global market for industrial lubricants is estimated to account for US$ 28 Bn by the end of forecast period, witnessing a moderate CAGR.
Industrial Demand to Drive Value-Pool Growth
End users of industrial lubricants include oil & gas industry, manufacturing industry, railway & marine as well as heavy equipment manufacturing. Among these, the oil & gas industry is estimated to capture major share in the global industrial lubricants market. In the oil & gas industry, onshore and offshore activities face extreme temperature variations, resulting in the need for unplanned downtime for maintenance and repair. Lubricants help in maximizing service life of machine components and enhancing energy efficiency.
Additionally, lubricants used in the manufacturing industry help expand the lifespan of bearings and machineries. Thus, production costs, time, and manpower requirement are reduced, and operations become more efficient and reliable.
Collectively, oil & gas and manufacturing industry segments accounted for more than half of the total global industrial lubricants market volume share in 2018.
Bio-based Lubricants Hold Double Digit Growth Potential
Several tons of synthetic lubricants are washed off into water bodies creating negative impact on the environment and causing health-related issues. Biodegradable sources such as vegetable oils are used to manufacture bio-based lubricants. Aside from the environmental advantages, bio-based lubricants provide better lubrication, superior viscosity/pressure performance, and lower volatility. Rising fuel economy as well as emission regulations for synthetic lubricants across the world are projected to bolster bio-based lubricants demand.
Industrial Lubricants Market – Competitive Landscape
The global industrial lubricants market is fairly consolidated with the top companies holding two-thirds of the total market share. The remaining share is acquired by medium-sized as well as small-sized players, who exhibit tough competition among themselves. On the supplier front, synthetic penetration is rising among mid-tier suppliers as well as retailers. These players are striving to market their own brands of synthetics in competition to those from the primary established market players.
Manufacturers are inclining towards bio-based lubricants with growing regulations on the governmental front. For example, key players in Europe are increasing the manufacturing of bio-based lubricants to comply with the REACH regulations. Key players in the industrial lubricants market are focusing on innovative product developments and expanding their technical marketing and brand building budgets. Prominent players covered in the industrial lubricants market report include FUCHS PETROLUB SE, Royal Dutch Shell PLC, BP PLC, etc.
After an extensive study of the global industrial lubricants market, our analyst has concluded that the market is a fairly consolidated one. Leading companies/manufacturers hold prominent i.e., two-thirds share of the overall global market. The market is expected to remain consolidated over the forecast period. Emergence of bio-based lubricants, due to growing environmental concerns as well as stringent governmental regulations, is expected to generate more demand for bio-based industrial lubricants.
Industrial Lubricants Market - Scope of the Report
Persistence Market Research (PMR) recently published a study report on the global industrial lubricants market. The report provides detailed valuation on the key market dynamics such as drivers, trends, opportunities, and restraints, along with detailed information about the industrial lubricants market structure. This market research report represents exclusive facts and figures about how the industrial lubricants market will grow over the forecast period.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the industrial lubricants market over the forecast period.
The study is relevant for manufacturers, stakeholders, distributors, suppliers, and investors, and can help them understand applicable strategies to grow in the industrial lubricants market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the industrial lubricants market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro as well as microeconomic factors that are impacting the growth of the industrial lubricants market. The study also offers actionable insights based on the future trends in the industrial lubricants market. Furthermore, regional players and new entrants in the industrial lubricants market can also use the information presented in this report to make business decisions and gain momentum in the market.
Key Segments of Industrial Lubricants Market
PMR’s study on the industrial lubricants market is divided into four significant segments- lubricant type, end-use industry, source, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Industrial Lubricants Market Report
Industrial Lubricants Market: Research Methodology
In PMR’s research report, exclusive research methodology is utilized to conduct comprehensive research on the development of the industrial lubricants market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by assistant analysts to ensure precision and reliability of the conclusions.
Secondary resources referred by analysts during the evaluation of the industrial lubricants market study include facts and figures from World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary resources and secondary resources is validated from companies in the industrial lubricants market to make PMR’s projections on the growth prospects of the industrial lubricants market more accurate and reliable.