Industrial Lubricant Market to Exhibit Rapid Surge in Consumption in the COVID-19 Crisis
Global Industrial Lubricant Market accounted for US$ 56.26Bn in 2017 is expected to reach US$ 74.26Bn by 2026 at a CAGR of 3.53% over the forecast period.
Global Industrial Lubricant Market
The Global Industrial Lubricant Market is segmented into the base oil, type, end user and geography. In terms of Base oil, Synthetic oil lubricants will be in higher demand due to its high performance in extreme conditions, higher shear stability, and chemical resistance. Synthetic oil based industrial lubricants can be customized according to the requirements, so that it can have a smooth molecular structure with predictable properties. In end user, power generation will grow fastest due to due to rise in demand for energy at global and helping to enhance equipment reliability and uptime. Rising power plant at global will need particular grades of industrial lubricants that can provide superior performance.
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The driving factor for the Global Industrial Lubricant Market are due to increase in usage of vehicle, rising awareness for fuel efficiency, increasing demand for electric vehicles, increased in manufacturing of vehicles, rise in luxury vehicle with better system are key factors. Strict environmental regulation acts will be the restrains for Global Industrial Lubricant Market.
Among region, Asia pacific is expected to grow at the highest CAGR during the forecast period. The market growth in the region can be attributed to the emerging economics, increasing in disposal income and rising trade business in these region will likely to boost the Industrial lubricant Market in the region.
Global Industrial Lubricant Market share is consolidated, as the key multinational players occupy the major industry share. Royal Dutch Shell Plc. Exxonmobil, BP Plc, Total, Chevron, FUCHS, Sinopec, Lukoil, Valvoline, Pt Pertamina, Petrobras, Chevron Corporation, Petrochina Company Limited, Fuchs Petrolub AG, Idemitsu Kosan Co. Ltd, BASF SE, KMG Chemicals, Indian Oil Corporation Ltd, Eni S.p.A and Shell International Petroleum Company Limited with brand portfolio expansion, mergers, collaborations and acquisitions are the key strategies adopted by the top players. For instance, in 2018, Valvoline to Acquire Oil Changers, Its Second Quick-Lube Acquisition in Canada.
Scope of the Global Industrial Lubricant Market
By Base Oil
• Bio based oil lubricants
• Synthetic oil lubricants
• Mineral oil lubricants
• Gear Lubricants
• Hydraulic lubricants
• Compressor lubricants
• Turbine lubricants
• Metal working fluids
• Others (Processing oils, Textile machinery oils)
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By End User
• Power generation
• Food processing
• North America
• Middle East & Africa
• Latin America
Key Players operating in the Global Industrial Lubricant Market:
• Royal Dutch Shell Plc.
• BP Plc.
• Pt Pertamina.
• Chevron Corporation
• Petrochina Company Limited
• Fuchs Petrolub AG
• Idemitsu Kosan Co. Ltd
• BASF SE
• KMG Chemicals
• Indian Oil Corporation Ltd
• Eni S.p.A
• Shell International Petroleum Company Limited
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