According to a market
research report by IndustryARC titled “Slideway Oil Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Global Forecast 2019 To 2024,” the Slideway oil market is driven by strong
growth in automotive production and rising demand for machinery from downstream
Asia-Pacific dominates the slideway oil market
The Asia-Pacific region was the largest market for slideway oil in 2018, and is expected to witness growth at a CAGR of 5.72% in terms of value during the forecast period, owing to increasing automotive production in China and India. The rising government expenditure on infrastructural development, rapid economic growth, and advances in road and rail networks are expected to drive market growth. Increase in the production of vehicles and components due to increased consumer demand for commercial and personal transport is expected to stimulate product growth over the forecast period. North America was the second largest market for slideway oil in 2018, and a favorable outlook for the construction industry in the U.S. is expected to have a positive impact on the slideway oil market growth in the region for the forecast period.
Selected/Sample Analysis done in the full Report
The market for slideway oil is growing at a moderate pace, which is expected to continue in the forecast period. Companies operating in this market mostly supply synthetic-based slideway oil for various applications, among which the manufacturing sector registered the highest demand share.
IndustryARC estimates the mineral oil-based slideway oil segment to grow by the highest CAGR of 4.1% over the forecast period, due to its low cost and strict regulations against use of synthetic oil. India is expected to be the fastest growing region with a CAGR of 5.3% from 2019 to 2024. Various governmental initiatives like ’Make In India’ and high economic growth are some major factors propelling demand for the slideway oil market in India.
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Excerpts on Market Growth Factors
· Strong increase in automobile production will lead to high demand for slideway oil.
· Upgradation of technology in key industries like energy, manufacturing, construction and chemical process equipment manufacturing has led to growth in the slideway oil market. China’s aim to become the world’s largest chemical market will have a significant impact on the global slideway oil market growth. Chemical production growth in the other emerging markets of APAC is expected to be similar to that of China’s.
· Increasing investment in the construction industry is all set to boost demand for Slideway Oil
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Key players of the Slideway Oil Market
Key companies such as Royal Dutch Shell PLC, Exxon Mobil Corporation, BP PLC, Chevron Corporation, and Total S.A. hold a combined share of 33% in the slideway oil market. As one of the world´s leading producers of slideway oil, Royal Dutch Shell PLC offers the broadest range of slideway oils for different applications. IndustryARC estimates that the top five players will acquire more share in the future due to vast product offerings for various industries, established goodwill in the market, and by entering into partnerships with smaller players.
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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life Sciences and Healthcare.