The global industrial lubricant Market is $98845.54m in 2017 and is estimated to surpass $11,8474.22m mark by 2023 growing at an estimated CAGR of more than 3.69% during 2018 to 2023. Asia-pacific region especially china has been the pioneer in the innovation, manufacturing and export of a wide variety of lubricants and holds the highest market share of more than 40%. Continuous industrialization and growth in the manufacturing sector across the globe has led to the increasing consumption of lubricants in industrial applications.
What are Industrial Lubricants?
Lubricants are vital part which is essential for smooth functioning of various segment of machines in various industry verticals. They are basically defined as compounds like oils, greases and fluids. Their primary function is to prevent metal-to-metal contact in dyes and finished component tooling. Industrial lubricants are expected to cool parts, reduce friction, disperse contaminants, minimize wear, prevent corrosion, transmit power and act as a sealant and.
What are the major applications for Industrial Lubricants?
Lubricants have many industrial applications in order to provide protection against corrosion and reduce friction. Industrial lubricants are commendable as they have the capability of providing heat stability and do not breakdown even at the highest temperature range.
Lubricants are used in many applications such as in air compressors, bearings, food machinery, gas engines, gears, hydraulic, machining, natural gas compressors, paper machines, turbines and power generation.
The various end users of industrial lubricants include aerospace, automotive, military, marine, chemicals, food processing, textile, oil fields, railroads, construction, agriculture, timber and logging.
Market Research and Market Trends of Industrial Lubricants
- The latest innovation in industrial lubricants is a boron-free additive which allows the formulation of water-mix metalworking fluids which are boron-free and formaldehyde. This is particularly important to smaller players in the industry who lack research and development resources to come up with their own solution.
- New environment-friendly lubricants are been innovated due to the negative impact of petroleum-based lubricants on the environment is a significant trend in the global industrial lubricants market. Several tons of lubricants are washed off into the water streams due to careless disposal and leakages, as a result leading to health related issues.
- Independent lubricant manufacture association is now supporting Singapore based Asian lubricant manufacturers union. The ALMU is an Asia-wide organization representing the combined knowledge and expertise of lubricant manufacturers throughout South Asia, Southeast Asia, East Asia, and Oceania regions.
- Mobil developed a new Series of oils which have better performance lubricants that are specifically designed to fulfil the demand of machine tools which use one oil for both way lubrication and hydraulic systems.
Who are the Major Players in Industrial Lubricants market?
The companies referred in the market research report includes Exxon Mobil corp, BP PLC, TOTAL SA, LUKOIL PJSC, Valvoline Inc, Royal dutch shell, PETRONAS gasbhd, Indian oil corp, chevron corp.
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