NEW YORK, Nov. 18, 2021 /PRNewswire/ -- The global rolling lubricants market in value terms, is anticipated to expand at a CAGR of 5.4% over the forecast period of 2021 and 2031. Significant growth in automotive, consumer goods, and construction sectors is boosting demand for rolling lubricants, with a large chunk of demand coming from the Asia Pacific region.
With usage in various applications across industries, rolling lubricants are anticipated to witness substantial demand growth over the coming years, particularly in high-growth regions such as South Asia & Pacific. Growing construction, automotive, aerospace, and electronics industries are significantly impacting the market in a positive way.
Development in product to decrease hazard generation and to comply with stringent regulations applied by various authorities is a key concern of manufacturers. Key players are focusing on introducing eco-friendly product formulations to meet growing standards and stringent environmental regulations.
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Key Takeaways from Market Study
- The global rolling lubricants industry is anticipated to reach a value of US$ 16.6 Bn by the end of 2031.
- The South Asia & Pacific market is estimated to witness significant growth at 6.2% CAGR over the forecast period.
- The steel segment is anticipated to remain a key end use and account for a key share in the global consumption of rolling lubricants.
- By product type, semi-synthetic rolling lubricants are anticipated to witness year-over-year growth of 5.6% in 2021.
- China is anticipated to remain a key country in the global market owing to strong presence of end-use industries.
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"The aluminum sector is projected to be particularly lucrative during the forecast period, given its strong long-term demand fundamentals," says a Persistence Market Research analyst.
The global market for rolling lubricants has been identified as a moderately fragmented space owing to significant presence of key market participants.
Some of the key market players included in the study are Exxon Mobil Corporation, Croda International PLC, Total S.A., BP plc. (Castrol), Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Limited, Quaker Houghton, Jiangsu Gaoke Petrochemical Co., Ltd., ETNA Products, Inc., Petroyag Lubricants, Buhmwoo Group, Ricci S.p.A., T&L Chemical , Idemitsu Kosan Co., Ltd., and Eastern Petroleum Pvt. Ltd.
Key manufacturers are anticipated to maintain a competitive environment in the global market. Market players are focusing on investing a fair share of their revenue in product development to launch water-based lubricants to sustain in the longer run in this competitive environment.
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The market is expected to gain traction owing to increasing use of rolling lubricants, especially in developing regions of the world. But owing to the COVID-19 scenario, the global supply chain of rolling lubricants has been impacted to a significant extent, which disrupted supply and demand balance.
Particularly, the COVID-19 pandemic has also majorly affected the automotive industry, and has had a cascading effect on the metal processing industry, which pushed the rolling lubricants industry to the brink with production lockdowns, severe supply chain disruptions, and economic disruption across both, small and large economies.
Globally, East Asia is expected to dominate the market during the forecast period due to concentration of manufacturing industry in the region. In Asia, China and India are anticipated to be the largest markets for rolling lubricants owing to the presence of large number of end-use sectors.
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Exxon Mobil Corporation, Total SE, BP Plc (Castrol), Indian Oil Corporation Ltd., and Idemitsu Kosan Co., Ltd. are estimated to remain prominent market participants. Technological advancements and product innovations to improve the efficiency of lubricants by reducing porosity and increasing strength and high ductility are key focus areas. Major industry players are also entering into collaborations to expand their global footprint, product portfolios, and technological bases.
More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global rolling lubricants market that contains industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides in-depth analysis of the market through different segments, namely, product type, rolling process, application, and region. The report also provides supply and demand trends along with an overview of the parent market.
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