SAN FRANCISCO, October 31, 2016 /PRNewswire/ --
The global industrial lubricant market is expected to reach USD 68.41 billion by 2024, according to a new report by Grand View Research, Inc. The growth of key end-use industries such as chemical manufacturing, food processing and electronics particularly in Asia Pacific is expected to drive industry growth. Increase in industrial output in emerging economies such as China, India, Russia, Brazil, and South Africa, predominantly in core manufacturing sectors, such as metal forming, foundry, consumer appliances, and plastics, along with the mining industry is expected to foster demand.
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Initiatives such as continuously evolving emission standards, improving engine technology, and norms about mitigated carbon footprints are being adopted in emerging economies such as China and India. The paradigm shift towards environmental conservation is touted to be the key growth driving factors.
Chemical manufacturing was the largest application for industrial lubricants due to the high demand for non-reactive, sustainable and compatible processing fluids to handle various intermediaries and petrochemicals in a safe & efficient manner.
Browse full research report with TOC on "Industrial Lubricants Market Analysis By Product (Process Oils, General Oils, Metalworking Fluids, Engine Oils), By Application (Metalworking, Textiles, Energy, Chemical Manufacturing, Food Processing, Hydraulic) And Segment Forecasts To 2024" at: http://www.grandviewresearch.com/industry-analysis/industrial-lubricants-market
Further key findings from the report suggest:
Browse related reports by Grand View Research:
Grand View Research has segmented the Industrial Lubricant Market on the basis product, application and region:
Read Our Research Insight: http://www.grandviewresearch.com/research-insights/industrial-lubricants-market-insights-lubricating-oil-creating-importance-in-manufacturing-space
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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