SAN FRANCISCO, April 3, 2018 /PRNewswire/ --
The global industrial lubricants market size is expected to reach USD 68.41 billion by 2024, according to a new report by Grand View Research, Inc., registering a revenue-based CAGR of 4.3% during the forecast period. Flourishing manufacturing landscape in Asia is likely to be a key growth-driving factor for the industry in future. Additionally, high demand for lubricants has also resulted in a shift in global production landscape to the eastern hemisphere, with China and India emerging as major hubs.
The global industry is characterized by stringent regulations in Europe and North America, where ecolabel norms and environmental standards have prompted companies to develop bio-based feedstock for production and assess emissions associated with the lifecycle of lubricants.
Moreover, the industry has been witnessing increasing demand for process oils, industrial engine oils, and general oils across metalworking, energy, and chemicals manufacturing sectors, which indicates a positive outlook over the coming years, particularly in Eastern European and Asian markets.
North America and Europe are mature markets for lubricants, with demand arising from new avenues of the manufacturing sector, such as industrial automation and robotics. These regions together accounted for nearly 40.0% of the overall industrial lubricants consumption in 2016. Major corporations such as Total, Castrol, and Chevron have their origins in these regions and are key entities in terms of innovative disruptions in the industry.
Browse full research report with TOC on "Industrial Lubricants Market Size, Share & Trends Analysis Report By Product (Process Oils, General Oils, Metalworking Fluids, Engine Oils), By Application (Textile, Energy, Hydraulic), And Segment Forecasts, 2014 - 2024" at: https://www.grandviewresearch.com/industry-analysis/industrial-lubricants-market
Further Key Findings From the Report Suggest:
- The global industrial lubricants market size was estimated at over 15 million tons in 2016 and is projected to expand at a CAGR of 3.0% from 2016 to 2024
- Asia Pacific was the leading consumer and accounted for nearly 50.0% of the overall volume in 2016. China generated the largest demand in the region, followed by Southeast Asian countries and India
- Process oils were the leading product segment, accounting for over 32.0% of the market revenue in 2016. The segment is likely to be driven by evolving machinery maintenance standards in the manufacturing sector
- In terms of revenue, the metalworking fluids segment was valued at USD 7.2 billion in 2016. Resurgence of the metal foundry sector in America and Europe has provided much relief to the product segment in the recent past, with its growth highly dependent on trends across Asia Pacific
- Energy is a major application sector for the industry, and accounted for nearly 20.0% of the overall demand in 2016. The sector is driven by growth of renewable power generation sectors in western markets and demand, and consequent generation, of conventional energy in Asia
- Key companies operating in the global industrial lubricants market include Lubrizol, Fuchs Group, Amsoil Inc., Bel Ray Co., Kluber Lubrication, Total S.A., Valvoline International, Clariant, Quaker Chemical Corp., Royal Dutch Shell plc, Castrol, Lucas Oil, and Philipps 66
- Product innovation, restructuring supply chains, capacity expansions, and evolving marketing channels are a few areas of strategic importance for companies. In 2015, Castrol expanded its industrial lubricants facility in Chennai, India from 75 kilo tons to 95 kilo tons.
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Grand View Research has segmented the global industrial lubricants market on the basis of product, application, and region:
- Industrial Lubricants Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
- Process Oils
- General Industrial Oils
- Metalworking Fluids
- Industrial Engine Oils
- Industrial Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
- Metal Forming
- Metal Cutting
- Metal Joining
- Industrial Heat Engines
- Metal Forming
- Textile Weaving
- Non-woven Textiles
- Textile Finishing
- Transformer Oil
- Liquefied Natural Gas
- Ocean Energy
- Chemicals Manufacturing
- Industrial Gases
- Food Processing
- Frozen Food
- Canned Food
- Processed Potatoes
- Cocoa & Chocolate
- Other Industrial Applications
- Industrial Lubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
- North America
- Asia Pacific
- Southeast Asia
- Central & South America
- Middle East & Africa
- Saudi Arabia
- North America
Read Our Blog By Grand View Research: https://www.grandviewresearch.com/blogs/bulk-chemicals
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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SOURCE Grand View Research, Inc.