The global industrial lubricants market was valued at USD 58.22 Billion in 2019 and is projected to reach USD 75.23 Billion by 2027, at a CAGR of 3.2% during the forecast period.
Vancouver, British Columbia, Jan. 18, 2021 (GLOBE NEWSWIRE) -- The global industrial lubricants market is expected to reach a market size of USD 75.23 Billion growing at a CAGR of 3.2% during the forecast period, according to most recent analysis by Emergen Research. Growth of the market is being driven by key factors such as increasing usage of high-performance lubricants, primarily in the wind energy industry, and expansion of the cold chain industry. In addition, growing demand for bio-lubricants in developing countries is expected to continue to open up major lucrative opportunities for players operating in the market during the forecast period. However, environmental concerns related to some types of lubricants and increasingly stringent government regulations are key factors projected to restrain market growth to a certain extent.
Industrial lubricants are used in various industries and applications such as mining, automotive, hydraulic, and industrial machinery respectively. The selection of industrial lubricants depends on factors such as exposure to temperature and harsh chemicals. Use of industrial lubricants not only reduces friction, but also improves the lifespan of machines and prevents downtime.
Increasing demand and resulting manufacture of vehicles and high demand for low-viscosity fluids in the automotive sector are factors expected to fuel market growth during the forecast period. Industrial lubricants are used to reduce friction between surfaces and facilitate smooth and effective functioning of equipment. Rapid industrialization is another factor expected to continue to support market growth in developing economies in the near future.
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Companies Profiled in this Report are:
The Lubrizol Corporation, Exxon Mobil Corp, Royal Dutch Royal Dutch Shell , Amsoil, Inc., Valvoline International, Inc., Kluber Lubrication, Clariant , Chevron Corp., Petronas Lubricant International, and Quaker Chemical Corp .
Key Highlights of Report
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For the purpose of this report, Emergen Research has segmented the global industrial lubricants market based on product type, base oil, end-use industry, and region:
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