According to a recent study report published by the Market Research Future, The global market of Industrial Lubricants is booming and expected to gain prominence over the forecast period. The Global Industrial Lubricants market is forecasted to demonstrate an exponential growth by 2022, surpassing its previous growth records in terms of value with a whooping, double digit CAGR of 2.4% during the estimated period (2017 – 2022).
Lower fuel & energy consumption owing to better machinery performance has also contributed to industrial lubricants market growth. To ensure smooth working of machines in industries, the demand for grease increasing in industries is also fuelling the growth of the global industrial lubricants market. However, increasing popularity of hybrid electric vehicles and high cost of synthetic and bio-based industrial lubricants may restrict the growth of the market.
Growing industrialization, growing demand for goods, and rising economy are the major driving factors generating the growth of the market. The expanse of applications such as growing adoption of industrial lubricants owing to growing intensity of application such as extreme pressure gear lubricants.
The technical advancements such as differential additive structure, growing applications of additives such as anti-wear additives, corrosion protection additives and others help to function the lubricant under conditions of extreme stress, pressure and temperature which is the defining difference between industrial and other lubricants. The downfall of the oil prices has reduced the costs of stock material favoring the market. Specialized industrial lubricants such as high viscosity, high demulsibility, and others are the fastest growing group.
The falling profitability coupled with lack of technical understanding is hampering the market. Environmental regulations are other concern as they result in increasing the operating cost of the company. For example, the European Solvents Industry Group (ESIG), is framing the solvent VOC emissions standards to reduce the VOC solvent emissions in the European Union.
Read more: Industrial Lubricants Market 2018