A new research document with title ‘Industrial Lubricants – Global Market Outlook (2016-2022)’ covering detailed analysis, Competitive landscape, forecast and strategies.
According to Research, the Global Industrial Lubricants market is estimated at $56.82 billion in 2016 and is expected to reach $69.52 billion by 2022 growing at a CAGR of 3.4% from 2016 to 2022. Increasing demand for low viscosity fluids in automotive sector, growing demand for grease in industries to maintain smooth working of machineries and rising automation in diverse end-use industries are some of the key factors fueling the market. However, factors such as high cost of synthetic and bio-based lubricants, strict environmental regulations are restraining the market growth.
Amongst Base Oils, mineral oil segment accounted for the largest market share owing to its low cost and easy availability. In addition, synthetic oil is anticipated to acquire the highest CAGR during the forecast period owing to its advance properties. Amongst End Users, construction & mining held the largest market share due to rising construction activities especially in the residential sector in China and the rising infrastructural developments in India. Asia-Pacific commanded the largest market share which can be attributed to the growing disposable income and high growth of emerging economies in this region. In addition, vast growth in industrial production and increased trade are mainly responsible for high consumption of industrial lubricants.
Some of the key players in the market include Morris Lubricants (U.K.), Rock Valley Oil and Chemical Co. (Illinois, U.S.), Bel-Ray Company LLC. (New Jersey, U.S.), Amsoil (Wisconsin, U.S.), Bharat Petroleum (Mumbai, India), Lubrizol (Ohio, U.S.), Ultrachem Inc (U.S.), Eni S.P.A. (Italy), Peak Lubricants Pty Ltd (Australia), Penrite Oil (Melbourne, Australia), Liqui Moly (Ulm, Germany), Valvoline (U.S.), Indian Oil Corporation (India), Total S.A., Emulsichem Lubricants Pvt. Ltd. (Italy), Phillips 66 Lubricants (Texas, U.S.), Exxonmobil Corporation, Chevron Corporation, Lukoil, Petrochina Company Limited, Fuchs Petrolub AG, Idemitsu Kosan Co. Ltd and Sinopec Limited .