Industrial Lubricants Market Report Information Report by Type (Hydraulic lubricants, Compressor lubricants, Gear lubricants, Metal working fluids and others), by End User (Automotive, Manufacturing, Heavy industries, Power Generation and others) and Region – Forecast to 2022
Market Research Future published a Half Research Report on Global Industrial Lubricants Market that contains the information from 2016 to 2022. Industrial Lubricants Market is expected to grow with the CAGR of approximately 2.4% from 2016 to 2022.
Industrial lubricants are used to reduce friction and also lessen wear and tear in materials. Their primary function is to displace solid surfaces with a fluid film. They are used to modify surface properties, regulate temperature, or remove debris. Growing demand for low viscosity fluids in automotive sector, is expected to boost the industrial lubricants market.
The market has been analyzed based on the types, end users and regions. On the basis of type, global industrial lubricants market is segmented into hydraulic lubricants, compressor lubricants, gear lubricants, metal working fluids and others.
Hydraulic lubricants segment accounts for the largest share in the global industrial lubricants market mainly due to its low cost as compared to the other lubricants. Additionally, the growing demand of hydraulic lubricants from construction & mining industry, is also fueling the growth of the market. Hydraulic lubricants segment is expected to grow at a significant pace during the forecast period while the metal working fluid segment is expected to grow at the fastest pace during the forecast period. The growth is mainly due to the rising demand for metals in the automotive industry.
Global Industrial Lubricants Market is expected to grow at CAGR of 2.4% during the forecast period.
Automotive Sector Dominates the End User Segment:
On the basis of End Users, global industrial lubricants market is segmented into automotive, manufacturing, heavy industries, power generation and others. Automotive sector dominates the end user segment of global industrial lubricants market mainly due to high demand for industrial lubricants form automotive sector.
However, power generation is expected to be the fastest growing end use sector of the industrial lubricants market. Rising demand for energy across the globe ultimately fueling the demand of industrial lubricants in the power generation industry. Power plants require industrial lubricants that can provide superior performance, water resistance, with high corrosion inhibition. The use of industrial lubricants such as compressor oil, turbine oil, hydraulic oil grease and others in power generation industry, ensures the highest efficiency and operating reliability.
Read more: Industrial Lubricants Market Report 2017- Industry Size, Growth Statistics and Forecast Insights
