Global Industrial Lubricants Market by Product, Application and Geography to 2024 - Emerging Countries to Offer Huge Growth Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 15, 2019--The “Industrial Lubricants Market by Product, by Application, by Geography - Global Market Size, Share, Development, Growth, and Demand Forecast, 2016-2024” report has been added to ResearchAndMarkets.com’s offering.
Industrial lubricants market is projected to reach $68,412 million by 2024; the rising need for lubricants is attributed to the fact that these lubricants improve the various industrial processes without altering physical properties and quality of the final product.
Owing to rapid industrialization and growing need for effective and streamlined processes of industrial production, the market is expected to grow during the forecast period.
Based on product, the industrial lubricants industry is categorized into process oil, general oil, metalworking fluid, engine oil, and others. The others category includes demolding oils, lubricating greases, chainsaw oils, compressor oils, turbine oils, and industrial gear oils.
Globally, process oil accounted for the largest share in the industrial lubricants market with more than 30.0% contribution in terms of volume in 2016. Processing oil facilitates the smooth functioning of industrial machinery by maintaining temperature and reducing friction of the machinery parts and components. Growing industrialization in countries such as China and India is expected to boost the consumption of process oil used during various manufacturing processes.
Based on application, the industrial lubricants industry is categorized into metalworking, textile, energy, chemical manufacturing, food processing, hydraulic machinery, and others (mining and jewelry applications).
Among all the application areas, chemical manufacturing category held the largest share in the market, accounting for more than 20.0% share in terms of volume, in 2016. In chemical manufacturing application, lubricants are used to enhance the manufacturing process, control high temperature, and avoid contamination of chemicals. With the expansion of industrial base of chemical manufacturing, the industrial lubricants market is expected to grow at a significant pace in the forecast period.
APAC accounted for more than 40% share in terms of volume in the industrial lubricants market in 2016. Rapid industrialization in the major APAC nations including China, India, and Japan will continue to raise the demand for lubricants used in different industries.
Moreover, emerging countries in APAC are investing heavily on construction and infrastructure projects such as utilities, industrial hubs, and other civic infrastructure facilities. The development of these projects will continue to aid the growth in demand for industrial lubricants used in the machinery of the projects.
The major trend witnessed in the industrial lubricants market is the expansion in the industrial lubricants production base of APAC.
Over the years, a large number of companies engaged in the production of petrochemicals have established their production base near oil-producing regions in Middle East, and the Americas. However, over the recent years, significant expansion has been witnessed in the petrochemical sector of the APAC region.
The trend of shifting production base in the APAC region has strengthened the supply chain of various end-use industries. Moreover, industrial lubricants production capacity will continue to rise in the APAC region, owing to the large-scale investment plans by different players. Hence, with growing investments, a major trend is being witnessed in terms of capacity expansion in the industrial lubricants market of the APAC region.
Over the years, countries such as China, India, Brazil, and South Africa have witnessed rapid economic growth, characterized by large-scale expansion of industrial sector in the world. China, in particular, emerged as a global manufacturing hub and has a well-developed electronics and machinery manufacturing base.
Moreover, India has emerged as a major hotspot for construction and energy sectors as the country continue to invest heavily on infrastructure development projects. The rapid economic developments in these countries have offered fresh growth opportunities for the industrial lubricants market as these lubricants are needed to support the manufacturing process of different industries.
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.2 Value Chain Analysis
4.3 Market Dynamics
22.214.171.124 Expansion in the Industrial Lubricants Production Base of APAC
126.96.36.199 Rising Demand for Processed Food
188.8.131.52 Expansion of Textile Industry
184.108.40.206 Growth in Energy Sector
220.127.116.11 Environmental Concerns Associated with Usage and Disposal of Industrial Lubricants
18.104.22.168 Emerging Countries to Offer Huge Growth Opportunities
Chapter 5. Global Market Size and Forecast
5.1 By Product
5.2 By Application
5.3 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. CSA Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Competitive Benchmarking of Key Players
11.2 Global Strategic Developments of Key Players
Chapter 12. Company Profiles
12.1 Phillips 66
12.2 Amsoil Inc.
12.3 Calumet Specialty Products Partners L.P.
12.4 Klber Lubrication Mnchen SE & Co. KG
12.5 Quaker Chemical Corporation
12.6 Houghton International Inc.
12.7 Blaser Swisslube AG
12.8 PETRONAS Lubricants International
12.9 BP PLC
12.10 ExxonMobil Corporation
12.11 FUCHS PETROLUB SE
12.12 Chevron Corporation
12.13 TOTAL S.A.
12.14 The Lubrizol Corporation
12.15 Royal Dutch Shell PLC
12.16 Idemitsu Kosan Co. Ltd.
12.17 Clariant AG
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Related Topics:Lubricants and Greases
INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 02/15/2019 11:55 AM/DISC: 02/15/2019 11:55 AM