DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Industrial Lubricants Market by Type (Metalworking Fluid, Grease Hydraulic, Gear, Compressor, Turbine Oil), End-Use Industry (Construction & Mining, Metal, Cement, Power Generation, Manufacturing), Base Oil, and Region - Global Forecasts to 2021" report to their offering.
The global industrial lubricants market was valued at USD 57.09 Billion in 2016, and is projected to reach USD 64.48 Billion by 2021, at a CAGR of 2.5% from 2016 to 2021.
The growth is primarily due to the massive industrial growth in Asia-Pacific and the Middle East & Africa, coupled with the rise in process automation in most of the industries. The factors restraining the growth of this market are the high cost of synthetic and bio-based industrial lubricants.
Hydraulic oil was the largest segment in the global industrial lubricants market, by type in. Its low cost mainly drives the hydraulic oil as compared to other types coupled with the rising demand from the construction & mining industry. However, the metalworking fluid segment is projected to grow at the highest CAGR during the forecast period. This high growth is majorly attributed to the rising demand for the metal in the automotive industry.
Mineral oil was the largest segment in the global industrial lubricants market in 2016. The easy availability and low cost of mineral oil based industrial lubricants are expected to drive the industrial lubricants market in the apparel application. Moreover, this segment is driven by the growing demand from Asia-Pacific and the Middle East & Africa. However, the mineral oil based lubricants segment in North America and Europe will register low growth due to the slow economic growth and change in demand patterns
The need for industrial lubricants is high in the construction & mining industry. The rising construction activities especially in the residential sector of China and the increasing infrastructural developments in India are expected to fuel the demand for industrial lubricants in the construction & mining industry.
Asia-Pacific is expected to be the highest-growing market for industrial lubricants during the forecast period
- Massive Industrial Growth in Asia-Pacific And Middle East & Africa
- Rise in Automation in Various End-Use Industries
- Improved Quality of Industrial Lubricants
- High Cost of Synthetic And Bio-Based Lubricants
- Reduction in the Use of Metal Parts By Automakers
- Stringent Environmental Regulations
- Rising Trend of Bio-Based Industrial Lubricants' Usage
- Amsoil (Wisconsin, U.S.)
- Bel-Ray Company Llc. (New Jersey, U.S.)
- Bharat Petroleum (Mumbai, India)
- Bp P.L.C.
- Chevron Corporation
- Emulsichem Lubricants Pvt. Ltd. (Italy)
- Eni S.P.A. (Italy)
- Exxonmobil Corporation
- Fuchs Petrolub Ag
- Idemitsu Kosan Co. Ltd
- Indian Oil Corporation (India)
- Liqui Moly (Ulm, Germany)
- Lubrizol (Ohio, U.S.)
- Morris Lubricants (U.K.)
- Peak Lubricants Pty Ltd (Australia)
- Penrite Oil (Melbourne, Australia)
- Petrochina Company Limited
- Phillips 66 Lubricants (Texas, U.S.)
- Rock Valley Oil And Chemical Co. (Illinois, U.S.)
- Royal Dutch Shell Plc.
- Sinopec Limited
- Total S.A.
- Ultrachem Inc (U.S.)
- Valvoline (U.S.)
For more information about this report visit http://www.researchandmarkets.com/research/drtl42/industrial
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