What is Industrial Lubricants?
Industrial lubricants are defined as compounds like fluids, greases, and oils that are used for the tear and wear of materials and help in reducing friction and binding. It also prevents electrical resistivity and further helps in increasing thermal conduction. Upcoming trends also include the precise selection of viscosity grades for a particular application, as it affects directly the important factors of the equipment like energy consumption, wear, and tolerance to contamination. Indian Lubricant Market registers a CAGR (Compound Annual Growth Rate) of 4.64% during the forecast 2021-247. The major factors contributing to the growth are the increasing infrastructural and construction activities.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | BP p.l.c. (United Kingdom), Chevron Corporation (United States), Total S.A. (France), Royal Dutch Shell (the Netherlands), ExxonMobil (United States), PetroChina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited (China), Fuchs Petrolub AG (Germany) and Valvoline (United States) |
CAGR | 4.0% |
The study covers a detailed analysis segmented by key business segments i.e. by type (Mineral Oil, Synthetic Oil [Polyalphaolefins (PAO), Polyalkylene Glycol (PAG), Esters, Group III (Hydro cracking)] and Bio-based Oil) and major geographies. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Industrial Lubricants market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Industrial Lubricants market report suggests strategies that Manufacturers can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Manufacturers, some of them are BP p.l.c. (United Kingdom), Chevron Corporation (United States), Total S.A. (France), Royal Dutch Shell (the Netherlands), ExxonMobil (United States), PetroChina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited (China), Fuchs Petrolub AG (Germany) and Valvoline (United States).
Market Overview:
In January 2022, Chevron Lubricants Lanka PLC, a subsidiary of Chevron Corporation, announced a marketing deal with Rock Energy in Bangladesh for its lubricant products. and In December 2021, the joint venture agreement between Castrol, BP, and Vietnam National Petroleum Group (Petrolimex) was extended for another 20 years, from 2022 to 2042. Castrol BP Petco Co. Ltd is the name of the joint venture company.
The global industrial lubricants market is fragmented in nature.
Influencing Trend:
Growing Consumption of general industrial oils and The improving PMI indices across the globe and resultant rise in production capacities
Market Growth Drivers:
Rising demand for automobiles and The upsurging demand for grease in industries to continue smooth working of the machinery
Challenges:
The Concern related to the High cost of synthetic and bio-based lubricants
Restraints:
The Concern related to Increasing drain intervals in industrial operations and Stringent environmental regulations
Opportunities:
Increasing Adoption of Bio-based lubricants in the Middle East and Africa
Key highlights of the Global Industrial Lubricants market Study:
CAGR of the market during the forecast period 2022-2028
In-depth information on growth factors that will accelerate the Industrial Lubricants market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Industrial Lubricants market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Manufacturers
Comprehensive information about factors that will challenge the growth of Industrial Lubricants Manufacturers
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Industrial Lubricants market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Industrial Lubricants market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Industrial Lubricants Manufacturers, Suppliers, Distributors, Regulatory Bodies, Government Research Organization, Private Research Organizations and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.