The global industrial lubricants market is anticipated to expand at a CAGR of 2.5% during the forecast period, 2021 – 2028. The growth of the market is attributed to the rising demand for industrial lubricants in developed and developing economies.
Industrial lubricants are used to lessen the wear and tear of materials by reducing the friction between them. They are deployed to modify surface properties, regulate temperature, and remove debris. These lubricants avoid metal to metal contact amongst the tools or finished components. Industrial lubricants exhibit properties such as corrosion protection, demulsibility, and help to extend the equipment life. It is used in variety of machineries to yield a high performance level, which in turn, aids to achieve high productivity and improve efficiency of machineries. There are two types of industrial lubricants, which are water-based and petroleum-based.
Various applications of industrial lubricants include automotive, industrial machinery, mining, and hydraulic. The selection of lubricant depends on variety of factors such as its ability to expose itself to harsh chemicals and high temperature.
Market Drivers, Restraints, Trends, and Opportunities
- Rapid growth in the food industry is expected to act as a major driving factor for the global industrial lubricants market.
- Growing automotive industry is expected to spur the market segment. .
- Rapid industrialization in the developing countries is anticipated to spur the market.
- Increasing drain intervals in industrial operations can hamper the market growth.
- Rising investments in research and development to improve the lubricants properties is speculated to create remunerative opportunities in the projected timeline.
Global Industrial Lubricants Market Segment Insights
Bio-based lubricants segment to account a large market share
Based on types, the market is segmented into conventional, synthetic, bio-based, and re-refined. The bio-based lubricants segment is anticipated to account for a large market share during the forecast period. This type of lubricant is used in engines, cables, suppressants, railroad flanges, and marine lubricants. In the automotive industry, bio-based lubricants, also known as plant-based lubricants, are commonly used in two-stroke engine oils. Increasing demand for bio-based lubricants owing to the rising environmental concerns is expected to spur the market growth.
Hydraulic fluid segment to dominate the market
Based on the products, the market is segregated into hydraulic fluid and metalworking fluid. The hydraulic fluid is expected to lead the global industrial lubricants market during the forecast period. Increasing demand for hydraulic oil due to its low cost as compared to the other types and rising demand from the construction industry are expected to foster the segment growth.
Construction segment to account a considerable market share.
On the basis of applications, the market is segmented into construction, metal & mining, power generation, and food processing. Increasing demand for industrial lubricants in the construction industry owing to the rising construction activities, especially in the residential sector in India and China, is anticipated to proliferate the market segment.
The market in Asia Pacific to grow at a rapid pace
Based on regions, the market is divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market in Asia Pacific is expected to grow at a rapid pace during the forecast period. Rising demand for lubricants in heavy equipment for the construction activities, which include penetrating and coating wire rope lubricants, diesel fuel, engine oil, and bearing grease is expected to drive the regional market growth.
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