Industrial Lubricants Market to Observe Strong Development by 2024

Flourishing manufacturing g landscape in Asia is likely to be a key growth-driving factor for the industry in future. Additionally, high demand for lubricants has also resulted in a shift in global production landscape to the eastern hemisphere, with China and India emerging as major hubs.

The Global Industrial Lubricants Market size is expected to reach USD 68.41 billion by 2024, according to a new report by Grand View Research, Inc., registering a revenue-based CAGR of 4.3% during the forecast period.

The global industry is characterized by stringent regulations in Europe and North America, where ecolabel norms and environmental standards have prompted companies to develop bio-based feedstock for production and assess emissions associated with the lifecycle of lubricants.

Moreover, the industry has been witnessing increasing demand for process oils, industrial engine oils, and general oils across metalworking, energy, and chemicals manufacturing sectors, which indicates a positive outlook over the coming years, particularly in Eastern European and Asian markets.

North America and Europe are mature markets for lubricants, with demand arising from new avenues of the manufacturing sector, such as industrial automation and robotics.

To Know More About Industrial Lubricants Market Please Visit Us @ https://www.grandviewresearch.com/industry-analysis/industrial-lubricants-market

These regions together accounted for nearly 40.0% of the overall industrial lubricants consumption in 2016. Major corporations such as Total, Castrol, and Chevron have their origins in these regions and are key entities in terms of innovative disruptions in the industry.

Top Players of Industrial Lubricants Market:

Key companies operating in the global industrial lubricants market include Lubrizol, Fuchs Group, Amsoil Inc., Bel Ray Co., Kluber Lubrication, Total S.A., Valvoline International, Clariant, Quaker Chemical Corp., Royal Dutch Shell plc, Castrol, Lucas Oil, and Philipps 66.

Market Segmentation of Industrial Lubricants Market:

The Global Industrial Lubricants Market segmented on the basis of Product and Application.

By Product:

    Process Oils
    General Industrial Oils
    Metalworking Fluids
    Industrial Engine Oils

By Application:

    Metalworking
    Textiles
    Energy
    Chemicals Manufacturing
    Food Processing
    Hydraulic

Inquire about Industrial Lubricants Market with Our Experts @ https://www.grandviewresearch.com/inquiry/3257

Comments

U.S. Liquid Waste Management Market Segments and Key Trend till 2025

Growing organic & non-hazardous liquid waste generation through residential and commercial sources is expected to drive demand over the forecast period. The U.S. Liquid Waste Management Market is expected to reach USD 22.5 Billion by 2025, according to a new report by Grand View Research, Inc. Industrial & residential liquid waste is often associated with water-borne diseases since improper disposal of the waste leads to water pollution, environmental degradation, and soil contamination. As a result, the demand for hygienic liquid waste management services is expected to grow significantly over the forecast period. A major trend arising from the need to improve liquid waste management is the outsourcing of the services to global & competitive players in order to improve the focus on sustainability and meet stringent guidelines. In addition, the government undertakes public-private partnership projects to enhance the efficiency of the waste management process, whi

Triethylene Glycol (TEG) Market with Current Trends Analysis -2022

Increasing natural gas output is expected to be one of the key factors driving TEG demand over the forecast period. Rise in gas production is expected to have a two-fold impact on the TEG market providing abundant feedstock for TEG manufacture on the supply side and utilizing TEG for gas de-hydration on the demand side. Aforementioned factor is anticipated to augment market growth over the forecast period. The Global Triethylene Glycol (TEG) Market is expected to reach USD 718.3 million by 2022, according to a new study by Grand View Research, Inc. Use of TEG in natural gas dehydration accounted for over 55% of global TEG volume in 2014. The segment is also expected to witness fastest growth at an estimated CAGR of over 3.5% from 2015 to 2022. High consumption of TEG in natural gas dehydration can be attributed to growing demand from developed nations including Japan, U.S., EU, Russia and Qatar. Moreover, improving infrastructure for gas import, transport and utilization in

Specialty Ingredients Market Figures and Analytical Insights 2019 – 2022

Shift in consumer focus towards organic products coupled with growing demand for anti-ageing and environmental defense skin care products is expected to drive the global specialty ingredients market over the forecast period. The Global Specialty Ingredients Market is expected to reach USD 141.12 billion by 2022, according to a new report by Grand View Research, Inc. Increasing preference for healthy and nutritional diet and enhancing growth of high quality pharmaceutical drugs is also expected to have a positive influence on the market growth. Food and beverages dominated the global industry on account of high demand for various beverages, supplements and nutritional dietary products across the globe. Food & beverage industry is expected to experience advancement owing to increasing demand for organic items coupled with high-quality and customized requirements by population over the forecast period. Changing lifestyle has also enhanced preference for nutritional goods whic

Chemical Planet

Search This Blog