High machinery demand in automobile, food & beverage and packaging industry is expected to fuel product market over the next seven years. The Global Slideway Oil Market is expected to reach USD 94.78 billion by 2022, according to a new report by Grand View Research, Inc.
Rapid industrialization in emerging economies of BRICS on account of favorable foreign investment norms, availability of large pool of skilled labor and technological know-how is expected to have a positive impact on the sector over the forecast period.
Increasing R&D expenditure for introduction of improved product grades is expected to promote demand over the next seven years. Stringent regulations restraining product use primarily in food & beverage manufacturing machinery is likely to hamper industry growth. Technological innovations pertaining to improving efficiency and anti-slip properties is expected to have a positive impact on the market over the next seven years.
ISO VG 68 was the largest product segment with volume estimated over 3.00 million tons in 2014. The product is employed in numerous mobile and industrial applications on account of its excellent wear protection against high speed pumps and increased pressure, rust and corrosion. This is expected to have a positive impact on product growth over the next seven years.
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ISO VG 220 grade revenue was valued over USD 15.00 billion in 2014. Increasing product use in worm gears and heavy loaded gearings on account of anti-wear and anti-corrosion properties is expected to fuel its demand over the forecast period.
Top Players of Slideway Oil Market:
Major companies operating in the industry include Shell, Castrol, ExxonMobil, Sinopec, Chevron, and Valvoline.
Market Segmentation of Slideway Oil Market:
The Global Slideway Oil Market segmented on the basis of Product and Region.
By Product:
ISO VG 68
ISO VG 220
By Region:
North America
Europe
Asia Pacific
Latin America
MEA
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