Global Industrial Lubricant Market was valued at $98,845.5 million in the year 2017 and is projected to reach 118,474.22 million by 2023 expanding at a CAGR of 3.69% during the forecast period 2018 to 2023.
A recent business intelligence report from Industry ARC, titled “Lubricants Market: By Type (Engine Oil, Gear Oil, Hydraulic Fluid, Metalworking Fluids, Greases, Turbine Oil, Compressor Oil, Others) Base Oil (Mineral, Synthetic, Bio-based, Others) Application (Automotive, Industrial, Others) & Geography - Forecast(2018 - 2023),” suggests that the lubrication market is projected to a steady growth in the near future.
Lubricants Market Overview
The global industrial lubricant market was valued at $98,845.5 million in the year 2017 and is projected to reach 118,474.22 million by 2023 expanding at a CAGR of 3.69% during the forecast period 2018 to 2023. Furthermore, the proliferating demands from the automotive aftermarket industry from both the developed and developing countries is contributing to the growth trail in the lubricants market. The swelling ownership of electric vehicles is anticipated to hold the largest potential for the lubricants market. Other than the automotive industry, the mechanical machinery involving huge machines applied for manufacturing purposes is estimated to harness significant shares in the lubricants market. Factory and industrial automation is emerging at its full pace, with this increment in automation the employment of automatic mechanical equipment will back the lubricants market tremendously.
Lubricants are a mixture of additives in oil base. Lubricants are used to reduce friction, corrosion, and wears between two surfaces. They may exist in the form of a solid, liquid or plastic substance. According to its applications, lubricants market is segmented into automotive lubricants and industrial lubricants. Many different substances can be used for lubrication, but grease and oils are majorly preferred. Grease consist of thickening agent, which provides the consistency and oil is used to obtain lubricity in between the surface. These oils could be a mineral based, synthetic or vegetable oil or may exist as a combination of these.
Browse 63 Market Tables, 177 Figures spread through 146 slides and an in-depth TOC on “Lubricants Market (2018 - 2023)”
Lubricants Market Trends
The industrial and factory automation market was worth $129.45 billion in the fiscal year 2017 and is growing at a CAGR of 4.9%. This tremendous growth will impact massively on the lubricants market. The employment of automated machines will virtue lubricants in huge amounts. The introduction of mechanical robots in this industry is advocating the growth in the lubricants market.
The lucrative demands from the construction industry is proving to be a boon for the global market. The consistently rising construction infrastructure involves the development of lifts, doors, and windows. Lubricants are used to tackle friction at these particulars. Lubricants are extensively being applied at multiple construction points to avoid corrosion owing to their trait that prevents oxidation in metals.
The automotive industry is considered as the largest segment of the lubricants market as it is used vigorously in each and every type of motored vehicles. It is applicable at multiple locations in a vehicle such as wheels, motors, doors, and axle. Lubricants are widely used in trains and airplanes to lubricate various parts of the machinery. Polyalphaolefin is the most common synthetic lubricant used in the automotive sector. This is applied in gears, hydraulics, and bearings for the lubrication in the extreme cold or hot environment.
Due to the limited natural resources, the lubricants market is facing many regulations in the manufacturing of lubricants. Governments in developed nations are pressurizing the adoption of organic lubrications. Following the trend, the use of mineral oils has been subsequently reduced in the production of lubricants.
The enormous on-going adoption of alternate energy has been possible because of machines such as windmill and water motor turbines. Lubricants are used to assure the smooth turbine movement in these motors. The global shift towards alternative energy is booming, so will the application of lubricants shall increase.
Lubricants are used to reduce friction between surfaces during movement. These majorly exist of two types; automotive and industrial lubricants. The automotive industry is the major growth driver for the lubricants market. The introduction of organic lubricants is being proposed by the major OEM’s as a result of the regulation imposed by various governments.
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Synthetic Lubricants Market: By Base Oil (PAO, Esters, Group III, PAG, and Others); By Application (Engine Oils, Metalworking Fluids, Industrial Oils and Others); By Geography - Forecast(2018 - 2023)
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