Industrial Lubricants Market - Global Outlook & Forecast 2022-2027
The global industrial lubricants market is valued at CAGR of 3.63% during 2022 to 2027.
Industrial lubricants are manufactured to protect machines and equipment from wear and tear, reduce downtime, prolong service intervals, and lower maintenance costs. Industrial lubricants are classified into different types and made from base oils and additives.
OPPORTUNITIES & TRENDS
Rising trend of bio-based industrial lubricants
The different governments worldwide are creating awareness about the impact of greenhouse gas emissions on the environment. In addition, the government is working closely with environmental agencies and NGOs to lay down stringent emission regulations to reduce the impact of harmful gases on the environment and human health. These regulations create an opportunity for manufacturers to develop eco-friendly industrial lubricants that will fall under all the emission regulations. Bio-based industrial lubricants are manufactured for vegetable oil and synthetic esters. North America and Europe are the largest bio-based lubricant-consuming regions.
Rapid Industrialization in BRICS nation.
The BRICS nation comprises Brazil, Russia, India, China, and South Africa. These countries are of the major emerging economies in the world. The BRICS aims to promote peace, security, development, and cooperation. These countries are also highly growing due to significant markets in terms of demand and consumption. Further, the demand for industrial lubricants is expected to rise in the coming years due to the number of drivers, such as large and relatively young populations, massive investments in physical and digital infrastructure, low-cost labor, and increased income. These countries are highly growing due to significant markets in terms of demand and consumption. Further, demand for industrial lubricants is expected to rise in the coming years due to the number of drivers, such as large and relatively young populations, massive investments in physical and digital infrastructure, low-cost labor, and increased income.
Used industrial lubricants are considered a serious pollution problem due to illegal dumping or improper disposal, resulting in groundwater, surface water, and soil contamination. These used lubricants cannot be directly combusted without pre-treatment. They are subjected to environmental restrictions since they may contain toxic and hazardous residues such as metal and metalloid particles. These chlorinated compounds may be released into the atmosphere. Used lubricant should be instead recycled instead of treated as waste. The value of lubricants largely depends on quality which is determined in terms of the amount of contamination by water, solid, or other fluids.
Industrial lubricants can be retreated by various processes such as reprocessing, re-refining, and destruction.
The oil used for lubrication in industrial machinery and equipment is called industrial oil. Industrial oils include hydraulic fluid, compressor oil, refrigeration oil, cylinder oil, spindle oil, and transformer oil. Industrial oils are used to improve the performance of industrial machinery and equipment and protect them against damage during operations.
Industrial lubricants are used in manufacturing, power generation, metal & mining, and construction industries. High growth in the metal & mining, and power generation industry is one of the main drivers in the industrial lubricants market. As in the power generation industry, industrial lubricants are widely used in power generation plants such as coal power plants, gas turbine power plants, hydroelectric power plants, natural gas engines, nuclear energy power plants, and wind energy plants.
Market Segmentation by Product Type
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook