Global Industrial Lubricants Market 2016-2020
About Industrial Lubricants
Lubricants play a vital role in sectors such as automotive, manufacturing, aviation, and marine. They are used in both new and old machines and equipment to reduce friction, which increases with time because of wear and tear of surfaces. Manufacturers are focusing on methods to improve efficiency and effectiveness of lubricants as it will reduce the maintenance cost of machines and equipment and increase their lifespan.
Technavio’s analysts forecast the global industrial lubricants market to grow at a CAGR of 2.80% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial lubricants market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sale of industrial lubricants in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Lubricants Market 2016-2020
Technavio recognizes the following companies as the key players in the global industrial lubricants market: BP, Castrol, ExxonMobil, Shell, and Total.
Other Prominent Vendors in the market are: Apar Industries, Chevron, CITGO, Columbia Petro Chem, Fuchs Lubricants, Gazprom, Idemitsu Kosan, LIQUI MOLY, Lubrizol, LUKOIL, Pertamina, Petrobras, PetroChina, Sinopec, and SK Lubricants.
Commenting on the report, an analyst from Technavio’s team said: “The development of environment-friendly lubricants due to the negative impact of petroleum-based lubricants on the environment is a significant trend in the global industrial lubricants market. Several tons of lubricants are washed off into the water streams due to leakages and careless disposal, thus leading to health-related issues. This has resulted in the imposition of several national and international standards that specify the allowed level of toxicity, performance, durability, and the renewability.”
According to the report, one of the major drivers for this market is rise in process automation. The demand for products that are superior in quality is increasing due to globalization and population growth. As a result, companies are implementing automation in their manufacturing units. Investment in global process automation is expected to continue to grow at 6% and is projected to reach $120 billion by 2019. This growth is focused in automation of areas such as technology, hardware, software, services, and communication protocol.
Further, the report states that one of the major factors hindering the growth of this market is weak global economic outlook. The global industrial lubricants market is dependent on the manufacturing and industrial business for its sustenance and on the other hand these industries are based on the global economy for its existence. During a strong macro economy, the global appetite for goods increase, thereby fueling the demand for the manufactured products.
BP, Castrol, ExxonMobil, Shell, Total, Apar Industries, Chevron, CITGO, Columbia Petro Chem, Fuchs Lubricants, Gazprom, Idemitsu Kosan, LIQUI MOLY, Lubrizol, LUKOIL, Pertamina, Petrobras, PetroChina, Sinopec, SK Lubricants.
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