Global Industrial Lubricant Market is projected to exhibit a CAGR of 3.03% during 2017 – 2022

Date: 12 June 2017

Rapid industrialization and emerging economy has increased the production rate globally. The industries are now therefore more concerned with the maintenance of machinery to provide better quality product which has led to the growth in the Industrial Lubricant market. Moreover with the need of enhanced lubricants to work under extreme conditions, its new technology will drive the market in coming future. 

According to Azoth Analytics research report, “GlobalIndustrial Lubricant Market: Analysis By Product Base Oil, By Type, By IndustryApplication, By Region, By Country: Opportunities and Forecast (2017-2022) - By Base Oil (Mineral, Synthetic, Bio-based), By type (Process Oil, General Industrial Lubricants, Metal Working Fluid, Industrial Engine Oil), By Application (Automotive, Power, Marine, Manufacturing, Mining)”, Global Industrial Lubricant Market is projected to exhibit a CAGR of 3.03% during 2017 – 2022, driven by the advanced additives with more inherent properties and wide range in industrial applications. On the basis of market segment, the market has been segmented into Product base oil, Types and application of industrial lubricants. 

Industrial Lubricants are now broadly available in three major categories depending on the base oil used, i.e. Mineral Oil, Synthetic Oil, and Bio-Based Oil. The new emerging industries like Mining and increase in the manufacturing companies, both in developed and developing countries are driving the demand of high quality lubricants due to the growing presence of synthetic and bio lubricants in the market. On the basis of Federal Ministry of Science, Research & Economy the mining production has been 17434.66 million metric tonnes in 2016. Also, the increasing automotive production has increased the demand of lubricants to the maximum.  According to OICA, the automotive production in 2016 is 94.98 million units. 

Among the regions, APAC has the largest market in terms of revenue followed by North America. APAC is expected to be the fastest growing region, owing to the large economic growth in the emerging nations. Middle East & Africa will rise due to high growth automotive industry. Key markets in China, USA and Germany will continue to rise considering the new technology in Lubricant market. 

The report titled “GlobalIndustrial Lubricant Market: Analysis By Product Base Oil, By Type, By IndustryApplication, By Region, By Country: Opportunities and Forecast (2017-2022) - By Base Oil (Mineral, Synthetic, Bio-based), By type (Process Oil, General Industrial Lubricants, Metal Working Fluid, Industrial Engine Oil), By Application (Automotive, Power, Marine, Manufacturing, Mining’’ has analysed the potential of Global Industrial Lubricant Market and provides statistics and information on market size, shares and growth factors. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with major drivers, challenges and opportunities in the global industrial lubricant market.

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