The report “Industrial Lubricants Market by Type, End-use Industry, Base Oil, and Region – Global Forecasts to 2021” has described the global industrial lubricants market was valued at USD 57.09 Billion in 2016 and is projected to grow at a CAGR of 2.5% to reach USD 64.48 Billion by 2021.
Massive industrial growth in Asia-Pacific, Middle East & Africa and rise in process automation is expected to drive the global industrial lubricants market.
The global industrial lubricants market is segmented by type, namely, hydraulic oil, metalworking fluid, gear oil, compressor oil, grease, turbine oil, and others.
The metalworking fluid segment is expected to grow at the highest CAGR in the global industrial lubricants market from 2016 to 2021. The growth of this segment is attributed to the rising metal consumption in the automotive industry.
The use of industrial lubricants such as compressor oil, turbine oil, hydraulic oil grease and others in power generation industry ensure the highest efficiency and operating reliability.
The Asia-Pacific industrial lubricants market is expected to grow at the highest CAGR during the forecast period. The high growth of the emerging economies and the increasing disposable income in the region make Asia-Pacific an attractive market for industrial lubricant manufacturers.
The tremendous growth of industrial production and increased trade are primarily responsible for the high consumption of industrial lubricants.
Now, the key market players are the global industrial lubricants market is led by various market players such as ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Chevron Corporation (U.S.), BP p.l.c. (U.K.), Total S.A. (France), Petrochina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), Idemitsu Kosan Co. Ltd (Japan), and others.