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 global industrial lubricants market was valued at USD 57.09 Billion in 2016. And it is projected to grow at a CAGR of 2.5% to reach USD 64.48 Billion by 2021.
Power generation is anticipated to be the fastest-growing end-use industry of the global industrial lubricants market during the forecast period.
Demand for industrial lubricants
The demand for industrial lubricants is the highest in the power generation industry, due to the rising demand for energy across the globe. Power plants need particular grades of industrial lubricants that can provide superior performance, water resistance, with high corrosion inhibition.
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.
The objectives of this study are to define, describe, and analyze the global industrial lubricants market by type, base oil, end-use industry, and region.
It also strategically analyzed the opportunities in the market for the stakeholders by identifying high growth segments of the global industrial lubricants market.