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.
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.
Synthetic Oil Market
Synthetic oil is projected to be the fastest-growing segment in the global industrial lubricants market during the forecast period. This high growth is mainly due to its high performance in extreme conditions, better viscosity index, higher shear stability, and chemical resistance.
Synthetic oil-based industrial lubricants can be customized according to the requirements so that it can have a controlled molecular structure with predictable properties.
The main drawback of synthetic oil based industrial lubricants is the high cost. However, the synthetic oil segment is projected to grow at the highest CAGR in the Asia-Pacific region during the forecast period, due to the high industrial growth and raising awareness in the region.
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 were to define, describe, and analyze the global industrial lubricants market by type, base oil, end-use industry, and region. It has analyzed the opportunities in the market for the stakeholders by identifying high growth segments of the global industrial lubricants market.