According to a new market research report titled, “Industrial Lubricants Market by Type (Hydraulic Oil, Metalworking Fluid, Gear Oil, Compressor Oil, Grease) and Industry (Construction and Mining, Metal Production, Cement & Chemicals, Power Generation, Oil & Gas) - Global Forecast To 2025”, published by Meticulous Research®, the global industrial lubricants market is expected to grow at a CAGR of 6.4% from 2019 to reach $29.79 billion by 2025. In terms of volume, the overall industrial lubricants market is expected to grow at a CAGR of 2.3% from 2019 to reach 18,473.5 thousand tons by 2025.
The importance of industrial lubricants in commercial areas has increased over the years. They help achieve higher productivity and also improve efficiency of machineries. These lubricants can be used in variety of industries such as automotive, construction, power, oil and gas, industrial machinery, mining, and hydraulic, among many others. As these industries are growing rapidly in developed and developing countries, the demand for industrial lubricants is also growing. In addition to the traditional lubricants used, synthetic and bio lubricants are also being widely used in various industries, globally.
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The growing automation in end use industries and strong industrial growth in emerging economies are the key factors driving the steady growth in the global industrial lubricants market. In recent years, strong industrial growth has been observed in the developing economies. According to Civil Aviation Administration of China (CAAC), the Chinese government is planning to build airports, which is double of the current number of airports. It is estimated that the number of airports will increase from 234 in 2019 to 450 in 2035.
The global industrial lubricants market study presents historical market data in terms of both value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2025 – by industry (construction & mining, metal production, cement & chemicals, power generation, oil & gas, food & beverages, general manufacturing), type (hydraulic oil, metalworking fluids, gear oil, compressor oil, grease, turbine oil)– and geography.
Based on type, the hydraulic oil segment is estimated to account for the largest share of the overall industrial lubricants market in 2019. The large share of this market is mainly attributed to the growing demand from end user industries, specifically from construction and mining; and its low cost as compared to other types of industrial lubricants.
Based on industry, power generation industry segment is estimated to account for the largest share of the overall industrial lubricants market in 2019. The large share of this segment is mainly attributed to increasing urbanization and growing population, growing demand for electricity, steady economic growth, rising number of power generation plants, and increase in number of manufacturing industries in emerging economies.
Geographically, Asia-Pacific region is estimated to command the largest share of the global industrial lubricants market in 2019, followed by North America and Europe. In addition, Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Growth in this market is mainly attributed to growing economy; rapid growth in industrialization and infrastructural developments; rising private and government investments; cost effective manufacturing operations; availability of cheap skilled labor; and presence of large number of industrial lubricant manufacturers.
Browse key industry insights spread across 214 pages with 160 market data tables & 34 figures & charts from the report: https://www.meticulousresearch.com/product/industrial-lubricants-market-5037/
Scope of the Report:
Market by Type
• Hydraulic Oil
• Metalworking Fluids
• Gear Oil
• Compressor Oil
• Grease
• Turbine Oil
• Others
Market by Industry
• Construction & Mining
• Metal Production
• Cement & Chemical
• Power Generation
• Oil & Gas
• Food & Beverages
• General Manufacturing
Market by Geography
• North America
o U.S.
o Canada
• Europe
o Germany
o France
o Russia
o Italy
o U.K.
o Rest of Europe
• Asia-Pacific (APAC)
o China
o Japan
o India
o South Korea
o Philippines
o Rest of Asia-Pacific (RoAPAC)
• Rest of The World (RoW)
o Latin America
o Middle East
o Africa
•
o Egypt
o South Africa
o Algeria
o Nigeria
o Morocco
o Rest of Africa
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