Lubricants are indispensable to proper machinery functioning since they reduce wear & tear between various moving parts. They also assist in lowering operation downtimes while contributing to higher productivity. Furthermore, the incorporation of various additives renders them corrosion & temperature resistant which ultimately prolongs machinery & equipment lifespan.There is a growing demand for industrial lubricantsconstruction & mining, metal, cement, power generation, manufacturing and food industrial activity, which is expected to be one of the major drivers of the market over the next seven years.
The Global Industrial Lubricants Market is projected to grow at a CAGR of 2.7% during the forecast period of 2019 to 2026.
Major Key players profiled in this report are:
Royal Dutch Shell PLC.,ExxonMobil Corporation, BP P.L.C., Chevron Corporation, Total, PetroChina Company Limited, China Petrochemical Corporation (Sinopec), Lukoil, FUCHS, Idemitsu Kosan Co. Ltd, Phillips 66 Lubricants, AmsoilInc, Bel-Ray Company LLC., Morris Lubricants, Bharat Petroleum Corporation Limited, Penrite Oil, UltrachemInc, Valvoline LLC, Peak Lubricants Pty Ltd, Rock Valley Oil and Chemical Co., Liqui Moly GmbH, The Lubrizol Corporation, Indian Oil Corporation Ltd, Eni S.P.A., Emulsichem Lubricants Pvt. Ltd. and many more.
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Major Market Drivers:
- Rapid industrialization in BRICS nations
- Increasing demand from the food processing industry
- Quality improvement of industrial lubricants
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The industrial lubricants market is segmented on the basis of type into metalworking fluid, grease, hydraulic oil, gear oil, compressor and turbine oil. The metalworking fluid segment is further segmented into removal, protecting, forming and treating. The grease segment is further sub segmented into metallic soap thickener, non-soap thickener, inorganic thickener and others.
On the basis of base oil, the market is segmented mineral oil, synthetic oil and bio-based oil.
On the basis of end-user, the market is segmented construction & mining, metal, cement, power generation, manufacturing, food processing, general manufacturing and others. The general manufacturing is further sub segmented into automotive, chemical, marine, oil & gas, textile and others. The food processing is further sub segmented into food, bakery, sugar, dairy, meat poultry & seafood, beverage, pharmaceuticals & cosmetics and others.
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