Lubrication Systems Market to Post Modest 2.14% CAGR from 2014-2022, Mining and Mineral Industry to Create Lucrative Opportunities
Friction can bring about a great degree of wear and tear in machines, potentially cutting short their operational life by several years. Over a period of time, this results not just in decreased productivity, but also higher maintenance costs. Lubricants counter this problem by bringing down friction, keeping corrosion at bay and removing particulate contaminants.
A well-designed lubrication plan thus becomes a vital aspect of industrial machinery and vehicles alike. A lubrication system helps put such a plan into action. This is done by feeding the lubrication plan into the system’s controller.
Cost-Saving Advantages of Lubrication Systems to Stimulate Market Growth
Typically, a lubrication plan is formulated at the initial stages of production planning using special software, which is provided by lubrication system manufacturers. As compared to the manual lubrication process, a well-developed lubrication system helps enterprises cut down on the total lubricant consumption while maintaining optimal performance. With this, costs can be curtailed to a marked extent. This advantage has proven to be the greatest driver for the global lubrication systems market.
Moreover, the resurgence of the automotive industry across the world in recent times has augured well for the global lubrication systems market. The construction sector in rapidly emerging regions such as Asia Pacific, Middle East and North Africa, and Latin America is on an upswing. This has spurred the cement industry, consequently creating a higher demand for lubrication systems.
In view of these factors, market analysts expect the global lubrication systems market to exhibit a modest CAGR of 2.14% from 2014 through 2022. At this growth rate, the market, which was valued at US$4,367.10 million in 2013, is projected to stand at US$5,281.16 million by 2022.
Presently, the global lubrication system market is split between numerous large and small companies, with the latter holding a majority of the market share. Companies that have an established presence in the global lubrication systems market are: Graco Inc., Groeneveld Groep B.V., Lube Corporation, SKF AB, Sloan Lubrication Systems, and Bijur Delimon.
Automated Lubrication Systems to Witness Higher Demand than Manual Variants
On the basis of type, the global lubrication systems market is classified as: Automated/centralized lubrication systems and manual lubrication systems. The demand for automated lubrication systems is projected to remain high over the remainder of the decade. Conventionally, automated/centralized lubrication systems fit well in environments that have a vast range of machines and an equally high number of lubrication points.
In sprawling facilities such as paper and pulp manufacturing plants, steel plants and cement factories, the use of centralized and automated lubrication systems proves beneficial as only optimal quantities are lubricants are used while simultaneously saving time and bringing down the changes of errors that are likely during manual lubrication. Furthermore, automated lubrication systems also help curtail manpower costs.
Such systems need to be designed according to the lubrication process, which could either be wet sump or dry sump. While the former entails the placement of a pan below the engine to collect oil, the latter stores the oil in a tank located at a distance from the engine. While most industrial applications make use of the dry sump lubrication process, about 90% of automobiles feature wet sump lubrication.
Mining and Mineral Industry to Lead in Adoption of Lubrication Systems
When segmented according to end-use industries, the global lubrication systems market is composed of the following industries: Cement, automobile, mining and mineral processing, steel, and others.
As of 2013, the other industries segment held over 25% share of the global lubrication systems market. This was the result of locomotive, marine, and aviation sectors relying heavily on lubrication systems. In the same year, the segment of mining and mineral industry held upward of a 20% share of the total lubrication systems market. With higher investment dollars being pumped into the minerals and mining industry in China and Africa, the lubrication systems market will remain dynamic in these regions. This will also make the mining and mineral industry segment the fastest growing through the forecast period.
In 2013, the steel and cement industries collectively occupied about 25% of the worldwide lubrication systems market. With the demand for passenger cars soaring in developing countries, the use of lubrication systems in the automobile industry will witness healthy growth.
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