A lubricant is an organic material used to reduce friction between two parts mutually connected to each other. In industrial applications which use huge machines, lubricants play a vital role in reducing friction between components moving at high speeds, thereby minimizing the heat generated, avoiding losses, and reducing wear & tear. They aid maintenance, ensure safety at the workplace by preventing accidents caused by possible leaks & spills, help avoid energy losses, and increase productivity & efficiency. Gear oil, motor oil, hydraulic oil, synthetic lubricants, and grease are commonly used industrial lubricants and find application at almost every site which uses machinery. Typical examples include air compressors, gas engines, gears, bearings, hydraulics, and turbines. Industrial segments which utilize these lubricants include power generation, food & beverages, oil & gas, and manufacturing. Industrial lubricants help maintain the efficiency of a machine and ensures reliability. Rapid industrialization, need for infrastructural development & automation, and the plummeting oil prices are key drivers of the expanding industrial lubricants market. Most of these lubricants are products composed of mineral oil which is non-biodegradable, highly eco-toxic, and poses a threat to the environment as well as human life. Thus, use of lubricants leads to pollution and greenhouse gas emissions through spills, leakages, or accidents. Stringent environmental considerations, laws, and norms therefore pose a threat to their usage. This, along with the need for efficiency-enhancing lubricants, gives rise to demand for substitutes providing higher efficiency as well as eco-friendly properties. Bio-degradable lubricants sourced out of eco-friendly fuels and food grade lubricants are recent developments in the industry. Given the stringent environmental policies, bio-degradable lubricants are expected to substitute existing lubricants on a large scale in the near future.
Based on end-use industry, the market for industrial lubricants can be segmented into the following categories: power generation, food, manufacturing, automobiles, and oil & gas. Rising demand for automobiles is anticipated to drive the lubricants market during the forecast period. On the basis of application, the market for industrial lubricants can be divided into the following segments: gear lubricants, hydraulic lubricants, compressor lubricants, and others.
In terms of the type of source, the market can be split into the following groups: mineral oil, bio-based oil, and synthetic oil. At present, the market is dominated by the use of lubricants manufactured from mineral oil which are likely to dominate the market during the forecast period. However, bio-based and eco-friendly lubricants are anticipated to exhibit a significant CAGR due to the rising health hazards caused by environmental pollution, awareness about environmental factors, and stringent government norms.
Geographically, the market can be distributed over Asia Pacific, Europe, Latin America, North America, and Middle East & Africa. Asia Pacific is projected to be a highly attractive market as compared to other regions, owing to its industrial growth, massive automotive sector, rapid development, and the need for infrastructure in the region’s developing nations.
Key players in the market include Shell, ExxonMobil, Chevron Corporation, Total, and BP.
The industrial lubricants market is predicted to be attractive with chances of significant growth during the forecast period, especially in the bio-based & eco-friendly lubricants segment and Asia Pacific, with the automotive industry acting as a major contributor. Industrial growth, infrastructural development, need for automation, and stringent pollution control norms & regulations are estimated to be key propellants of this market.
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