Global Lubrication Systems Market: Snapshot
The revival of the world economy from the economic downturn that happened in 2008 is allowing various industries, including automotive and construction to gain traction. This is, in turn, escalating the growth of the global lubrication systems market. Besides this, the growing trend of automation also has a positive impact on the market. Automated lubrication systems offer a plethora of benefits such as high efficiency and reduced operating time. The burgeoning demand for these lubrication systems is, therefore, stoking the growth of the market. The birthing of novel lubricants along with the easy availability of synthetic lubricants is augmenting the global market.
A report by Transparency Market Research (TMR) estimates that global market for lubrication systems will rise to a valuation of US$5.28 bn by 2022, progressing at a CAGR of 2.14% between 2014 and 2022. The sluggish growth of several end-user industries is acting as a major impediment to the growth of the market.
Demand for Automated/Centralized Lubrication Systems to Remain Strong through 2022
Based on end user, the global lubrication systems market is segmented into steel, cement, mining and mineral processing, automobile, and others, including paper, aviation, locomotive, marine, and hydrocarbons. The others segment will continue to dominate the market in terms of value until 2022. The increasing government spending on the aviation and marine sectors along with the flourishing growth of the paper and pulp industry is contributing to the growth of the segment.
The mining and mineral processing segment, on the other hand, will exhibit a noteworthy CAGR during the forecast period. Rapid industrialization and rising mining activities are fuelling the growth of the segment. The demand for lubrication systems will register a steady growth in the cement industry during the same period. The growth of the segment can be attributed to the rising infrastructure development, particularly in developing countries.
On the basis of type, automated/centralized lubrication systems will continue to account for the lion’s share until 2022. The strong demand for this type of lubrication systems can be attributed to the numerous advantages offered by them, including minimum error, higher lubrication points, and lower time consumed for lubrication process. Owing to these factors, the segment will expand at a higher CAGR, making inroads in the shares of its counterpart, manual lubrication systems.
Robust Growth of Automotive and Construction Sectors Behind Dominance of Asia Pacific
From the geographical standpoint, the report divides the global lubrication systems market into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Asia Pacific will continue to be the frontrunner in the global arena until 2022. The region is home to some of the prominent emerging countries, including India, China, and South Korea and therefore, the booming end-user industries such as construction, automotive, and transportation are behind the remarkable development of the market in APAC. Rising consumerism, rapid urbanization, and high industrialization are stoking the growth of the region. Moreover, the increasing disposable income and growing population are working in favor of the growth of the region.
Other developing regions such as Latin America and the Middle East are likely to register impressive CAGR during the forecast period. The robust growth of the construction and automotive industries is propelling the growth of these regions. Some of the key participants in the global lubrication systems market are Lube Corporation, Graco Inc., SKF AB, Groeneveld Group B.V., Bijur Delimon, and Sloan Lubrication Systems.
The lubrication systems market report by Transparency Market Research provides in-depth analysis of the global lubrication systems industry. The report segments the market on the basis of type, process, end-user, and geography, followed by country-wise analysis. It also provides the forecast and estimates for each type, process, end-user, and geography. The market share of various segments in the report reflects the revenue generated by the sale of lubrication systems. For this research study, the base year is 2013, while the forecast is for the period 2014–2022. Market data for all segments has been provided on regional level for the period 2013–2022.
The lubrication systems market has been segmented into five broad categories on the basis of end-users, namely the cement industry, steel industry, mining & mineral processing industry, automobile industry, and other industries. The other industries segment dominated the global lubrication systems market in 2013. The segment accounted for more than 25% of the global market share. The dominance of the other industries segment is attributed to high demand for lubrication systems from industries such as locomotive, marine, aviation and others. The mining & mineral industry segment accounted for more than 20% of the global lubrication systems market. The segment is growing due to the rising demand for minerals and increasing investments in China and Africa. It is anticipated to be the fastest growing segment during the forecast period. The cement industry and steel industry segments together accounted for more than 25% of the global lubrication systems market in 2013. The automobile industry segment is expected to grow during the forecast period owing to the increasing demand for passenger cars in developing countries.
On the basis of type, the lubrication systems market has been segmented into manual lubrication systems and automated/centralized lubrication systems. Industries using lubrication systems have been shifting from manual lubrication systems to automated/centralized lubrication systems due to benefits such as less time-consuming, reduced manpower costs, and proper lubrication. On the basis of process, the lubrication systems market has been segmented into dry sump lubrication and wet sump lubrication. In 2013, majority of the market share was held by dry sump lubrication.
The lubrication systems market was analyzed across four geographies: Europe, North America, Asia Pacific, and Rest of the World (RoW). Europe, North America, and Asia Pacific were further segmented and analyzed country-wise. Some of the countries mentioned in the report are the U.S., Canada, China, Japan, India, France, and Germany. Asia Pacific is anticipated to dominate the global lubrication systems market during the forecast period. Asia Pacific accounted for more than 28% of the global lubrication systems market in 2013. RoW was the least attractive segment for lubrication systems market in 2013.
The lubrication systems market report provides a comprehensive competitive landscape and features companies which manufacture lubrication systems. This report includes the key market dynamics affecting the lubrication systems market globally. The report also provides a detailed industry analysis of the lubrication systems market with the help of Porter’s Five Forces model. The major forces that influence the industry structure and profitability were analyzed using Porter’s Five Forces model. The forces analyzed in the report are the bargaining power of buyers, bargaining power of suppliers, degree of competition, threat of new entrants, and threat of substitutes. Major dynamics such as drivers, restraints, and opportunities of the market were analyzed in detail and are illustrated in the report through tables. Furthermore, the report provides the value chain and market attractiveness analysis for the global lubrication systems market.
Some of the key players in the lubrication systems market include SKF AB, Lube Corporation, Groeneveld Groep B.V., Bijur Delimon, and Graco Inc. The report provides an overview of these companies, followed by their financial details (if available), business strategies, and recent developments.
The lubrication systems market has been segmented as follows:
Global Lubrication Systems Market: Type Analysis
- Manual Lubrication Systems
- Automated/Centralized Lubrication Systems
Global Lubrication Systems Market: Process Analysis
- Dry Sump Lubrication
- Wet Sump Lubrication
Global Lubrication Systems Market: End-user Analysis
- Cement Industry
- Steel Industry
- Mining & Mineral Processing Industry
- Automobile Industry
- Other Industries
Global Lubrication Systems Market: Regional Analysis
- Rest of Europe
- Rest of Asia Pacific
- Rest of the World (RoW)