Emphasis on Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil); Product Type (Hydraulic fluid, Metalworking fluid, Gear Oil, Compressor Oil, Grease, Turbine Oil and Others); End-User (Energy Generation, Oil & Gas, Manufacturing, Railway & Marine, Heavy Engineering Equipment and Others); and Region/Country
The global Industrial lubricants Market is expected to grow at a significant rate of over 3% during the forecast period. The global industrial lubricants market is primarily driven by the increasing adoption of complex machinery and tools in various industries. The main task and most important function of lubricants are to reduce friction lubricants and offer wear protection, which extends machine runtimes and thereby protects raw materials. Awareness of lubricants is increasing among consumers as it is contributing to the sparing use of resources and thereby to sustainability. Their task of reducing friction reduces the amount of energy input required and, in this way, saves emissions. Hence, escalating its market demand across the globe.
BP Plc, Exxon Mobil Corporation, Fuchs Petrolub SE, Chevron Corporation, Idemitsu Kosan Co. Ltd., Lukoil Oil Co., PetroChina Co. Ltd., Total S.A., Royal Dutch Shell Plc, and BASF SE.
Insights Presented in the Report
“Amongst base oil, mineral oil category to witness robust CAGR during the forecast period”
Based on base oil, the industrial lubricants market is segmented into mineral oil, synthetic oil, and bio-based oil. The mineral oil category caters substantial share of the market. As Petrochemical components and increasing derivatives of natural, harvestable raw materials from the oleo-chemical industry are finding increasing acceptance because of their environmental compatibility and some technical advantages.
“Amongst product type, hydraulic fluid segment to hold a significant share in the market in 2020”
Based on product type, the industrial lubricants market is segmented into hydraulic fluid, metal working fluid, gear oil, compressor oil, grease, turbine oil, and others. Among these, the hydraulic fluid segment to hold a significant share in the market in 2020. It is mainly due to its low cost as compared to the other types and its demand from the construction industry. The demand for industrial lubricants is on the verge of a breakthrough in the construction industry due to the rising construction activities in the residential sector like in China and the rising infrastructural developments in India.
“Amongst end-user, oil & gas segment to hold a significant share in the market in 2020”
Based on end-user, the industrial lubricants market is classified into energy generation, oil & gas, manufacturing, railway & marine, heavy engineering equipment, and others. Among these, the oil & gas industry is estimated to capture a major share in the global industrial lubricants market. In the oil & gas industry, onshore and offshore activities face extreme temperature variations, resulting in the need for unplanned downtime for maintenance and repair. Lubricants help in maximizing the service life of machine components and enhancing energy efficiency.
“Asia Pacific to hold a significant share in the market”
Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed due to the increasing growth in the base oil movement, rapid industrialization & urbanization, rising population, and high growth in major end-use industries, such as textiles, chemicals, food processing, and metalworking. Also, the growing investments in the agriculture sector to reduce manual work and increase the use of various machinery to reduce time and improve efficiency are expected to drive the market.
Reasons to buy this report:
Customization Options:
The global industrial lubricants market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Industrial Lubricants Market
6. Industrial Lubricants Market Revenue (usd Bn), 2020-2028f
7. Market Insights By Base Oil
8. Market Insights By Product Type
9. Market Insights By End-user
10. Market Insights By Region
11. Industrial Lubricants Market Dynamics
12. Industrial Lubricants Market Opportunities
13. Industrial Lubricants Market Trends
14. Demand And Supply-side Analysis
15. Value Chain Analysis
16. Competitive Scenario
17. Company Profiled
18. Disclaimer
Research Methodology for the Industrial lubricants Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global industrial lubricants market were the three major steps undertaken to create and analyze the adoption of industrial lubricants in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global industrial lubricants market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the industrial lubricants market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the industrial lubricants market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as base oil, product type, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the industrial lubricants market. Further, we conducted factor analysis using dependent and independent variables such as various base oil, product type, and end-user. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Industrial lubricants market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global industrial lubricants market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global industrial lubricants market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of base oil, product type, and end-user in the global industrial lubricants market.
The main objective of the Global Industrial lubricants Market Study
The current & future market trends of the global industrial lubricants market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Customers who bought this item also bought
