The global industrial lubricants market revenue is expected to expand at a lucrative CAGR over the forecast period. Growing manufacturing activities in chemical, automotive, textiles, and food processing are expected to boost market growth over the forecast period. Moreover, increasing awareness regarding the maintenance of machinery to maintain the efficiency of machines is expected to drive market growth.
The global industrial lubricants market report has been segmented on the basis of product, application, and region.
On the basis of product, the global industrial lubricants market has been segmented into process oils, general industrial oils, metalworking oils, industrial engine oils, turbine lubricants, and others (textile machinery oils, greases, and processing lubricants). The process oils segment is estimated to hold a major share in the global market and is expected to hold major share over the forecast period. Process oils improve operational efficiency and reduce the overhead and energy costs.
On the basis of application, the global industrial lubricants market has been segmented into metalworking, textiles, food processing, energy, chemical manufacturing, and others (construction, mining, cement manufacturing, and pharmaceuticals). Textiles segment is expected to witness steady growth over the forecast period. Growing demand for apparels in emerging economies including China, India, and Mexico is expected to augment market growth.
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On the basis of region, the global industrial lubricants market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America market is expected to grow at a rapid pace over the forecast period. Presence of multinational corporations in the region is anticipated to drive market growth. Moreover, increasing industrial output and presence of large number of manufacturers in the region is expected to fuel market growth over the forecast period.
Key players operating in the global industrial lubricants market include Royal Dutch Shell PLC, The Lubrizol Corporation, Exxon Mobil Corporation, Fuchs Group, Chevron Corporation, PetroChina Company Limited, Lucas Oil Products, Inc., Bel-Ray Co., Inc., Idemitsu Kosan Co. Ltd., and BP P.L.C.