A report by Persistence Market Research (PMR) finds that enhanced operational efficiency offered by industrial lubricants is bolstering their use in the expanding manufacturing sector, as well as other industries such as power generation and oil and gas. Growing use of high performance lubricants in these industries is expected to drive market growth in the forecast period (2019 - 2027). As indicated by a new study, the global demand for industrial lubricants will progress moderately through 2027, reaching a value of US$28 billion.
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Growing use of complex machinery and tools in industries is increasing the demand for general industrial oils, making it a prominent segment in the global industrial lubricants market.
The global market is witnessing a gradual shift towards bio-based industrial lubricants. In addition to the environmental advantages, bio-based industrial lubricants provide better lubrication and viscosity.
Customers in the manufacturing industry are seeking to increase output efficiency by minimising downtime and boosting productivity, resulting in sustained demand growth for industrial lubricants.
Manufacturers are focused on sustainability measures such as recycling and reuse of industrial lubricants. Lubricant manufacturers are providing onsite and offsite lubricant recycling equipment and services to their customers.
Pacific commands a prominent share in the global industrial lubricants market owing to significant growth in the manufacturing industry and increasing oil and gas operations in the region.
With the use of specialty additives, companies are focused on providing industrial lubricants with better efficiency. Growing environmental concerns are turning the focus of the lubricant industry towards the development of bio-based lubricants, which are estimated to gain more consumer preference in the coming years.
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Key players are expanding their global presence by investing in organic growth and practicing integration across the value chain to reduce production costs. For example, Exon Mobil Corporation completed the expansion of its Singapore refinery to upgrade the production of Group II base stock and enhance its integrated competitiveness.
Companies are emphasising on providing high grade industrial lubricants and custom product solutions to boost their unique selling proposition and competitive position. Key players in the global industrial lubricants market include Royal Dutch Shell plc, and Exon Mobil Corporation, among others.
Tough competition among manufacturers
In the coming years, industrial lubricants are expected to witness consistent demand. With the persistent trend of providing application-specific lubricants, manufacturers are focused on keeping their product portfolios strong. Asia Pacific remains the most lucrative region in the global market with a prominent value-volume share, while the Middle East and Africa is estimated to witness a high compound annual growth rate. With increasing demand, key players are expanding their presence through strategic acquisitions and leveraging distributors to penetrate target regions.
Read the article online at: https://www.globalminingreview.com/environment-sustainability/06122019/industrial-lubricants-market-embracing-sustainability/
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