Lubricants Market Latest Innovations, Drivers, Dynamics And Strategic Analysis, Challenges

CITY, Country, 2019-Jul-19 — /EPR Network/ —The global industrial lubricants market is expected to value $68,412.0 million by 2024. the growth in the demand for lubricants is driven by the fact these help in enhancing various industrial processes without changing the quality and physical properties of the final product. Moreover, rapid industrialization, coupled with the need for a streamlined and effective production process, is expected to drive the growth of the industrial lubricants market during the forecast period.

Get a free sample copy of this report @ https://www.psmarketresearch.com/market-analysis/industrial-lubricants-market/report-sample

Under segmentation by application, the industrial lubricants industry is categorized into textile, metalworking, chemical manufacturing, energy, hydraulic machinery, food processing, and others (mining and jewelry). Among these, chemical manufacturing accounted for the largest sales volume in the market, with an over 20.0% share in 2016. Lubricants help enhance the manufacturing process, prevent the machine temperature from rising too much, and keep the contamination of chemicals in check. The expansion of the industrial base for chemical manufacturing is thus expected to drive the growth of the industrial lubricants market during the forecast period.

In the past few years, several organizations engaged in petrochemical production have established their production bases in or near the major oil-rich regions in the Americas, the Middle East, and APAC. The shifting of production bases to the APAC region has strengthened the supply chain of various end-use industries. Further, the production capacity of industrial lubricants in the APAC region is expected to continue rising due to the large investments by different players. Thus, with growing investments in the APAC region, a key trend in terms of capacity expansion is being witnessed in the industrial lubricants market.

Browse a overview of this report @ https://www.psmarketresearch.com/press-release/industrial-lubricants-market

On the basis of product, the market for industrial lubricants is categorized into general oil, process oil, engine oil, metalworking fluid, and others, wherein the “others” category consists of lubricating grease, demolding oil, compressor oil, chainsaw oil, industrial gear oil, and turbine oil. Among these categories, process oil dominated the industrial lubricants market in 2016, with an over 30.0% share in terms of volume. Process oils make the functioning of industrial machinery smooth by keeping the temperature constant and reducing the friction between the components. Rapid industrialization in countries such as India and China is expected to continue driving the sale of process oil for various manufacturing processes.

Among the major players operating in the global industrial lubricants market are Amsoil Inc., Calumet Specialty Products Partners L.P., Phillips 66, Quaker Chemical Corporation, Houghton International Inc., Klüber Lubrication München SE & Co. KG, PETRONAS Lubricants International, BP PLC, Blaser Swisslube AG, FUCHS PETROLUB SE, Chevron Corporation, Exxon Mobil Corporation, The Lubrizol Corporation, Total S.A., Idemitsu Kosan Co. Ltd., Clariant AG, and Royal Dutch Shell PLC.