The increasing industrial output in the emerging economies, such as India, Indonesia, China, Brazil, and Russia, has boosted the consumption of industrial lubricants such as process oil, engine oil, general oil, and metalworking fluid. In recent years, the production capacity of the consumer appliance, mining, metal forming, plastics industries of these nations has increased to a significant extent. The surging industrial output can be primarily owed to the advent of Industrial 4.0 and rapid urbanization in developing countries.
Besides, the flourishing food and beverage sector, on account of the changing lifestyle of the people and burgeoning population in Latin America (LATAM) and Asia-Pacific (APAC), will drive the industrial lubricants market at a CAGR of 4.3% during the forecast period.
The application segment of the industrial lubricants market is categorized into metalworking, energy, textiles, food processing, hydraulic machinery, chemical manufacturing, and others, including jewelry and mining. Among these, the chemical manufacturing category held the largest market share in 2016 and it is expected to retain its dominance throughout the forecast period as well. The manufacturing facilities use chemical oils to maximize the life and performance of machines that withstand stress. For example, the machinery used in nitrogen fertilizers production must be compatible with ammonia and the catalyst and withstand pressure and temperature.
The wide application base of industrial lubricants has resulted in the large-scale production of these fluids by Amsoil Inc., Houghton International Inc., Exxon Mobil Corporation, Idemitsu Kosan Co. Ltd., Phillips 66, Quaker Chemical Corporation, BP PLC, Royal Dutch Shell PLC, Klüber Lubrication München SE & Co. KG, PETRONAS Lubricants International, Chevron Corporation, Clariant AG, Calumet Specialty Products Partners L.P., Blaser Swisslube AG, The Lubrizol Corporation, and Total S.A. Industrial lubricants offered by these companies will be adopted at a significant pace in the emerging economies, owing to the strengthening manufacturing sectors in such countries.
Thus, the expanding capacity of industrial units, flourishing food and beverage sector, and strengthening wind turbine industry will boost the requirement for industrial lubricants in the foreseeable future.
Source: www.psmarketresearch.com
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