Industrial Lubricants Market – Forecast Analysis Report

The global industrial lubricants market is primarily driven by increasing adoption of complex machinery and tools in various industries. Industrials in the manufacturing sector are constantly in a hunt to boost their output efficiency by enhancing productivity and minimizing downtime, sustaining the revenue pool of market players.

Rising stringency in regulatory framework is influencing market players to shift towards bio-based industrial lubricants that, apart from environmental benefits, offer better lubrication and viscosity.

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Global Industrial Lubricants Market – Growth Drivers

Construction sector is the leading consumer of industrial lubricants. The growing infrastructural development in emerging economies is anticipated to fuel the industrial lubricants sales.

Hydraulic fluid is the main product type used in the construction industry in lubrication of heavy load equipment, as it relative cheaper compared to other lubricants.

Moving ahead, the automobile industry is also offering potential revenue prospects for industrial lubricant manufacturers. Umpteen benefits of industrial lubricants such as high durability, corrosion protection and high electrical resistance is boosting their usage in the automotive sector.

Global Industrial Lubricants Market – Growth Restraints

Synthetic lubricants are major threat to environment, as such governments in various countries are imposing bans against their usage. Majority of industrial lubricants are byproducts of petrochemicals, disposal of which leads to water pollution. Moreover, decline in automotive production in countries such as the US, and China are likely to affect the demand growth of industrial lubricants in the near future.

Impact of COVID-19 on Global Industrial Lubricants Market

The COVID-19 pandemic has taken a toll on  global economy, bringing it back to single-digit growth. The global stock market is continuously falling. All countries have shifted their resources towards healthcare sector and for R&D of vaccines for treating COVID-19. Government-imposed nationwide lockdowns have curtailed the production and shutdown (in worst cases) of manufacturing units in severely affected countries.

Less usage of machinery is resulting in reduced demand for industrial lubricants from myriads of end-use sectors. Subsequent downfall in construction industries across various nations, are further adding fuel to the fire.

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Global Industrial Lubricants Market – Regional Analysis

Asia Pacific (APAC) continues to hold leading share in industrial lubricants market, owing to well-established construction and automobile industries in China, Japan, and India. Further, surging manufacturing output and increasing industrialization in these are offering conducive breeding grounds for market players.

North America is also reflecting value-creation opportunities to industrial lubricant manufacturers, owing to expanding oil and gas industry in this region.

Region

• North America (U.S., Canada)
• Latin America (Mexico, Brazil)
• Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
• East Asia (China, Japan, South Korea)
• South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
• Oceania (Australia, New Zealand)
• Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)

Global Industrial Lubricants Market – Segmentation

The global industrial lubricants market is segmented on the basis of following