Key Market Dynamics:
- Market Driver
- Market Challenges
The increasing demand from end-user industries is driving the growth of the market. The market is driven by the construction, steel and cement, wind energy, agriculture, mining and oil drilling, and marine and aerospace industries. In the construction industry, industrial lubricants are used in different types of construction equipment. In the steel and cement industry, industrial lubricants are used to increase the intervals for the draining or re-greasing of the equipment. In the marine industry, lubricants are used to prevent overheating, rust, and friction. In the aerospace sector, lubricants are used because of their excellent lubricity, anti-wear properties, resistance to fuel and oxidizers, and anti-corrosion properties.
The weak global economic outlook will challenge the industrial lubricants market during the forecast period. The global industrial lubricants market is dependent on the manufacturing and industrial sectors. However, growth in these industries depends on the global economy. Another factor that is likely to challenge the growth of the global economy is the sustained deflation levels seen in developed countries. The major economies that are witnessing longer durations of negative inflation include the US, Japan, and those in the Eurozone.
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Market Segmentation
The industrial lubricants market report is segmented by volume (mineral oil lubricants, synthetic lubricants, and bio-based lubricants) and geography (APAC, Europe, North America, MEA, and South America). APAC will be the leading region with 58% of the market's growth during the forecast period. China, India, and Japan are the key markets for industrial lubricants in APAC.
By volume, the market share growth by the mineral oil lubricants segment will be significant during the forecast period. Mineral oil lubricants are classified further into paraffinic mineral oil lubricants, naphthenic mineral oil-based lubricants, and aromatic mineral oil-based lubricants. These lubricants are derived from crude oil through the distillation, solvent extraction, and cracking processes. They are used as engine oils in manufacturing industries and as processing oils in the rubber, textile, and paper industries.
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Some Companies Mentioned
- BP Plc
- China National Petroleum Corp.
- Exxon Mobil Corp.
- FUCHS PETROLUB SE
- Idemitsu Kosan Co. Ltd.
- Indian Oil Corp. Ltd.
- Oil and Natural Gas Corp. Ltd.
- PJSC LUKOIL
- Royal Dutch Shell Plc
- Total SA
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Industrial Lubricants Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2% |
Market growth 2020-2024 |
0.89 mn MT |
Market structure |
Fragmented |
YoY growth (%) |
(33.62) |
Regional analysis |
APAC, Europe, North America, MEA, and South America |
Performing market contribution |
APAC at 58% |
Key consumer countries |
China, US, India, Japan, and Germany |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
BP Plc, China National Petroleum Corp., Exxon Mobil Corp., FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., Oil and Natural Gas Corp. Ltd., PJSC LUKOIL, Royal Dutch Shell Plc, and Total SA |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product by Volume
- Market segments
- Comparison by Product by volume
- Mineral oil lubricants - Market size and forecast 2019-2024
- Synthetic lubricants - Market size and forecast 2019-2024
- Bio-based lubricants - Market size and forecast 2019-2024
- Market opportunity by Product by volume
Customer landscape
Geographic Landscape by Volume
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Competitive scenario
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- BP Plc
- China National Petroleum Corp.
- Exxon Mobil Corp.
- FUCHS PETROLUB SE
- Idemitsu Kosan Co. Ltd.
- Indian Oil Corp. Ltd.
- Oil and Natural Gas Corp. Ltd.
- PJSC LUKOIL
- Royal Dutch Shell Plc
- Total SA
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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Contact
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SOURCE Technavio
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