According to the latest market research study released by Technavio, the global industrial lubricants market is expected to grow at a CAGR of almost 3% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global industrial lubricants market based on product type:
Global industrial lubricants market share by product type 2015
|
Mineral oil lubricants |
86.92% |
|
Synthetic oil lubricants |
8.85% |
|
Bio-based lubricants |
4.23% |
Source: Technavio
Global industrial lubricants market by mineral oil lubricants
In 2015, mineral oil lubricants accounted for the highest share of around 87% in the global industrial lubricants market and it is anticipated that the market will continue to dominate during the forecast period. These lubricants are derived from crude oil through solvent extraction, distillation, and cracking processes. The mineral oil lubricants can be categorized into naphthenic mineral oil based lubricants, paraffinic mineral oil lubricants, and aromatic mineral oil based lubricants.
“Mineral oil lubricants are used in the manufacturing industries, as engine oils, and as processing oils in rubber, textile, and paper industries. The mineral oil lubricants are the most adaptable and least expensive kind, which is a key factor that drivers their popularity among end-users,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for research on oil and gas.
Global industrial lubricants market by synthetic oil lubricants
Synthetic oil lubricants will continue to gain market share primarily due to the growing demand for high performing lubricants, following the rise in use of automation and complex machinery. Synthetic oil lubricants are particularly engineered lubricants that are created by chemical reactions of components. The chemical reactions need to be carried out at a precise temperature and by the application of precise pressure. Synthetic oils are classified as ester oils, polyalphaolefins, and polyalkylene glycols. Synthetic oil lubricants offer various advantages such as low pour point, low toxicity, low volatility, high flash point, high viscosity index, and high oxidation stability. The synthetic oil lubricants do not lose viscosity under low temperature. Apart from this, synthetic oil lubricants also offer the benefits such as oxidation resistance, which translates to longer life and many more. The industry is shifting toward the use of synthetic oil lubricants on a large scale. The enhanced life of equipment plays a significant role in keeping the entire cost of product low throughout the equipment lifecycle. The overall improvement in technology leading to a fall in unit price along with increased consumer awareness are expected to drive the market during the forecast period.
Global industrial lubricants market by bio-based lubricants
Bio-based lubricants are the newest product in the global industrial lubricants market. They are derived from natural sources, mostly plants or mineral oils, and are significantly cleaner than the other products. Bio-based lubricants reduce environmental impact, improve the performance of machinery, and ensure safety. They have exceptional natural lubricity and superior viscosity-temperature characteristics, requiring no additional additives. The use of bio-based lubricants contributes to the goals of energy independence and a cleaner environment, which is a major factor responsible for the growth of bio-based lubricants. The environmental standards in Europe has made the region the largest user of bio-based lubricants. As the industrial users realize the benefits of biodegradable oil, their adoption will increase, and its applications will grow in industries where the environmental and safety concerns are high.
The top leading vendors operating in the global industrial lubricants market are:
- BP
- Castrol
- ExxonMobil
- Shell
- Total
Other prominent vendors in the market include Apar Industries, Chevron, CITGO, Columbia Petro Chem, Fuchs Lubricants, Gazprom, Idemitsu Kosan, LIQUI MOLY, Lubrizol, LUKOIL, Pertamina, Petrobras, PetroChina, Sinopec, and SK Lubricants.
A more detailed analysis is available in the Technavio report titled, ‘Global Industrial Lubricants Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automatic Lubrication System Market 2016-2020
- Global Marine Lubricants Market 2016-2020
- Global Lubricants Market 2015-2019
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