Industrial Lubricants Market Size to Reach USD 75.23 Billion by 2027 | Wind Energy Industry and Expansion of the Cold Chain Industry will Drive the Market Growth says, Emergen Research

Vancouver, British Columbia, Jan. 18, 2021 (GLOBE NEWSWIRE) — The global industrial lubricants market is expected to reach a market size of USD 75.23 Billion growing at a CAGR of 3.2% during the forecast period, according to most recent analysis by Emergen Research. Growth of the market is being driven by key factors such as increasing usage of high-performance lubricants, primarily in the wind energy industry, and expansion of the cold chain industry. In addition, growing demand for bio-lubricants in developing countries is expected to continue to open up major lucrative opportunities for players operating in the market during the forecast period. However, environmental concerns related to some types of lubricants and increasingly stringent government regulations are key factors projected to restrain market growth to a certain extent.Industrial lubricants are used in various industries and applications such as mining, automotive, hydraulic, and industrial machinery respectively. The selection of industrial lubricants depends on factors such as exposure to temperature and harsh chemicals. Use of industrial lubricants not only reduces friction, but also improves the lifespan of machines and prevents downtime.Increasing demand and resulting manufacture of vehicles and high demand for low-viscosity fluids in the automotive sector are factors expected to fuel market growth during the forecast period. Industrial lubricants are used to reduce friction between surfaces and facilitate smooth and effective functioning of equipment. Rapid industrialization is another factor expected to continue to support market growth in developing economies in the near future.Claim Your FREE Sample Copy with Table of content@ Profiled in this Report are:The Lubrizol Corporation, ExxonMobil Corp, Royal Dutch Shell, Amsoil, Inc., Valvoline International, Inc., Kluber Lubrication, Clariant, Chevron Corp., Petronas Lubricant International, and Quaker Chemical Corp.Key Highlights of ReportIn December 2020, Idemitsu, which is a leading supplier of high-performance lubricants in India, announced its partnership with Indian Kawasaki Motors for the manufacture of Kawasaki genuine oil for all Kawasaki motorcycles in the country.Gear oils are superior-quality industrial lubricants made by using advanced additive technology and highly refined base stocks. These lubricants are designed to offer excellent performance when load carrying capacity is reduced due to shock loading and extreme pressure.Bio-based lubricants offer high lubricity without any need for adding chemical additives. Besides helping to reduce friction between two surfaces, bio-based oils have higher viscosity than petroleum and they have polar attraction toward metals. The polar attraction toward metal helps bio-based lubricants not to run-off on tools and equipment.The power generation segment currently is registering significant revenue growth, owing to high requirement for lubricants in wind turbine gearboxes. Excellent performance despite exposure to high temperatures, corrosion and oxidation, wear, and load weights is driving high demand for industrial lubricants.Asia Pacific market dominates other regional markets in terms of revenue contribution to the global industrial lubricants market, due to presence of well-established industry verticals and high awareness regarding benefits lubricants offer machinery and equipment, and reduced wear and tear as a result. High demand from India, China, Malaysia, and Indonesia is expected to contribute significantly to market growth in the region during the forecast period.  Check Our Prices@
For the purpose of this report, Emergen Research has segmented the global industrial lubricants market based on product type, base oil, end-use industry, and region:
Product Type Outlook (Revenue, USD Billion; 2017–2027)Hydraulic FluidMetalworking FluidGear OilCompressor OilGreaseTurbine OilOthersTransformer OilRefrigeration OilTextile Machinery LubricantsBase Oil Outlook (Revenue, USD Billion; 2017–2027)Mineral OilSynthetic OilPolyalphaolefins (PAO)Polyalkylene Glycol (PAG)EstersGroup iii (Hydrocracking)Bio-based OilEnd-use Industry Outlook (Revenue, USD Billion; 2017–2027)ConstructionMetal & MiningCement ProductionPower GenerationAutomotive (Vehicle Manufacturing)ChemicalOil & GasTextileFood ProcessingOthersAgriculturePulp & PaperMarine (Deck Manufacturing)Click to access the Report Study, Read key highlights of the Report and Look at Projected Trends: Outlook (Revenue, USD Billion; 2017–2027)North AmericaU.S.CanadaMexicoEuropeGermanyU.K.FranceBENELUXRest of EuropeAsia PacificChinaJapanSouth KoreaRest of APACLatin AmericaBrazilRest of LATAMMiddle East & AfricaSaudi ArabiaUAERest of MEATake a Look at our Related Reports:Spherical graphite market size was valued at USD 2,435.8 Million in 2019 and is forecasted to reach USD 9,598.8 Million by 2027 at a CAGR of 18.6%. The spherical graphite market is observing a double-digit growth attributed to its increasing usage in lithium-ion battery production.Sodium dichromate market size was valued at USD 759.2 Million in 2019 and is forecasted to reach USD 1,242.4 Million by 2027 at a CAGR of 6.3%. The sodium dichromate market is observing high demand attributed to its increasing application in pigment, metal finishing, chromium compounds preparation, leather tanning, and wood preservative.Acoustic insulation market size was valued at USD 12.94 Billion in 2019 and is forecasted to reach USD 19.64 Billion by 2027 at a CAGR of 5.3%. The acoustic insulation market is observing high demand attributed to its increasing application in building & construction, automotive, aerospace, and manufacturing.About Emergen ResearchEmergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.Contact Us:Eric LeeCorporate Sales SpecialistEmergen Research | Web: www.emergenresearch.comDirect Line: +1 (604) 757-9756E-mail: [email protected]Facebook | LinkedIn | Twitter | BlogsRead Full Press Release@

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