The growing manufacturing industry is enhancing the industrial lubricant market demand, and the market is poised to attain the global market size of $31.32 billion by the end of 2023, according to a recently published market intelligence report by Industry. Furthermore, the industrial lubricant market is projected to increase at a CAGR of 4.27% during the forecast period 2018-2023. The report is titled “ [FURL=https://www.industryarc.com/PressRelease/1203/Industrial-Lubricants-Market-Research-Analysis.html] Industrial Lubricants Market[/FURL] : By type (Gear, compressor, hydraulic, turbine, metalworking, bearing, coolants, penetrating oils); By compound (fluids, greases, oils); By applications (air compressors, bearings, food machinery, gas engines, gears, hydraulics, machining, turbines, power generation); By end-user industry (automotive, aerospace, military, marine, chemicals, food processing, textiles, railroads, construction, agriculture, timber and logging); By Geography - Forecast (2018-2023).
Industrial Lubricants Market: Geographical Analysis & Leading Segments
APAC is the most lucrative region for the vendors in the industrial lubricants market, and the market is expected to grow at a CAGR 3.01% during the forecast period 2018-2023. China and India hold the maximum global industrial lubricants market share owing to rapid industrialization in the countries.
According to the segmental study by the analyst, the automotive industry has been the most lucrative end-user industry. This is attributable to the growing number of vehicle produced each year, which is creating a demand for industrial lubricants.
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Industrial Lubricants Market: Trends and Growth Drivers
The demand influx from the Energy Sector –The energy sector is a profitable industrial lubricant marketplace, as power plant equipment requires the right lubrication.
The Mining Industry flourishing the Industrial Lubricants Market –The growth prospects for the vendors of the industrial lubricants market in the mining industry can be fathomed by the growth of the mining equipment market which was valued between $100 billion and $104 billion in 2018, and the demand is estimated to escalate at a steady CAGR of 5% through to 2025, according to the mining equipment report by IndustryARC.
Industrial Lubricants Market reaping revenues from the Textile Industry –
The textile industry is makings strides in developing countries such as China and India. There is a lot of machinery used in textile production which needs industrial lubricants.
Industrial Lubricants Market: Competitive Landscape
Some of the key companies identified in the industrial lubricant market intelligence report that is striving to capitalize on the customer-base are Exxon Mobil Corp., BP PLC, Total SA, LUKOIL PJSC, Valvoline Inc., Royal Dutch Shell, PETRONAS Gas Berhad, Indian Oil Corp., and Chevron Corp.
About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.