DUBLIN, Sept. 14, 2018 /PRNewswire/ —
The “Global Industrial Lubricants by Product, Market and Formulation” report has been added to ResearchAndMarkets.com’s offering.
Increasing Need for Manufacturing Will Drive Lubricant Demand
Rising household incomes, especially in developing countries, will boost global demand for manufactured products, increasing global levels of trade and electricity generation, all of which will spur demand for industrial lubricants.
Growth Faster in the Developing World
Demand for industrial lubricants in developing countries is anticipated to grow faster through 2021 than in the developed world. Higher levels of new capital formation, particularly in India and China, the two markets expected to undergo the most growth, and faster growing levels of trade will increase lubricant demand in manufacturing and transportation equipment applications, respectively.
Engine Oils to Register Fastest Sales Gains
Demand for industrial engine oils was responsible for 19% of industrial lubricant demand in 2016, is expected to grow at a CAGR of 2.3% through 2021, the fastest rate of any product. Increased maritime trade, especially in developing countries, will drive gains in demand. Asia/Pacific, already the leader in demand for industrial engine oils, will undergo the most volumetric growth, while Africa/Mideast and Central and South America are expected to witness above average gains.
Nonconventional Formulations to Gain Market Share
While conventional lubricants has historically held the vast majority of formulation market share, growth in demand will be outpaced by synthetic, bio-based, and re-refined industrial lubricants. Driven by modernizing factory equipment, synthetics will grow by one million metric tons through 2021, the largest volumetric gains of any formulation. Increased environmental regulations will boost demand for re-refined industrial lubricants, which are expected to grow at a faster CAGR than any other formulation.
This industry study presents historical demand data (2006, 2011, and 2016) and forecasts for 2021 by product class (process oils, engine oils, hydraulic fluids, metalworking fluids, gear oils, greases, and general industrial oils), market (manufacturing, transportation equipment), and formulation (conventional, synthetic, bio-based/re-refined). The study also evaluates company market share and analyzes leading suppliers including BP, Chevron, Exxon Mobil, Shell, and Total.
For more information about this report, visit https://www.researchandmarkets.com/research/8jc3hb/global_industrial?w=5
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SOURCE Research and Markets