The Global Industrial Lubricants market is anticipated to grow significantly through 2028 due to increase increasing adoption of automation in manufacturing. In 2019, the per capita demand for lubricants in North America was approximately 18.2 kilograms.
The Global Industrial Lubricants market is expected to expand during the projected period due to the rising adoption of automation in manufacturing as automation provides higher efficiency by increasing manufacturing capacity using machines and equipment that require regular maintenance and lubrication. A chemical used on surfaces with relative movement between them is known as a lubricant.
Lubricant lessens wear between surfaces and decreases friction. A lubricant can serve other responsibilities including those of a sealing agent, a heat transfer agent, and a corrosion prevention agent. Lubricant products are made from a mixture of base oils and additives.
The composition of base oil in the formulation of lubricants is primarily between 70-90%. Base oils possess lubricating properties and make up to 90% of the final lubricant product. Rapid industrialization and the significant rise in trade activities, particularly in developing countries, are expected to propel the demand for industrial lubricants in the upcoming years.
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Furthermore, other factors, such as the rising mining operations and robust construction industry growth, are likely to provide opportunities for the market during the forecast period.
Rising Adoption of Automation in Manufacturing
The term automation identifies technology that uses control systems (such as logic circuits or processors) to manage machines and processes, reducing the need for human intervention. It is used for executing repetitive or complex operations, where safety or certainty are required, or simply for greater convenience. Production procedures in manufacturing employ machinery from automated systems.
Automation promotes higher efficiency by increasing manufacturing capacity, ensuring predictable maintenance, and lowering costs. With the development of automation, machines are also able to operate faster and with an even higher level of precision, which has a positive influence on the quality and processing time of products such as CNC machines (computer numerical control). Industrial machines such as presses, lathes, milling machines, bending machines, and sheet metal cutting machines enable numerical control through an external CNC computer, which enables them to work at high levels of precision by repeating the task in series.
By requiring little effort and producing a favorable return on investment, these advantages also assist the organization in developing a wide range of product kinds to appeal to consumers. Automation has increased reliance on machinery and equipment, which need regular maintenance and lubrication. These devices include bearings, hydraulics, compressors, industrial engines, and centrifuges. The market is expanding due to the surge in demand for automated industrial equipment.
For instance, Castrol Limited developed advanced lubricants for robotics which help to decrease the downtime of industrial robots and positively impact the quality, costs, and efficiency of the manufacturing process.
Furthermore, automation processes are used in various end-user industries including automobile, textile, and chemical.
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For instance, Cotmac Electronics Pvt. Ltd. provides process automation solutions to the textile, pharmaceutical & chemical industries.
Thus, the rising desire for automation in the manufacturing sector increases the demand for lubricants which led to the growth of the market in the forecast years.
Emerging Countries Turns Towards Bio-Based Oils
Recently, there has been a trend toward enhancing and expanding the usage of base oils derived from biodegradable feedstocks and bio-based lubricants. Vegetable oils are used as bio-based industrial lubricants’ degradable basic ingredients, to reduce their reliance on petroleum and other non-renewable raw material sources, businesses are putting more and more effort into developing ecologically friendly base oils. The increase in restrictions on using conventional lubricants is more evidence of this.
For instance, Cargill, Incorporated produces Agri-Pure series of bio-based oil which is used in a variety of applications within the lubricants category.
Additionally, the use of bio-based lubricants in the food processing sector and the expansion of environmental regulations in the food and beverage sectors are expanding the market for bio-based products.
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Table of Content-Industrial Lubricants Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Voice of Customer
- Global Industrial Lubricants Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value & Volume
5.2. Market Share & Forecast
5.2.1. By Product (General Oil, Application Oil, Engine Oil, Gear Oil, Transmission & Hydraulic Fluids, Others)
5.2.2. By Base Oil (Bio-Based Oil, Mineral Oil, Synthetic Oil, Others)
5.2.3. By Application (Textile, Chemical Manufacturing, Energy, Others)
5.2.4. By Region (North America, Europe, Asia Pacific, South America, Middle East & Africa)
5.2.5. By Company (2022)
5.3. Market Map
5.3.1. By Product
5.3.2. By Base Oil
5.3.3. By Application
5.3.4. By Region
- North America Industrial Lubricants Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Product
6.2.2. By Base Oil
6.2.3. By Application
6.2.4. By Country
6.3. Pricing Analysis
6.4. North America: Country Analysis
6.4.1. United States Industrial Lubricants Market Outlook
6.4.1.1. Market Size & Forecast
6.4.1.1.1. By Value & Volume
6.4.1.2. Market Share & Forecast
6.4.1.2.1. By Product
6.4.1.2.2. By Base Oil
6.4.1.2.3. By Application
6.4.2. Mexico Industrial Lubricants Market Outlook
6.4.2.1. Market Size & Forecast
6.4.2.1.1. By Value & Volume
6.4.2.2. Market Share & Forecast
6.4.2.2.1. By Product
6.4.2.2.2. By Base Oil
6.4.2.2.3. By Application
6.4.3. Canada Industrial Lubricants Market Outlook
6.4.3.1. Market Size & Forecast
6.4.3.1.1. By Value & Volume
6.4.3.2. Market Share & Forecast
6.4.3.2.1. By Product
6.4.3.2.2. By Base Oil
6.4.3.2.3. By Application