Sustainable ecosystem of the global lubricants industry to supplement the market growth
The lubricants industry has moved over the last few years towards a more sustainable ecosystem, where companies develop bio-based feedstock routes, meet the ecolabel standards and improve overall production processes to reduce by-products and waste. In all the regions of Europe and the Americas where manufacturers have financial and technological skills, significant initiatives by industry played a major role.
In addition, the industry has seen a crucial shift in the production landscape in emerging Asian countries as these countries are neo-producing hubs for electronics, consumer goods, textiles, chemicals and automobiles among others. The region’s trends have shaped a positive economic outlook and China, India and Southeast Asia are the main contributors to growth.
Regulations play a critical role in the global industrial lubricants market in shaping the R&D and product offerings of lubricant manufacturers. Evolving feedstock use, rising lubricant applications and growing emissions influence the focus of a company on development, future strategies and existing market offerings.
The trend is complemented by an increasing awareness of the importance of maintenance of machinery for reducing operational downtimes and increased efficiency associated with them. Lubricants are an essential part of industrial activities in this respect. In addition, product innovation has helped to improve the lifecycle and sustainability of different additives in these oils.
Process oils to dominate the global industrial lubricants market throughout the forecast period
The largest share of process oils in 2016 came to almost 33.0%. They are used extensively for supporting industrial processes, improving operational efficiency and reducing energy and overhead cost caused by downtimes. Industrial motor oils are increasing the traction between mining machines, irrigation pumps, generators and construction equipment. Increasing industry output would eventually lead to industrial engine oils using machinery.
In addition, companies have better products with lower frictional rates and higher lubricity at high temperatures in the category. The demand for these products is highly generic, where machinery is constantly wear and tear. The segment is expected to record China’s highest growth in the forecast period.
Chemical manufacturing to lead the global industrial lubricants market
In the industrial lubricants market of 2016, chemical manufacturing was the leader in production, accounting for almost 30,0% of total volume. Processing machinery is often subject to extreme temperatures, continuous operations and threats of particles, water and chemicals contamination. Lubricants reduce friction, wear and corrosion on these elements and reduce production standards and service downtime. They also reduce the amount of wear and corrosion.
In the future, textiles, energy and metalworking applications will play an important role in the growth of demand. Asia Pacific, which is characterized by growing textile exportations, power generation and metal foundries, is invariably the largest consumers ‘ base for these industries as well. Over 6.80 million tons of lubricants were consumed worldwide by energy and textiles in 2016 together.
Major players profiled in the global market report include The Lubrizol Corporation; Fuchs Group; Philipps 66; Royal Dutch Shell; Amsoil Inc.; Lucas Oil Products Inc.; Total S.A.; Bel Ray Co.; Valvoline International Inc.; Kluber Lubrication; Clariant; Chevron Corporation as well as Quaker Chemical Corporation among others.