Lubricants are substances used to control or reduce friction as well as wear of surfaces coming in contact with different bodies in relative motion. Asia Pacific along with being the largest market is also expected to be the fastest growing market for lubricants, at an estimated CAGR of 3.
These emerging economies have witnessed robust economic growth in recent years and exhibit ample opportunities for growth. The trend is more prominent in developed countries such as the U. These countries, along with other developed countries, are expected to remain the main target market during the forecast period.
Some of them also offer additive technology to protect crankcases, camshaft areas, under-crowns, and ring belts. The product helps extend engine life and protects components at high temperatures. For the purpose of this study, Grand View Research has segmented the lubricants market on the basis of products and region: The European market is relatively less regulated in food grade lubricants and lacks proper laws pertaining to the same.
With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights.
Within industrial lubricants, general industrial oils were the most consumed products which accounted for Consumer automotive lubricants are expected to be the fastest growing product segment at an estimated CAGR of 2.
Besides this, numerous innovations directed at reduction of harmful carbon emissions to enhance vehicle performance are driving growth.
Increasing requirement for grease and low-viscosity fluids in modern machinery is expected to boost overall growth. Another key application market for synthetic oils was heat transfer fluids in heat exchangers and heavy machinery. Different processes require different grades of oil.
However, with the drive to produce innovative products in the food processing industry, the demand for customised and high performance food grade lubricants is expected to swell in near future.
For the purpose of this study, Grand View Research has segmented the global Synthetic Lubricants market on the basis of application, product and region: The industry has witnessed increasing investments by various multinationals over the past few years.
These lubricants are used in bakeries, the beverage industry, meat processing, pharmaceuticals, confectionery, and fruit and vegetable processing.
The region is anticipated to remain a major consumer over the forecast period owing to significant rise in demand from key end-use industries across India, China, Indonesia, and Thailand. Food grade lubricants range from hydraulic fluids, oven chain oils, gear oils, compressor oils and vacuum pump oils to specialty lubricants such as can seamer oil.
Increasing penetration in automobile applications is expected to be a key driving force for the market, particularly in light of positive automotive outlook in India, China, South Korea and Brazil. For the marine sector, eco-labeling norms and increasing usage of environmentally friendly oils shall be a key demand driver.
However, the high cost of synthetic oils in comparison to their mineral counterparts is a key challenge for the development of the market. All the major companies adhere to food safety laws in order to avoid product recalls and penalty fees. The research report presents a comprehensive assessment of market and contains thoughtful insights, facts, historical data, and statistically supported and industry validated market data.
Recovery of the consumer vehicles segment in U. Constant innovation in the automotive industry, such as introduction of innovative rubber products that reduce detrimental impact of waste landfills on the environment, is a key trend expected to propel demand in upcoming years.
Application Insights Automotive emerged as the dominant application segment in with over These high-performance substances are widely used in various end-use industries as anti-wear additives, corrosion inhibitorsviscosity index improvers, friction modifiers, and extreme pressure EP additives.
It can be either petroleum based or synthetic in composition. Companies are also strategically placing their brands and collaborating with regional companies to expand their business operations.
However, these are internationally accepted standards which are followed by food grade lubricant manufacturers.
The compatibility of these oils with other mineral oils is a key driver for the development of the market.Food Grade Lubricants Market: Global Industry Analysis, Size, Share, Growth and Forecast to by FMI.
This statistic displays the distribution of the demand for lubricants worldwide insorted by product group. Mobile phone users worldwide retail lubricants market share of.
BIOLUBRICANTS – A GLOBAL MARKET OVERVIEW.
the cost competitiveness of vegetable-based base oils in the formulation of lubricants. Worldwide market for Biolubricant product categories explored in this study includes Hydraulic Fluids, Metalworking Global Biolubricant Chainsaw Lubricants Market Overview ( World Lubricating Oils and Greases Industry Table Global Lubricants Market (): Percentage Market & (includes corresponding Graph/Chart) II The global market for lubricants is expected to reach USD billion byaccording to a new study by Grand View Research, Inc.
lubricants are. Essay on Worldwide Lubricants Market to The global market for lubricants is expected to reach USD billion byaccording to a new study by Grand View Research, Inc. lubricants are widely used in the automotive industry for their benefits and relative lower cost.Download