Industrial lubricants come in variety of grades and purpose. There are several factors to look for, before zeroing on the selection of industrial lubricant. A manufacturer’s recommendation can be a great starting point, but there are numerous options to look for apart from the recommendation. What important is, to go for the one that absolutely meets the specific demands of the operation. Apart, the constant advancements in the lubrication industry tend to be more reliable that enhances the life of an equipment. From the commercial perspective, general industrial oils having generic applications are widely used across the industrial sector such as marine, aviation, off-highway transportation and fishing.
The driving factors mentioned include indispensable nature of lubricants used in manufacturing & processing units, increase in manufacture of automobiles and rise in need for aftermarket lubricant services in particular sectors. Additionally, the global market gains a leverage from increase in imports for grade oils beneficial for heavy vehicles. Industrial uses of lubricants also encompass oiling of machinery, water resistance and power generation. The lubricants can be customized with additional properties to serve a particular complex scenario.
Challenges such as availability of cheap substitutes with low shelf life and poor functionality, stringent norms by government for capping industrial waste and health hazards associated with the frequent use of oils, might impede the market growth in the near future.
The product types in the industrial lubricants market are grease, metalworking fluids, turbine oil, compressor and gear whereas the end-user segmentation include food, manufacturing, cement, power generation, mining and construction. Power generation and metalworking fluids account for a greater market share.
Asia-Pacific market is a faster growing region owing to the manufacturing needs for oiling and lubrication in emerging economies. A major reason being availability of versatile form of oils & lubricant that serve industrial needs are bolstering the market demand. In addition, consumer preference for synthetic oil due to its availability in various grades and adaptable form contributes to the market development in the near future.
North America and Europe market follow this trend. Presence of manufacturers and frequent use of industrial lubricants in end-use industries helps in demand generation. Subsequently, automobile industry experiences huge demand for lubricants leading towards a positive market growth. MEA regions have accounted for a significant market share and continue to remain at a dominant position due to presence of oil-wells and oil processing units.