Enhanced operational efficiency offered by industrial lubricants is bolstering their use in the constantly expanding manufacturing sector, as well as other industries such as power generation and oil and gas. The growing use of high-performance lubricants in these end-use industries is expected to drive market growth in the forecast period (2019-2027). As indicated by a new study, the global demand for industrial lubricants will progress moderately through 2027, reaching a value of US$ 28 Bn.
With the use of speciality additives, companies are focused on providing industrial lubricants with better efficiency. Growing environmental concerns are turning the focus of the lubricant industry towards the development of bio-based lubricants, which are estimated to gain more consumer preference in the coming years.
How is Market Structure Defined?
Key players are expanding their global presence by investing in organic growth and practicing integration across the value chain to reduce production costs. For example, Exon Mobil Corp. completed the expansion of its Singapore refinery to upgrade the production of Group II base stock and enhance its integrated competitiveness.
Companies are emphasizing on providing high-grade industrial lubricants and custom product solutions to boost their unique selling proposition and competitive position. Key players in the global industrial lubricants market include Royal Dutch Shell plc and Exon Mobil.
