Rapid industrialization and urbanization across developing countries to expand the industrial lubricants market size

Industrial Lubricants Market

 Industrial lubricants are any substances used in the manufacture of equipment and mechanical parts that are able to provide lubrication for most work-related mechanical parts and machinery. These types of lubricants can be used in almost all industries. They come in various compositions, some with characteristics that make them ideal for specific industries such as diesel, gasoline, aerospace, petrochemical, electrical, and cement industries. Most industrial lubricants come in a liquid or a semi-liquid form; the latter undergoes further processing to create a thick oily film that protects the base stocks and other components.

The massive industrial growth across developing countries is a major factor accelerating the growth of the industrial lubricants market. The easy availability and low-cost of synthetic oil are also contributing to the growth of the market. High demand for hydraulic oil across the construction industry is again fostering the growth of the industrial lubricants market. According to the India Brand Equity Foundation, in 2019, the sector witnessed seven mergers and acquisition (M&A) deals worth US$ 1,461 million. In October 2020, NITI Aayog and Quality Council of India (QCI) launched the ‘National Program and Project Management Policy Framework’ (NPMPF), envisaged to bring radical reforms in the way infrastructure projects are executed in India.

From the geographical point of view, the Asia Pacific is projected to gain significant growth over the forecast period and this is attributed to the rapid industrialization and urbanization in the region. According to the World Economic Forum, in 2020 Asia’s GDP will overtake the GDP of the rest of the world combined. By 2030, the region is expected to contribute roughly 60% of global growth. Asia-Pacific will also be responsible for the overwhelming majority (90%) of the 2.4 billion new members of the middle class entering the global economy.

Key Developments:

1.      In July 2019, Shell has launched Lubricants B2B Services Portfolio to Transform Industry-wide Value Chains. The newly launched portfolio consolidates Shell's lineup of solutions, including LubeAnalyst, LubeAdvisor, LubeChat, LubeCoach, MachineMax, LubeMaster, LubeMatch, Lube Management Programme, and LubeExpert

2.      In August 2020, Castrol has announced the launch of two new initiatives to help manufacturing companies with their lubricant-related requirements

3.      In December 2019, Finnish AT-Tuote has announced the launch of an environmentally-friendlier industrial lubricant AT Renewable Penetrating Lubricant internationally. This is the world’s first industrial lubricant with nearly 100% bio-based content

Location: India

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