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