The global industrial lubricants market is expected to grow at a moderate CAGR during the forecast period. Industrial lubricants are basically greases and oils that are used in order to lessen wear and tear of materials while reducing binding and friction. In some cases, they also offer electrical resistivity while increasing the thermal conduction.
Automotive Production Growth in Asia-Pacific (APAC) and Europe
Lubricants are primarily used by OEMs during the production of automobiles. These are also used extensively in the automotive refinish and aftermarket. With rising consumer spending and growing population in Asia-Pacific, the global automotive production has been increasing constantly. Asia-Pacific and Europe have been the prime regions supporting the growth of automotive production, with year-on-year growth rates of 7.6% and 2.5%, respectively, for 2016-17. China, India, the Philippines, and Vietnam are turning out to be potential markets for demand and supply of automobiles, owing to many automotive manufacturers establishing their manufacturing and assembly plants in these countries. This can be attributed to the availability of labor at low costs, raw material prices, and growing urban population in the region.
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Usage of Metalworking Fluids are expected to Increase
Metalworking fluids are used to lubricate and reduce the heat of cutting tools and the metal work piece. They increase the lifetime of the cutting tool, by increasing the efficiency through cleaning the surface, removing chips, etc. Significant contractions in automotive and metal production in 2015-2016 (as a result of the global economic crisis) led to a depressed metalworking fluid demand. However, the recent rebound of the automotive industry has brought a significant uptick in the demand for metalworking fluid products. Demand for metalworking fluids in applications, such as metal removal, metal protecting, metal forming, and metal treating is estimated to rise rapidly (due to growth in the end-user industries, such as automation, steel, and OEMs).
Germany to Dominate the European Market
Germany witnessed a 20% increase in the new residential building permits in 2016, and in 2017, the construction sector registered a turnover of Euro 112.2 billion. The construction & building industry in the country is expected to experience the boom, owing to the growing demand for real estate in the nation, due to increasing population growth and job security, and low borrowing costs. According to the officers of Deutsche Bauindustrie and Deutsche Baugewerbe, the residential construction was the main driver of growth with a positive growth rate of 7% for 2017. With such growth in the automotive and construction industries, the demand for lubricants used in these industries is expected to witness a moderate growth during the forecast period.
The major players include – BASF SE, ExxonMobil, Chevron Corporation, ConocoPhillips, and Lukeoil, amongst others.
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