#Industrial #Lubricants #Market #Surpass #USD #Billion
New York, USA, Oct. 20, 2022 (GLOBE NEWSWIRE) — Industrial Lubricants Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Industrial Lubricants Market Information by Type, End-User, and Region – Forecast till 2028”, the market is estimated to grow at a 2.45% CAGR to reach USD 73.3 Billion by 2028.
Market Synopsis
Lubricants facilitate machines’ smooth functioning and are used across several industries. They are also known as compounds such as greases, fluids, and oils. Lubricants don’t allow metal-to-metal contact in finished component tooling and dyes.
Industrial lubricants help in cooling the parts, reducing friction, dispersing contaminants, minimizing wear, preventing corrosion, transmitting power, and acting as a sealant in various machineries. They also help modify temperature regulation, surface properties, and debris removal. The surging demand for low-viscosity fluids and grease in the automotive industry and also in the burgeoning food sector along with the rapid industrialization rate in emerging countries will foster the market size in the years to come.
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Report Scope:
Report Attribute | Details |
2028 Market Size | USD 73.3 Billion |
CAGR | 2.45% (2021–2028) |
Base Year | 2020 |
Forecast Period | 2021–2028 |
Historical Data | 2019 |
Forecast Units | Value (Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, End-User, and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Market Drivers | A rapid degree of urbanization followed by industrial processes |
The increased degree of technological advancements in the developing and developed countries |
Market Competitive Landscape:
The affluent firms in the industrial lubricants industry include
- Petrochina Company Limited (China)
- Total S.A. (France)
- Sinopec…
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