U.S. Industrial Lubricants Market
Dublin, Oct. 03, 2022 (GLOBE NEWSWIRE) -- The "U.S. Industrial Lubricants Market - Industry Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
Market is expected to reach a value of $14.12 billion in 2027, from $11.75 billion, growing at a CAGR of 3.1%
The U.S. industrial lubricants market is evolving to cater to customers' changing needs and preferences. Industrial lubricants were used to prevent corrosion, reduce friction, and offer cooling effects to equipment.
However, with advancements in technology, the U.S. lubricants market now offers extended benefits such as it reduces the interval for changing oil, increasing the equipment life of the machine, emitting low carbon, and reducing the equipment maintenance cost. The industry has undergone significant changes due to the recent developments, evolving needs, and preferences of customers.
Due to rising environmental concerns and stringent governmental regulations, the demand for bio-based lubricants manufactured from bio-based oil is growing, contributing to the growth of the U.S. industrial lubricants market. U.S. industrial lubricants are manufactured to protect machines and equipment from wear and tear, reduce downtime, prolong service intervals, and lower maintenance costs.
Further, the South region is expected to continue to dominate the industrial lubricant market due to the high penetration of manufacturing units such as manufacturing, construction, chemical, and oil & gas.
KEY TRENDS & DRIVERS
Growth In Renewable Energy Sector
The U.S. is rapidly working towards transforming power generation. Due to environmental and climatic changes, shifting from carbon-based petroleum derivatives to cleaner alternative energy sources is mandated. With the increasing effects of greenhouse gases and growing awareness about net zero emission and climate change risk, there is significant growth in the renewable energy sector.
Industrial lubricants are used in almost every renewable energy generating power, such as wind, hydroelectric, and solar power plants. Using lubricants highly increases efficiency and allows for low power loss, less breakdown time, and low maintenance, resulting in increased productivity and service life. Hence it is highly used in renewable energy plants, which further contributes to the growth of the U.S. industrial lubricants market.
Increasing Use Of High-Performance Lubricants
These high-performance lubricants include added additives such as extreme pressure additive, friction modifier, pour point depressants, emulsifiers, and tackifiers, among others. They perform better in high and low operating temperatures, dust, damp, or exceptional environmental conditions.
High-performance lubricants maintain the servicing cycle of machines and equipment, resulting in less manufacturing cost. These high-performance lubricants can be used in machines and equipment subjected to moisture, such as conveying systems, packaging machines, and automatic filling machines. Due to better dust resistance, they can also be used in chains used in dusty environments.
Environmental Concerns Associated With Use And Disposal Of Industrial Lubricants.
Lubricants are a highly regulated industry where public health and environmental protection is the main driver. Focusing on carbon footprint as well as sustainable development has contributed to the strict regulations regarding the use of industrial lubricants. Lubricants available in the industry are produced from mineral oil.
The biodegradability of mineral oils is very low. Hence, used lubricants cause environmental pollution. These used lubricants cannot be directly combusted without pre-treatment as they are subjected to environmental restrictions. Since these lubricants may contain toxic and hazardous residues such as metal and metalloid particles, chlorinated compounds may be released into the atmosphere.
SEGMENT ANALYSISINSIGHTS BY PRODUCT TYPE
Industrial lubricants are used in various industries for a wide range of applications such as reducing friction, increasing efficiency, reducing wear, maintaining the temperature, and increasing the service life of the machinery. The U.S. industrial lubricants market is classified into four product types industrial oil, metalworking fluids, process oils, and greases.
The industrial oil segment is estimated to be the largest segment in U.S. industrial lubricants market. The oil used for lubrication in industrial machinery and equipment is called industrial oil. All industrial oils consist of base oils such as mineral oil, synthetic oil, or bio-based oil. Industrial oils include hydraulic fluid, compressor oil, refrigeration oil, cylinder oil, spindle oil, and transformer oil. Industrial oils are used to improve the performance of industrial machinery and equipment and protect them against damage during operations.
INSIGHTS BY END-USE
The manufacturing industry is estimated to be the major end-user in the U.S. industrial lubricants market. Lubricants are used in manufacturing, power generation, metal & mining, and construction industries.
High growth in the metal & mining, and power generation industry is one of the main drivers for growth in the U.S industrial lubricants market. As in the power generation industry, industrial lubricants are widely used in power generation plants such as coal power plants, gas turbine power plants, hydroelectric power plants, natural gas engines, nuclear energy power plants, and wind energy plants.
The Western, South, Midwest, and Northeast are four key regions in which the U.S. industrial lubricants market is divided and their corresponding regions.
The geographical segment examines demand & supply side aspects impacting the industrial market and critical factors affecting the industry throughout the forecast period, such as drivers, constraints, opportunities & future trends. Political, sociological, and technical also impact the U.S. industrial lubricants market.
The South region is the largest industry for industrial lubricants in the US. This region consists of major manufacturing states such as Texas, North Carolina, and Florida.
The demand for lubricants in the Southern U.S. is driven by strict emission regulations and the growing sustainability trend. In addition, the booming automotive, manufacturing, and construction industries also support the U.S. industrial lubricants market growth.
The competitive scenario in the U.S. industrial lubricants market is currently intensifying. In the industrial lubricants market, the initial capital investment is very high in terms of setting up a manufacturing plant and developing a supply chain network. In addition, there are many well-established players in the lubricants industry, and producing industrial lubricants from crude oil and other additives is a very complex process.
The U.S. industrial lubricants market consists of major global multinational players such as Shell plc (UK), ExxonMobil Corporation (US), Chevron Corporation (US), Valvoline (US), and Phillips 66 Company (US) in the lubricants industry. The major players focus on innovation, product diversification & entering new industries.
The rapidly changing industry scenario with an increasing emphasis on sustainability is expected to provide growth opportunities to vendors. Chevron Corporation is a US-based multinational company founded in 1879 and headquartered in California, the U.S.
In the coming years, the company aims to become one of the top renewable energy producers globally. Hence, the company is highly investing in solar and wind power, which would help increase energy storage.
Exxon Mobil Corporation
Phillips 66 Company
Other Prominent Vendors
Gulf Oil International Limited
Petronas Lubricants International
Petro Canada Lubricants Inc.
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Premium Insights
7.1 US Industrial Lubricants Markets - Country Forecast (2022-2027)
7.1.1 Market Overview
7.2 Market Synopsis
7.3 Segment Review
7.3.1 Companies & Strategies
8.2 Value Chain Analysis
8.2.1 Raw Material Suppliers
9 Market Opportunities & Trends
9.1 Trend of Bio-Based Lubricants
9.2 Increased Use of Renewable Energy
9.3 Automation of Industrial Processes
10 Market Growth Enablers
10.1 Increased Use of High-Performance Lubricants
10.2 New-Age Manufacturing & Construction Activities
11 Market Restraints
11.1 Fluctuations in Crude Oil Prices
11.2 Environmental Concerns Associated with Use & Disposal of Industrial Lubricants
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
13 Product Type
13.1 Market Snapshot & Growth Engine (Value)
13.2 Market Snapshot & Growth Engine (Volume)
13.3 Market Overview
13.4 Industrial Oil
13.5 Metalworking Fluids
13.6 Process Oil
14.1 Market Snapshot & Growth Engine (Value)
14.2 Market Snapshot & Growth Engine (Volume)
14.3 Market Overview
14.5 Power Generation
14.6 Metal & Mining
15.1 Market Snapshot & Growth Engine
15.2 Market Snapshot & Growth Engine
15.3 Region Overview
For more information about this report visit https://www.researchandmarkets.com/r/vwzw19
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