Sarasota, FL -- (SBWire) -- 08/27/2018 --Zion Market Research has published a new report titled "Lubrication Systems Market by Type (Centralized or Automated and Manual), by Process (Wet Sump and Dry Sump), and by Application (Automobile, Cement, Mining & Mineral Processing, and Steel): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024". According to the report, global lubrication systems market was valued at approximately USD 743.3 million in 2017 and is expected to generate revenue of around USD 1004.77 million by the end of 2024, growing at a CAGR of around 4.40% between 2018 and 2024.
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Machines like manufacturing equipment, pumps, turbines, cutting tools, motors, pistons, bearings, cams, chains, and vehicles make the use of lubrication system to reduce the heat and friction generated thus preventing damage. The lubricants used in the machines reduce the friction generated between the parts and thus increase the longevity of all the components. Growing industrialization and rising automobile sector are considered as major factors driving the lubrication systems market across the globe. Moreover, a rising trend for the automated process leads to the increasing demand for the lubricants which also influences the lubrication systems market during the forecast period. Rapid urbanization has also provoked the market growth.
Based on the type of system, lubrication systems market is bifurcated into centralized or automated and manual. Centralized or automated type of system accounted a major share in 2017 and is anticipated to continue its dominance during the forecast period. The growth is attributed to the numerous benefits offered by this type of system, which includes higher lubrication points, the low time consumed for the lubrication process, minimum errors, and others. There are several different types of automatic lubrication system which includes single and dual line parallel systems, single point automatics, single line progressive systems, and others. Therefore, the automated lubrication system is estimated to be dominant in upcoming years.
Based on the application, the market is bifurcated into automobile, mining & mineral processing, cement, and steel. The mineral and mining process sector is anticipated to hold the major market share during the forecast period. Rapid industrialization coupled with increasing mining activities are major factors boosting the growth of the segment. Cement division within the application segment is anticipated to grow at the faster rate during the forecast timeframe. The growth of the sector can be credited to the rising infrastructure development, particularly in emerging countries.
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Regionally, Asia Pacific accounted for a major revenue share in 2017. The trend is estimated to continue during the forecast period. The region is home for the developing countries such as India, China, South Korea, and others. Therefore, booming end-user industries such as automotive, transportation, and construction are also the considerable factors for market growth in this region. In addition to this, rapid urbanization, growing industrialization, and rising consumerism are major factors stoking the market growth in the region. Other regions such as the Middle East and Africa and Latin America are anticipated to grow at a steady pace in the upcoming years.
Some of the major players contributing to the growth of the global lubrication systems market comprise Timken, Andantex, Cenlub Systems, Graco, SKF, Samoa, Klueber Lubrication, Cenlub Systems, Ambilube, Beke-lube, Bijur delimon, Alemite, Groeneveld Lubrication Solutions, ATS Electro-Lube, and many others. Merger, acquisition, and product advancement joint venture are the key strategies by the market players across the globe to strengthen the growth of lubrication systems market.
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This report segments the lubrication systems market as follows:
Lubrication Systems Market: Type Segment Analysis
Centralized or Automated
Manual
Lubrication Systems Market: Process Segment Analysis
Wet Sump
Dry Sump
Lubrication Systems Market: Application Segment Analysis
Automobile
Cement
Mining & Mineral Processing
Steel
Lubrication Systems Market Reach Value Around $1004.77 Mn by 2024
Global lubrication systems market expected to generate revenue of around USD 1004.77 million by the end of 2024, growing at a CAGR of around 4.40% between 2018 and 2024. Growing industrialization and rising automobile sector are considered as major factors driving the lubrication systems market across the globe.