Albany, NY -- (SBWire) -- 05/11/2018 --The global market for lubrication systems is anticipated to grow at a sluggish rate, according to Transparency Market Research (TMR). The fragmented vendor landscape currently comprises of a number of global and local market players. The manufacturers are expected to focus on quality, innovative products, in order to survive the competition. Key players operating in the lubrication systems market include Groeneveld Group B.V., loan Lubrication Systems, SKF AB, Lube Corporation, and Changzhou Huali Hydraulic Lubrication Equipment Co., Ltd.
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Over the forecast period of 2014 to 2022, the global lubrication systems market is expected to register a tepid 2.14% CAGR. At this rate, the market which is estimated to reach US$5.28 bn by the end of 2022.
The rising demand for industrial vehicles and heavy motor vehicle is expected to bolster the segment of automated/centralized type of lubrication over the global market. With the urgent need to improve a vehicle's fuel efficiency, and to reduce its maintenance costs, the demand for lubrication systems is surging. The use a central lubrication system also allows the access of vehicle in remote/inaccessible locations, as it enables reduced friction. This is another significant factor fuelling the global lubrication systems market worldwide. Key manufacturers prefer the incorporation of a centralized lubrication system in order to improve vehicle's life and efficiency, enticing a throng of consumers, and thus giving them solid returns on investment (ROI). With the growing consumerism, brisk urbanization and rising industrialization in Asia Pacific, the region is expected to emerge as the leading one in this market.
Shift Towards Synthetic Lubricants Emerging as Leading Market Trend
The emerging automobile sector and swiftly progressing industrialization are key drivers of the global lubrication systems market. The large-scale utilization of heavy duty machinery for development of infrastructure is likewise boosting the demand for lubrication systems. The introduction of newly developed products through smart marketing techniques, online platforms, and the surge in demand for the product are expected to positively impact the growth of the global lubrication systems market.
Meanwhile, constant innovations such as synthetic lubricants and their easy availability in the market are emerging as prominent trends in the global lubricant systems market. The key trend of automating the process has created a huge demand for the lubricants and also significantly affects the demand of the lubricant systems and its parts.
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Demand from Mineral Processing Industries to Provide Opportunity
A plethora of industries find use in lubrication systems, such as cement, paper, automobiles mining and mineral processing, and steel. The expansion in mining activities, infrastructure development, and industrialization are the leading factors attributed to the high demand in mining and mineral processing. This is in turn is providing bountiful opportunities for the global lubrication systems market.
This review is based TMR's report titled, "Lubrication Systems Market (Type - Manual and Automated/Centralized; Process - Dry Sump and Wet Sump; End User - Cement, Steel, Mining and Mineral Processing, and Automobile) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2014 - 2022.
Massive Uptake of Synthetic Lubricants to Stoke Lubrication Systems Market Forecast 2014 - 2022