Seattle, WA -- (SBWIRE) -- 11/14/2019 -- Industrial lubricants are fluids or greases, or liquids that are used in heavy machinery to reduce wear and tear of the material while lessening binding and friction. Industrial lubricant also transmits forces and acts as a coolant between the surfaces. Its property of reducing friction is called lubricity. Lubricants contain around 90% base oil (crude oil) and less than 10% additives. Synthetic liquids that include polyolefins, esters, silicones, fluorocarbons, and others are often used as base oil. These additives have a crucial role in reducing the friction and wear and offer increased viscosity, resistance to corrosion and oxidation, aging or contamination, and others.
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Market Dynamics- Drivers
Growing use of lubricants in various industries to increase the durability of tools and moving parts is expected to drive growth of the global industrial lubricants market during the forecast period. Moreover, lubricants reduces the time involved in servicing of parts, which is expected to drive the market growth in the near future.
However, lubricants both new and recycled ones damage the environment on account of their high potential to cause water pollution. Furthermore, additives that are present in lubricants are poisonous to the flora and fauna in the surrounding. The oxidation products in recycled industrial lubricants are extremely harmful. An industrial lubricant's degradability depends upon the base fluid, however very toxic additives can have a negative effect on the degradability of the industrial lubricants as well.
According to United States Environmental Protection Agency (EPA), in 2016, around 50% of all lubricants sold worldwide ended up in the environment due to volatility, spills, discharges or accidents. Moreover, around 95 % of these lubricants had a mineral oil base. The high eco-toxicity and low biodegradable nature of mineral oil-based industrial lubricants are a major threat to the environment. Therefore, adoption of these is expected to reduce, in turn negatively affecting growth of the market. Moreover, the high cost of synthetic and bio-based lubricants as they need to be refined to be thinner than conventional industrial lubricants causes lesser wear on the machine part is expected to restrain growth of the global lubricants market in the near future.
Global industrial lubricant market is experiencing an increase in the demand of dry and bio-based lubricants. Due to EU regulations bio-lubricants have been used in Europe for the past 20 years. Various regulations and schemes such as the EU Ecolabe in EU countries and growing environmental concerns has resulted in the growing adoption of industrial bio-lubricants
Dry industrial lubricants are composed of graphite and molybdenum, amongst others that offer excellent lubrication properties at temperatures of around 350 °C, which is greater than their liquid and oil-based counterparts. This has resulted in increased R&D activities in the field of dry industrial lubricants. For instance, in July 2018, the Technical Standards Development and Application Demonstration Base of Graphene-modified Lubricant was launched at LiuGong's global R&D Centre in Liuzhou, in July 2018. It was built by the China Innovation Alliance of the Graphene Industry in association with Guangxi Liugong Machinery.
Several additives are added to industrial lubricants in order to impart the required performance characteristics to the lubricants. Currently, automotive lubricants contain around 10 additives, which accounts to around 20% of the lubricant. Some of the additives used in lubricants include pour-point depressants, corrosion inhibitors, and friction modifiers, amongst others.
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Asia Pacific is expected to witness significant growth during the forecast period owing to growth of the automotive sector in the region. According to the Alliance of Automobile Manufactures, since 2006, Asia Pacific has witnessed significant increase in number of passenger cars, which accounted for around 50% of the world's passenger cars in 2016. The Alliance of Automobile Manufactures also states that the Asia Pacific region was also dominant the market for motorcycles, which accounted for around 80-90% of the total motorcycle production and consumption, globally in 2015. These factors are expected to increase demand for industrial lubricants in the region.
Some of the major players operating in the global industrial lubricants market include British Petroleum Plc, Cargill Incorporated, Chevron, Total S.A., Binol Biolubricants, Conocophilips Company, Exxon Mobil Corporation, Fuchs Lubricants, Sinopec Corporation, Indian Oil Corporation, Miller Oils, Panolin International, Petrobras, Petrochina Company, Renewable Lubricants Inc., Royal Dutch Shell, and Statoil Lubricants, among others.
Global industrial lubricants market is segmented into:
- Hydraulic Lubricants
- Metal Cleaners
- Gear Lubricants
- Compressor Lubricants
- Turbine Lubricants
- Metal Processing
- Power Plants
- Chemical Processing
- Food Processing
On the basis of region, the global graphene nanocomposites market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East
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