Pune, India -- (SBWIRE) -- 11/06/2018 -- The main objective of this report is to define, describe, and forecast the global "Industrial Lubricants" market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market. According to report the global industrial lubricants market is projected to grow at a CAGR of 4.5% over the forecast period of 2018-2024.

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ENOC Group lubricants operations extend to 118 ports in 26 countries

In September 2018, ENOC Group has signed an agreement with BALUCO GmBH, an international marine bunkers and lubricants consulting company, BALUCO, at SMM Hamburg. Through the agreement, BALUCO becomes a key distributor of ENOC's marine lubricants in Germany, The Netherlands and Belgium, boosting the group's lubricants presence in the three fast-growing European markets.

Rapidly growing industrialization across the globe is the key factor driving the growth of the industrial lubricant market

Rapidly growing industrialization across the globe is the key factor driving the growth of the industrial lubricant market. New technologies development and rapidly improving production processes are created massive growth in the manufacturing, construction and mining industries across the world. The lubricants play an import role in the maintenance of industrial machinery and other types of equipment. Moreover, continuously growing industrial automation and improved quality of lubricants are likely to boost the growth of industrial lubricants market. However, the high cost of Bio-based lubricants is hampering the growth of industrial lubricants market.

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Furthermore, the industries rely heavily on petroleum-based lubricants which may cause grave concern related to future energy security and cause serious environmental pollution and hazards. The Bio-based lubricants are the best suitable lubricants for the mineral-based lubricants. Bio-based lubricants have been found to exhibit superior lubricant properties over the conventional mineral lubricants, with renewability and biodegradability features. The growing consumption and demand of bio-based lubricants from various end-use industries are projected to create various growth opportunities in the Industrial lubricants market over the forecast period.

Asia Pacific is the largest and fastest growing region in the industrial lubricants market

Among the geographies, Asia Pacific is the largest and fastest growing region in the industrial lubricants market. The rapidly growing industrialization and growing disposable income are driving the growth of industrial lubricants market. In addition, the presence of large manufacturing, construction, mining, and textile industries in the Asia Pacific contributes in the growth of industrial lubricants market in this region.

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