Pune, India -- (SBWIRE) -- 03/28/2018 -- Segment Analysis:
Poland Industrial Lubricants Market is segmented on the basis of type and application. On the basis of type the market is divided intoprocess oils, hydraulic fluids, gear lubricants, compressor lubricants, turbine lubricants, metalworking fluids, industrial engine oils, and others. Process oils emerged as the leading segment with demand driven by factors such as increasing usage in manufacturing of tires and rubbers. They are helpful in enhancing abrasion & rolling resistance of tires. Widening application scope in end-use industries such as polymer, personal care, and textile is further anticipated to positively influence market growth. The segment is projected to grow at a CAGR of 3.52% to reach USD 53.7 million by the end of 2023. Process oils were followed by hydraulic fluids and metalworking fluids in terms of overall market share in 2016. Increasing demand for metalworking processes such as cutting, welding, and forming across various applications, such as automotive, foundry, ships, aircraft, milling, and industrial machinery, is expected to drive the demand for metalworking fluids over the forecast period. General industrial oils such as gear lubricants, turbine lubricants, and compressor lubricants are set to witness moderate growth over the forecast period.
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Based on application, the Poland Industrial Lubricants Market is segmented as automotive manufacturing, power generation, process industry, food & beverages, mining, rail, construction, and others. Construction sector accounted for the largest market share of over 20% in 2016 and is set to grow at an estimated CAGR of 3.45% from 2017 to 2023. The country is set to be the largest recipient of EU-funding and financial assistance of over EUR 80 billion from 2014 to 2020. This factor has resulted in significant development of construction and infrastructure projects across the country. Power generation is expected to witness the highest revenue CAGR of 3.55% from 2017 to 2023. Numerous energy facilities rely heavily on the performance of their equipment to remain competitive, including gas and steam turbine power plants, wind turbines, natural gas compression plants.
The Poland Industrial Lubricants Market is expected to reach USD 195.3 million by 2023 from USD 156.8 million in 2016, expanding at CAGR of 3.29 % from 2017-2023. Rapidly expanding industrial base coupled with escalating investments in construction sector is expected to drive demand for industrial lubricants over the forecast period. The growth drivers for manufacturing sector in the country include availability of large pool of skilled labor and technological know-how along with favorable foreign investment norms. Robust growth in niche sectors, for instance, 3D printing and medical devices, is expected to positively support the industrial growth rate. Increasing mining activities in the country has led to a significant rise in demand over the past few years. The key strategies followed by most companies in the market are, agreements and collaborations, mergers and acquisitions, joint ventures and expansion. Total started up the lubricants oil blending plant in Singapore with annual capacity of 310,000 metric tons, whereas BP signed a production sharing contract (PSC) with China National Petroleum Corporation (CNPC). This deal will result in combined operational expertise of both BP and CNPC in the field of exploration, development, and production of shale gas to jointly realize the efficient development of unconventional resources. Such developments within key industry participants is expected to result in improved product offerings at optimum price levels and benefit overall industry growth.
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