Allied Market Research added a Report- “Technology Trends in Lubricants Market” to its database
Portland, OR -- (SBWIRE) -- 11/15/2017 -- Lubricants are substances that are used to diminish the friction between moving surfaces. Lubricants are primarily, used for machinery maintenance and reliability.
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The aim of the report is to analyze the present and projected future trends of the global lubricants market, as the demand for the product is expected to rise. The analysis provides an insight into the market potential in various industry applications.
The study focuses on the opportunities provided by the emerging economies of the globe so that companies can strategically make region specific plans and gain a competitive edge.
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Since automobiles are its main application, the global lubricant market is primarily driven by the rising demand from ?the automobile industry. Additionally, support from the government/environmental groups for the development and usage of bio-based lubricant stimulates the market growth.
Based on application, the market is segmented into turbine oil lubrication, compressor oil lubrication, gear oil lubrication, hydraulic oil lubrication, fire resistant hydraulic fluid, nuclear resistant lubricant, bearing oil lubrication, heat transfer fluid, re-refined base oils & lubricants, nanomaterials based lubrication and others. Hydraulic oil lubricant is a holds the majority share in the global lubricant market due to its wide range of applications such as automotive, aircraft, industrial machinery, construction equipment and marine applications.
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Based on geography, the market is segmented into North America, Europe, Asia-pacific and LAMEA. Asia Pacific holds the dominant market share due to the prominence of automotive industries in India and China.