How is Growing Metalworking Industry Driving Industrial Lubricants Market?
The flourishing food and beverage industry in several countries is one of the major factors fuelling the rise in the demand for industrial lubricants across the world. The major factors boosting the growth of the food and beverage industry are the increasing population, emergence of multinationals, development of commodity branding, and reducing cost of technology. Industrial lubricants are extensively used in this industry in various machines and packaging machinery such as knives, wrappers, labelers, bottle washers, blenders, dividers, slicers, mixers, sifters, and conveyors.
The other major factor pushing the demand for industrial lubricants across the world is the thriving manufacturing sector throughout the world, especially in the various developing nations such as India, China, Russia, South Africa, and Brazil. In addition to this, the outsourcing of industrial production to the various countries of Asia-Pacific (APAC) such as China and Vietnam by the developed nations of Europe and North America is massively boosting the manufacturing sector in these countries and this is in turn, propelling the demand for industrial lubricants in these countries.
The rising utilization of wind energy for power generation is also pushing the demand for industrial lubricants throughout the globe. Industrial lubricants are widely used in the wind turbine industry as the wind turbines require oils having low viscosity. Industrial lubricants are also extensively used in the mining sector and so, the surging number of mining projects in many countries is another important factor responsible for the escalating demand for these lubricants across the world.
The biggest trend presently being witnessed in the industrial lubricants market is the expansion of the industrial lubricants production base in Asia-Pacific (APAC). Since the last few years, there has been a noticeable shift in the industrial lubricants and petrochemical production bases of many companies from the oil rich regions of the Middle East and the Americas to APAC and this trend is expected to continue during the forecast period as well. This is mainly attributed to the huge investments being made by the leading lubricant producing companies for setting up their production plants and facilities in APAC.
Globally, the Asia-Pacific (APAC) region is predicted to observe the highest growth in the usage of industrial lubricants during the forecast period. This is primarily ascribed to the rapid industrialization in the various developing nations of APAC such as India and China and the Southeast Asian countries and soaring manufacturing and industrial activities in the region. In addition to this, the modernization of industrial machinery is predicted to further boost the demand for industrial lubricants in the region in future.
Thus, it can be concluded that due to the thriving manufacturing sector in many countries and the flourishing food and beverage, mining, and wind turbine industries, the demand for industrial lubricants will shoot-up across the globe, over the next few years.