The global industrial lubricants market is driven by massive industrialization backed by increase in frequency of trade activities. The industry verticals slated to grow include mining, chemicals, and unconventional energy. As such, demand for hydraulics, bearings, centrifuges, industrial engines, and compressors is expected to increase going forward.
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This, in turn, will drive the industrial lubricants market, as these finished goods ask for industrial lubricants for smooth processing. PMR states that the global industrial lubricants market will witness a CAGR of over 3% between 2020 and 2030.
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Key Takeaways from Industrial Lubricants Market
- Bio-based lubricants are the future of industrial lubricants market. They are preferred as they make way for superior pressure/viscosity performance along with lower volatility, apart from being environmentally-friendly. Plus, emission regulations with regards to synthetic lubricants will drive growth of bio-based lubricants.
- By application, “construction” holds the largest market share, followed by textiles, and energy.
- By geography, the Asia-Pacific holds the largest market share and is expected to continue with the winning streak between 2020 and 2030 due to increased spending in construction in the economies like Indonesia, India, and China.
- By type, hydraulic fluid dominates the market due to being cost-effective.
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