Industrial lubricants markets in the United States, 2021-2022 and
Dublin, Oct. 03, 2022 (GLOBE NEWSWIRE) — The report “US Industrial Lubricants Market – Industry Outlook and Forecast 2022-2027” has been added to from ResearchAndMarkets.com offer.
The market is expected to reach a value of $14.12 billion in 2027, from $11.75 billion, with a CAGR of 3.1%
The US industrial lubricants market is evolving to meet changing customer needs and preferences. Industrial lubricants have been used to prevent corrosion, reduce friction and provide cooling effects to the equipment.
However, with advances in technology, the U.S. lubricants market now offers widespread benefits, such as reduced oil change interval, increased machine equipment life, low carbon emissions and reduced equipment maintenance costs. The industry has undergone significant changes due to recent developments, changing customer needs and preferences.
Due to growing environmental concerns and stringent government regulations, the demand for bio-based lubricants made from bio-based oils is increasing, contributing to the growth of the US industrial lubricants market. American industrial lubricants are manufactured to protect machinery and equipment against wear, reduce downtime, extend service intervals and reduce maintenance costs.
Furthermore, the South region is expected to continue to dominate the industrial lubricants market owing to the high penetration of manufacturing units such as manufacturing, construction, chemical, and oil & gas.
TRENDS AND KEY DRIVERS
Growth in the renewable energy sector
The United States is working quickly to transform electricity generation. Due to environmental and climate change, it is imperative to switch from carbon-based petroleum derivatives to cleaner alternative energy sources. With the increasing effects of greenhouse gases and growing awareness of net zero emissions and the risk of climate change, the renewable energy sector is experiencing significant growth.
Industrial lubricants are used in almost all renewable energies, such as wind, hydroelectric and solar power plants. The use of lubricants dramatically increases efficiency and results in low power loss, less downtime and reduced maintenance, which results in increased productivity and longer life. Hence, it is heavily used in renewable energy power plants, which further contributes to the growth of the US industrial lubricants market.
Increased use of high performance lubricants
These high performance lubricants include added additives such as extreme pressure additive, friction modifier, pour point depressants, emulsifiers and tackifiers, among others. They work best in high and low operating temperatures, in dust, humidity, or in exceptional environmental conditions.
High performance lubricants maintain the maintenance cycle of machinery and equipment, reducing manufacturing costs. These high performance lubricants can be used in machinery and equipment subject to moisture, such as conveyor systems, packaging machines and automatic fillers. Due to better dust resistance, they can also be used in chains used in dusty environments.
Environmental concerns associated with the use and disposal of industrial lubricants.
Lubricants is a highly regulated industry where public health and environmental protection are the main drivers. The focus on carbon footprint as well as sustainability has contributed to strict regulations regarding the use of industrial lubricants. The lubricants available in the industry are made from mineral oil.
The biodegradability of mineral oils is very low. Therefore, used lubricants pollute the environment. These used lubricants cannot be burned directly without pre-treatment because they are subject to environmental restrictions. Since these lubricants may contain toxic and hazardous residues such as metal and metalloid particles, chlorine compounds may be released into the atmosphere.
SECTOR ANALYSISOVERVIEW BY PRODUCT TYPE
Industrial lubricants are used in various industries for a wide range of applications such as reducing friction, increasing efficiency, reducing wear, maintaining temperature and increasing life. machine life. The US industrial lubricants market is classified into four product types: industrial oil, metalworking fluids, process oils and greases.
The industrial oils segment is estimated to be the largest segment in the US industrial lubricants market. The oil used for the lubrication of industrial machinery and equipment is called industrial oil. All industrial oils consist of base oils such as mineral oil, synthetic oil or bio-based oil. Industrial oils include hydraulic fluid, compressor oil, refrigeration oil, cylinder oil, spindle oil, and transformer oil. Industrial oils are used to improve the performance of industrial machinery and equipment and protect them from damage during operations.
OVERVIEW BY END USE
The manufacturing industry is estimated to be the largest end user of the US industrial lubricants market. Lubricants are used in manufacturing, power generation, metallurgy, and mining and construction industries.
Strong growth in the metal and mining industry and power generation is one of the major drivers for the growth of the US industrial lubricants market. As in the power generation industry, industrial lubricants are widely used in power plants such as coal-fired power plants, gas turbine power plants, hydroelectric power plants, natural gas engines, nuclear power plants and wind power plants.
West, South, Midwest, and Northeast are four key regions into which the US industrial lubricants market is divided and their corresponding regions.
The geography segment examines the demand and supply aspects impacting the industrial market and the critical factors affecting the industry throughout the forecast period such as drivers, restraints, opportunities and future trends. Political, sociological, and technical are also impacting the US industrial lubricants market.
The Southern region is the largest industrial lubricants industry in the United States. This region includes major manufacturing states such as Texas, North Carolina, and Florida.
Demand for lubricants in the southern United States is driven by stringent emissions regulations and the growing trend towards sustainability. Additionally, booming automotive, manufacturing, and construction industries are also supporting the growth of the US industrial lubricants market.
The competitive scenario in the US industrial lubricants market is currently intensifying. In the industrial lubricants market, the initial capital investment is very high in terms of establishing a manufacturing plant and developing a supply chain network. Additionally, there are many well-established players in the lubricants industry, and the production of industrial lubricants from crude oil and other additives is a very complex process.
The US industrial lubricants market consists of major multinational players such as Shell plc (UK), ExxonMobil Corporation (US), Chevron Corporation (US), Valvoline (US) and Phillips 66 Company ( United States) in the lubricants industry. Major players are focusing on innovation, product diversification and entry into new industries.
The rapidly changing scenario of the industry, which increasingly emphasizes sustainability, is expected to provide growth opportunities for vendors. Chevron Corporation is a United States-based multinational corporation founded in 1879 and based in California, United States.
In the coming years, the company aims to become one of the world’s leading producers of renewable energy. Therefore, the company is investing heavily in solar and wind power, which would help increase energy storage.
- Shell plc
- ExxonMobil Corporation
- Chevron Company
- Phillips 66 Company
Other Important Suppliers
- Castrol Limited
- DuBois Chemicals
- Gulf Oil International Limited
- Kluber Lubrication
- Morris Lubricants
- Petronas International Lubricants
- Petro Canada Lubricants Inc.
- Renewable lubricants
- Total energies
Main topics covered:
1 Research methodology
2 research objectives
3 Research process
4 Scope and coverage
4.1 Market Definition
4.2 Base year
4.3 Scope of the study
5 Report assumptions and caveats
5.1 Main caveats
5.2 Currency conversion
5.3 Market Derivation
6 The market at a glance
7 premium previews
7.1 US Industrial Lubricants Markets- Forecast by Countries (2022-2027)
7.1.1 Market Overview
7.2 Market Summary
7.3 Sector review
7.3.1 Companies and strategies
8.2 Value Chain Analysis
8.2.1 Raw material suppliers
8.2.4 End users
9 Opportunities and Market Trends
9.1 Trend of bio-based lubricants
9.2 Increased use of renewable energy
9.3 Automation of industrial processes
10 Market Growth Catalysts
10.1 Increased use of high performance lubricants
10.2 New Era Manufacturing and Construction Activities
11 Market Constraints
11.1 Crude Oil Price Fluctuations
11.2 Environmental concerns associated with the use and disposal of industrial lubricants
12 Market Landscape
12.1 Market Overview
12.2 Market Size and Forecast
12.3 Five forces analysis
13 types of products
13.1 Market Overview and Growth Driver (Value)
13.2 Market Overview and Growth Driver (Volume)
13.3 Market Overview
13.4 Industrial oil
13.5 Metalworking fluids
13.6 Process oil
14 End use
14.1 Market Overview and Growth Driver (Value)
14.2 Market Overview and Growth Driver (Volume)
14.3 Market Overview
14.5 Power Generation
14.6 Metals and Mining
15.1 Market Overview and Growth Driver
15.2 Market Overview and Growth Driver
15.3 Region Overview
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U.S. industrial lubricants market