The rapid pace of technology evolution across industries is stoking demand for improved performance, efficiency and reliability, will boost the market earned revenues for high-performance industrial greases from $1.22 billion in 2013 to an estimated $1.82 billion in 2019, according to research by Frost & Sullivan.
Analysis of Industrial Greases Market and Opportunities for Bio-based Materials finds that the automotive industry constitutes the largest application segment of mineral and synthetic greases. Other segments include pulp and paper, aerospace, mining, food processing, and power generation.
As a result of continuous R&D, there are likely to be changes in base oil types used in the production of industrial greases. These, in turn, are expected to result in various formulation changes that will be beneficial to some additive families, such as those used as oxidation and rust inhibitors.
Stricter regulations and environment standards, engine hardware changes, and extension of oil drain intervals will place additional pressure on industrial grease manufacturers to increase product performance, durability and robustness. Moreover, the harsher mechanical equipment operating conditions make a strong case for better performing industrial greases.
There is also considerable potential for environment-friendly industrial greases due to the rising environment consciousness all around the world. However, for this market to take off, manufacturers have to engage in promotions and be backed by government policies that mandate the use of bio-lubricants in key areas such as hydro power plants, the report says.
Driven by the enforcement of eco-friendly policies, rising vehicle production and manufacturing output, the global lubricants market as a whole will earn an estimated $178.87 billion in revenues in 2020, up from $123.64 billion in 2013, according to an earlier report released by Frost & Sullivan.
Stringent environmental regulations, such as the European Commission’s framework specifying carbon dioxide emission reduction targets and US regulations governing corporate average fuel economy are propelling the need for more efficient lubricants in those markets, according to Strategic Analysis of the Global Lubricant Market and the Impact of Bio-based Feedstock.