Industrial lubricants can be categorized as either convention, high-performance or specialty products. High performance lubricants is an evolution over the conventional lubricants. High performance lubricants offer long lasting performance capabilities, in spite of harsh environmental conditions such as extreme pressure, extreme temperature, chemical exposure, etc.
High performance lubricants gives liberty to the manufacturer to extended warranties with fewer claims, as it minimizes the risk of failures, and increases end-user satisfaction. High performance lubricants can last five times as compared to traditional lubricants.
According to Power Magazine, lubricants make up approximately less than one percent of plant’s operating cost, but it can influence more than half of plant maintenance costs. With the use of high performance lubricants, end-user can lower the total maintenance and energy costs.
Owing to the increasing significance of high performance lubricants in several end-use industries its demand is increasing rapidly.
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High Performance Lubricants Market: Dynamics
The major factor driving the global high performance lubricants market is the distinct advantages of high performance lubricants oil and its improved properties, such as reduced gear wear, reduced flammability, and increased service life. Owing to better and improved properties of high performance lubricants its demand is increasing continuously among the several end-use industries such as automotive, industrial automation, food and beverage and others.
Engine oil are widely used to lubricate internal combustion engine and are generally composed of 70% to 90% base oils and 10% to 20% additives, in additive lubricants plays a major role, and increasing adoption of high performance lubricant oil in engine oils as an additive, propelling the global high performance lubricant oil market
Moreover, rapidly growing industrial automation industry and increasing penetration of high performance lubricant in this industry is creating new opportunistic market for the manufacturers of high performance lubricants.
Increasing manufacturing activities in Asia-Pacific region, growing construction and mining industry owing to increasing government initiatives towards infrastructural development, especially in emerging countries are some other factors which boosting the demand of high performance lubricants market across the globe.
High Performance Lubricants Market: Regional Overview
High performance lubricants market is anticipated to lead by Asia Pacific, owing to growing automotive industry, China is driving the majority of growth in the automotive industry in Asia Pacific region. Growing automotive industry is creating more demand for the engine oil additives such as high performance lubricants.
North America is anticipated to witness a significant growth in High performance lubricants market, U.S. is a prominent country in the lubricants market in spite of increasing number of electric vehicles, U.S. is one of the vital exporter of high performance lubricants to many countries across the globe.
High performance lubricants market of Europe is expected to witness a robust growth, owing to increasing preference of manufacturers of high performance lubricants to European countries for expansion of its manufacturing facilities, in order to fulfill the its growing demand from regional end-use industries.
Despite the impressive growth in automotive and industrial automotive industry in Middle East and Africa, the local refineries are capable of producing very less amount of engine oil, as a result high performance lubricant market is expected to witness a comparatively low growth in this region.
High Performance Lubricants Market: Market participants
Some of the key player involved in the production of high performance lubricants are Royal Dutch Shell PLC, Exxon Mobil Corporation, BP PLC, Chevron Corporation, Total Lubricants, High Performance Lubricants, Telko Ltd, Gulf Oil Corporation Limited, Idemitsu Kosan Co. Ltd. and others.
The research report presents a comprehensive assessment of the High Performance Lubricants market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to High Performance Lubricants market segments such as component, type, application, end-user and region, etc.
The market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on Bi-metallic Band Saw Blade market segments and geographies.
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High Performance Lubricants Market: Segmentation
Globally, high performance lubricants market can be segmented on the basis of source, product type, and end-use.
Based on the source, high performance lubricants market can be segmented into,
- Synthetic
- Bio-based
Based on the type, high performance lubricants market can be segmented into,
- Engine oil
- Hydraulic and transmission fluids
- Metalworking fluids
- General industrial oil
- Process oil
- Others
Based on the end-use, high performance lubricants market can be segmented into,
- Automotive and transportation
- Heavy Machinery and equipment
- Food and beverage
- Power generation
- Chemical manufacturing
- Others
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