Lubricants are part of a growing market globally. Essentially, it is divided into two major sectors: Automotive and industrial. While not as large as the automotive one, the industrial lubricant additives sector still increases annually. In the future, it may surpass the automotive lubricant additives sector.
The market for industrial lubricant additives can be further segmented into three basic categories. These are:
- General industrial oils
- Industrial engine oils
- Metalworking fluids (MWF)
These are based on the market placement and applications.
The Market for Industrial Lubricant Additives
The lubricant additives market is also segmented. Industries seek additives that introduce, enhance and/or depress various qualities in the base oil. Among the most sought-after properties are:
- Anti-wear agents
- Corrosion inhibitors
- Viscosity index improvers
Why this Sector Is Growing
Lubricant is essential in metalworking industries. It is a key component in ensuring the equipment operates optimally with key efficiency and maximum dependability. The variety of lubricants available adds to the increased potential for growth. Consider the options available for different industries:
- Compressor oils
- Cutting fluids
- Hydraulic oils
- Mineral lubricants
- Synthetic lubricants
They all are formulated to serve various industrial concerns including:
- Chemicals and petrochemicals
- Food and beverages
- Paper and pulp
- Power generation
When these industries are successful, they expand and improve their facilities. They also look for ways to reduce the costs from such things as corrosion and wear. As a result, the demand for industrial lubricant additives, increases and its global share grows.