Industrial Lubricants Market

Expansions & Agreements are the key Strategies Adopted by the leading players in the Global Industrial Lubricants Market

The industrial lubricants market size and is projected to reach USD 64.48 billion by 2021 from USD 57.0 billion in 2016, at a CAGR of 2.5% between 2016 and 2021. Massive industrial growth is the key driver for the industrial lubricants market. On the other hand, stringnent regulations is likely to restrain the growth of the industrial lubricants market during the forecast period.

The players in the industrial lubricants market are mainly concentrating on expansions and contracts & agreements to meet the growing demand for industrial lubricants. The strategy of expansion helps companies strengthen their market position and share in the industrial lubricants market.

The growth of the industrial lubricants market has been largely influenced by expansion, constracts & agreements, new product launch, acquisition, and joint ventures that took place between 2012 and 2016. Companies such Sinopec Limited (China), LUKOIL (Russia), Royal Dutch Shell Plc (Netherlands), Idemitsu Kosan CO. Lts (japan), Total S.A. (France),ExxonMobil Corporation (US) adopted these strategies to enhance their product offerings.

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Sinopec Limited (China) is one of the leading players in the industrial lubricants market. Sinopec along with Royal Dutch Shell Plc. (Netherlands), Total S.A. (France) launched new lube park in Singapore in May 2016. The amenities including an import-export jetty, pipelines, and a tank farm has been shared between the two companies in this park. This expansion helped the company to expand its business in Asia-Pacific.

The company in March 2016 signed a partnership agreement with Siemens AG (Germany). Under the terms of this agreement, both the companies will work on lubricants used in the manufacturing of high-end equipment including turbines, compressors, transformers, motors, gear boxes, and robots.

Royal Dutch Shell Plc. (Netherlands) is another leading manufacturer of industrial lubricants. The company has adopted expansion as a part of its growth strategy. For instance, In January 2016, Shell announced its plans to expand the lubricants business in next five years. The company planned to begin new lubricant blending plant in Singapore in 2016. In addition, Shell planned to expand the lubricants business in member countries of Association of Southeast Asian Nations (ASEAN). Moreover, in November 2015 The company opened a new lubricant blending plant at the Marunda Centre, North of Jakarta, Indonesia, with a production capacity of 120,000 tons (136 million liters) of finished lubricants per annum.

Related Reports:

Industrial Lubricants Market by Type (Metalworking Fluid, Grease Hydraulic, Gear, Compressor, Turbine Oil), End-Use Industry (Construction & Mining, Metal, Cement, Power Generation, Manufacturing, Food), Base Oil, and Region - Global Forecasts to 2021

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Report Code
CH 5096
RI Published ON
3/21/2017
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