Global Lubrication Systems Market: Substantial Investments by Oil and Gas and Cement Industries to Boost Demand, says TMR
The global lubrication systems market is highly competitive owing to the presence of several established players. Players are competing with each other in terms of product price, features, and in terms of services offered. Key players are offering customized solutions to customers in order to gain a competitive edge over other players. The market is increasingly becoming consolidated as more and more players are acquiring smaller entities or merging with other companies. Some of the players in the market include Groeneveld Groep B.V., Lube Corporation, Graco Inc., SKF AB, Sloan Lubrication Systems, and Bijur Delimon.
According to a new report by Transparency Market Research (TMR), the global lubrication systems market is expected to reach US$5,281.16 mn by 2022. The market is anticipated to witness slow but positive growth in the near future. On the basis of type, the manual lubrication system segment is anticipated to lose shares in the coming years. The automated/centralized lubrications system segment is leading owing to factors such as reliability and efficiency. On the basis of process, the wet sump lubrication systems segment is currently leading. By geography, it is expected that Asia Pacific will emerge as the leading segment by 2022.
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High Demand for Automated Lubrication Systems to Boost Market
Automated lubrication systems deliver exact quantity of lubricants to moving parts, such as bearings, to help minimize wear and tear and friction. They are extensively used on stationary as well as mobile industrial equipment and production lines, thus aiding the growth of the global lubrication systems market.
The cement and automotive markets are recovering after witnessing a downturn owing to the 2008 recession that affected many regions, and this is expected to drive the global lubrication systems market. The numerous benefits of lubrication systems, especially automated lubrication systems will ensure the growth of the market. The increasing availability of new lubricants is expected to bolster the global lubrication systems market’s growth and improve its prospects over the forecast period. In addition to this, the ease of availability of synthetic lubricants that have enhanced specifications and appropriate labelling will drive the market in the coming years.
Need to Optimize Efficiency at Minimal Operational Cost to Ensure Growth of Market in Future
The prime factor challenging the global lubrication systems market is the sluggish growth of the many end-use industries. On the other hand, factors such as the substantial investments by the oil and gas, and cement and fertilizers industries will create growth opportunities in the coming years. Also, the growing need to optimize efficiency at minimal operational costs will aid in this market’s growth in the future. Automatic lubrication systems are widely used across automotive assembly plants that can consistently lubricate specific lubrication points in right quantity and at pre-determined intervals. This will ensure the growth of the market in future.
The global lubrication systems market is segmented as follows:
Global Lubrication Systems Market: Type Analysis
- Manual Lubrication Systems
- Automated/Centralized Lubrication Systems
Global Lubrication Systems Market: Process Analysis
- Dry Sump Lubrication
- Wet Sump Lubrication
Global Lubrication Systems Market: End-user Analysis
- Cement Industry
- Steel Industry
Mining & Mineral Processing Industry
- Automobile Industry
- Other Industries
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