Industrial Lubricants Market anticipating expansion of USD 12.49 Bn in revenue through 2023-2027 | APAC to Dominate Market Landscape
According to projections, the industrial lubricants market will grow at a compound annual growth rate (CAGR) of 3.73%, followed by USD 12.49 billion revenue growth, between 2022 and 2027.Technavio has been monitoring the Industrial Lubricants Market's growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
APAC to Dominate Market Landscape
Over the course of the forecast period, APAC is expected to contribute 53% to the growth of the global market.The strong demand for and consumption of lubricants in sectors including heavy engineering, steel manufacturing, mining and refining, plastics and polymers, and mining is one of the primary drivers driving the growth of the industrial lubricants market in Asia-Pacific. Several major nations, including China, India, Japan, and South Korea, are making substantial contributions to the expansion of the industry in the area.
Fastest Growing Topography of the Industrial Lubricants Market
AMSOIL Inc., Bharat Petroleum Corp. Ltd., BP Plc, Castrol Ltd., Chevron Corp., ENEOS Holdings Inc, Exxon Mobil Corp., FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., PetroChina Co. Ltd., Petroleo Brasileiro SA, Phillips 66, PJSC LUKOIL, Quaker Chemical Corp., TotalEnergies SE, Valvoline Inc., Buhmwoo chemical Co. Ltd., Zeller some of the major market participants when it comes to the Industrial Lubricants Market
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Industrial Lubricants Market Highlights of the Report for 2023-2027