Industrial Lubricants Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The global industrial lubricants market is estimated to reach over 20,060 million liters by the end of this year. It is expected to grow with a CAGR of over 2.50% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. However, the pandemic has affected the automation process in industrial activities on a large scale in a positive way. The limited availability of manpower due to the pandemic, the need to keep a safe distance in working places, and the use of various personal protective equipment have accelerated the adoption of automation throughout industries. Moreover, the increase in productivity has also increased the run time of the machinery and the speed of the equipment, which has increased the importance of adequate lubrication on the load-bearing surfaces of the equipment, thus enhancing the demand for the studied market.
Key HighlightsThe global industrial lubricants market is fragmented in nature. Some of the key players in the market include Royal Dutch Shell PLC, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, China National Petroleum Corporation, and BP PLC (Castrol), among other companies.
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