Asia Pacific Robotics Lubricants Market Forecast to 2028- Regional Analysis- by Base Oil (Mineral Oil, Synthetic Oil, and Others), Product Type (Hydraulic Oil, Gear Oil, and Grease), and End Use Industry (Automotive, Food and Beverage, Medical and Healthcare, Electrical and Electronics, Metals, and Other Manufacturing Industries)
The Asia Pacific robotics lubricants market is expected to grow from US$ 1,995.89 million in 2022 to US$ 3,671.86 million by 2028. It is estimated to grow at a CAGR of 10.7% from 2022 to 2028.
Increasing Demand for Robotics Lubricants from Automotive Industry Drive Asia Pacific Robotics Lubricants Market
According to a report by the Bureau of Transportation Statistics, China is one of the dominant markets for producing passenger cars and commercial vehicles. The rising vehicle production resulted in the adoption of automation in the automotive industry. Automation and the use of industrial robots increase the operational efficiency and productivity in automotive assembly plants. Industrial robots increase the productivity of manufacturing operations and positively impact industrial competitiveness. Further, there is an inverse relationship between industrial robot density and work hours, i.e., an increase in industrial robot density results in decreased work hours. According to the report published by the International Federation of Robotics in 2022, the total annual robot installations worldwide reached 517,385 units in 2021, a rise of 31% compared to 2020. The automotive industry registered ~119,000 units of annual robot installations worldwide, accounting for 23% of total robot installations in 2021, significantly driven by the component supplier segment. According to a press release by the International Federation of Robotics in 2023, robot density in South Korea was estimated at 2,867 industrial robots per 10,000 employees, whereas in China, robot installations in the automotive industry reached 61,598 units in 2021, accounting for 52% of global robot installation share. Industrial robots perform diverse operations, from material handling, assembly, and welding to finishing and palletizing applications. Robotic components are subjected to extensive movement, high heat, high speed, and friction, thus requiring periodic inspection and servicing. The automotive industry requires optimized robotics lubricants that are tolerant to extreme temperatures, can minimize downtime, and help achieve long service intervals. Thus, the increasing demand for robots in the automotive industry is driving the Asia Pacific robotics lubricants market.
Asia Pacific Robotics Lubricants Market OverviewAccording to the report by the International Federation of Robotics Statistical Department 2022, Asia marks the presence of 206 (25%) out of the global 828 classified professional service robot producers. In 2021, 74% of 380,911 units of globally deployed robots were installed in Asia. Moreover, a significant demand for robots from the electronics sector was witnessed in the region, accounting for 123,800 installations in 2021, a rise of 22% compared to 2020. The automotive industry accounted for 72,600 robotic installations, whereas the metal & machinery sector registered 36,400 robotic installations in 2021. The robotic installations in Asia and Australia cumulatively accounted for 33% growth compared to 2020, reaching 354,500 units of robotic installations in 2021. The region is home to major robot manufacturers and suppliers, namely, ABB Ltd, Asic Robotics AG, Stellantis NV, Denso Wave Inc, Fanuc Corporation, Hirata Corporation, Janome Corporation, Mitsubishi Electric Corporation, Stäubli International AG, Toshiba Infrastructure Systems & Solutions Corporation, Yamaha Motor Co Ltd, and Yaskawa Electric Corp, among others. Robots are used in various applications such as loading, receiving, assembly, packaging, handling, sorting, component employment, inspection, and other automation. High-speed and continuous operations of robots lead to wear and tear of components, which require service intervals and maintenance schedules. The service and maintenance involve the lubrication of robotic components such as joints, reducers, bearings, and gears with robotic oils and greases. Asia Pacific also marks the presence of major robotic lubricant producers such as Idemitsu Kosan Co Ltd, Anand Engineers Pvt Ltd, BP plc, Kuka Robotics Australia Pty Ltd, ASV Multichemie Pvt Ltd, and Shell International BV, among others. Thus, growing robotic installations, as well as the presence of robot manufacturers, are expected to boost the demand for robotics lubricants in the region during the forecast period.
Asia Pacific Robotics Lubricants Market Revenue and Forecast to 2028 (US$ Million)Asia Pacific Robotics Lubricants Market SegmentationThe Asia Pacific Robotics lubricants market is segmented into base oil, product type, end use industry, and country.
Based on base oil, the Asia Pacific robotics lubricants market is segmented into mineral oil, synthetic oil, and others. In 2022, the mineral oil segment registered a largest share in the Asia Pacific robotics lubricants market.
Based on product type, the Asia Pacific robotics lubricants market is segmented into hydraulic oil, gear oil, and grease. In 2022, the grease segment registered a largest share in the Asia Pacific robotics lubricants market.
Based on end use industry, the Asia Pacific robotics lubricants market is segmented into automotive, food and beverage, medical and healthcare, electrical and electronics, metals, and other manufacturing industries. In 2022, the automotive segment registered a largest share in the Asia Pacific robotics lubricants market.
Based on country, the Asia Pacific robotics lubricants market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. In 2022, China segment registered a largest share in the Asia Pacific robotics lubricants market.
Anand Engineer Pvt Ltd, ASV Multichemie Pvt Ltd, BP Plc, Fuchs Petrolub SE, Idemitsu Kosan Co Ltd, Kluber Lubrication GmbH & Co KG, Schaeffler Austria GmbH, and Shell Plc are the leading companies operating in the Asia Pacific robotics lubricants market.
Reasons to BuySave and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific robotics lubricants market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific robotics lubricants market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the robotics lubricants market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution