New York, March 23, 2023 (GLOBE NEWSWIRE) -- The global rolling lubricants market size is projected to grow from US$ 10.09 Billion in 2023 to US$ 16.76 Billion by 2033, at a CAGR of 5.2% during the forecast period. The Rolling Lubricants Market is a segment of the industrial lubricants industry, which is growing due to the increasing demand for high-performance lubricants in various industrial applications. Rolling lubricants are used in various industrial equipment such as rolling mills, bearings, and gears to reduce friction and wear and tear.
The growing demand for lightweight vehicles, coupled with the increasing emphasis on fuel efficiency, is expected to boost the demand for rolling lubricants in the automotive industry. In addition, the rising demand for high-quality steel products, especially in developing economies, is expected to drive the demand for rolling lubricants in the steel industry.
The global Rolling Lubricants Market is projected to grow significantly over the next few years, driven by increasing demand from various end-use industries such as automotive, steel, and metalworking. Rolling lubricants are essential for ensuring smooth and efficient operation of heavy machinery and equipment, and as such, they are in high demand across a wide range of industrial sectors.
The report provides a detailed analysis of the global rolling lubricants market, including market size, growth potential, key trends, and challenges. The study covers the market segmentation by type, application, and region. The report also profiles the leading players operating in the market, along with their market share, competitive landscape, and business strategies.
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The steel industry is expected to be the largest consumer of rolling lubricants due to the high demand for steel products globally. The demand for rolling lubricants is also driven by the growing need for energy-efficient and sustainable solutions in the manufacturing industry. Rolling lubricants help reduce energy consumption, increase equipment lifespan, and improve production efficiency, making them an essential component of industrial processes.
Rolling Lubricants Market Dynamics
- Industrialization and Manufacturing: The demand for rolling lubricants is closely linked to industrialization and manufacturing activities, particularly in the steel, automotive, and aerospace sectors. The growth of these sectors drives the demand for high-performance lubricants that can withstand high pressure and temperatures, reduce friction and wear, and improve the efficiency of industrial equipment.
- Competition: The rolling lubricants market is highly competitive, with the presence of several established players and new entrants. Companies are focusing on product innovation, mergers and acquisitions, and partnerships to strengthen their market position and increase their market share.
Segment Insights:
- Based on product type, the rolling lubricants market can be classified into mineral-based lubricants, synthetic lubricants, and bio-based lubricants. Mineral-based lubricants are expected to hold a significant share of the market due to their wide availability and cost-effectiveness. Synthetic lubricants, on the other hand, are gaining popularity due to their superior properties such as longer lifespan, better performance under high pressure and temperature, and improved energy efficiency. Bio-based lubricants are also witnessing significant growth due to the growing focus on sustainability and environmental regulations.
- Based on application, the rolling lubricants market can be segmented into steel, automotive, aerospace, and others. The steel industry is expected to hold a significant share of the market due to the high demand for lubricants in the manufacturing of steel products. The automotive industry is also witnessing significant growth due to the increasing demand for lubricants that can improve the fuel efficiency and performance of vehicles. The aerospace industry is another key application segment due to the critical nature of lubricants in ensuring the safety and efficiency of aircraft.
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Regional Insights
Asia Pacific is expected to dominate the market due to the presence of emerging economies such as China and India, which are witnessing significant growth in the manufacturing sector. The demand for rolling lubricants in these countries is being driven by the increasing demand for steel and automotive products, as well as the growing focus on energy efficiency and sustainability.
North America and Europe are also significant markets for rolling lubricants due to the presence of established manufacturing industries, particularly in the automotive and aerospace sectors. The demand for rolling lubricants in these regions is being driven by the need for high-performance lubricants that can withstand high pressure and temperatures, reduce friction and wear, and improve the efficiency of industrial equipment.
Competitive Landscape
Key players in the rolling lubricants market include Exxon Mobil Corporation, Croda International PLC, Total S.A., BP plc., Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Limited, Quaker Houghton, Jiangsu Gaoke Petrochemical Co., Ltd., ETNA Products, Inc., Petroyag Lubricants, Buhmwoo Group, Ricci S.p.A., T&L Chemical, Idemitsu Kosan Co., Ltd., Eastern Petroleum Pvt. Ltd.
Companies in the market are focusing on product innovation and development to meet the evolving needs of the industry. Manufacturers are also investing in research and development activities to develop new and innovative lubricants that can improve the performance and efficiency of industrial equipment.
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Rolling Lubricants Market Recent Developments
- In February 2022, Royal Dutch Shell announced that it had developed a new rolling lubricant, Shell MORLINA S5 B 220, which is designed to provide superior protection and extended life for bearings in industrial equipment.
- In November 2021, ExxonMobil announced that it had launched Mobil DTE™ 20 Ultra Series, a new range of hydraulic oils that offer superior protection and energy efficiency for hydraulic systems.
- In October 2021, FUCHS announced that it had launched a new synthetic rolling lubricant, ECOCOOL GLOBAL 30, which is designed to provide superior protection and performance for rolling mills and metalworking operations.
- In September 2021, Chevron announced that it had entered into a partnership with a blockchain company to develop a blockchain-based platform for tracking the supply chain of its lubricants products.
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