Pune, India, June 28, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on “Robotics Lubricants Market Size Report, Share, Growth Strategy, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis – by Base Oil, Product Type, and End Use Industry.” the robotics lubricants market was valued at US$ 3.41 billion in 2022 and is projected to reach US$ 6.1 Billion by 2028; it is expected to register a CAGR of 10.1% from 2022 to 2028. The market's projected growth during the forecast period is attributed to the increasing demand for robotics lubricants in the automotive industry.
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Robotics Lubricants Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 3.41 Billion in 2022 |
| Market Size Value by | US$ 6.1 Billion by 2028 |
| Growth rate | CAGR of 10.1% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 201 |
| No. of Tables | 115 |
| No. of Charts & Figures | 112 |
| Historical data available | Yes |
| Segments covered | Base Oil, Product Type, and End Use Industry |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Miller-Stephenson Inc, Shell International BV, Fuchs, Petrolub SE, BP Plc, Idemitsu Kosan Co Ltd, Chemie-Technik GmbH, Anand Engineer Pvt Ltd, Kluber Lubrication GmbH & Co KG, and Schaeffler Austria GmbHamong |
Global Robotics Lubricants Market: Competitive Landscape and Key Developments
Miller-Stephenson Inc, Shell International BV, Fuchs, Petrolub SE, BP Plc, Idemitsu Kosan Co Ltd, Chemie-Technik GmbH, Anand Engineer Pvt Ltd, Kluber Lubrication GmbH & Co KG, and Schaeffler Austria GmbH are among the major players operating in the global robotics lubricants market. Players operating in the global robotics lubricants market are constantly focusing on strategies such as investments in research and development activities.
In 2022, Asia Pacific held the largest share of the global robotics lubricants market. The Asia Pacific robotics lubricants market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. 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, including 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. This, in turn, is driving the robotics lubricants market in the region.
Increasing Demand for Robotics Lubricants from Automotive Industry
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 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 report published by the US Census Bureau in 2023, the motor vehicle, body trailer, and vehicle component manufacturing industry invested US$ 1,923 million in robotic equipment in 2021. 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 robotics lubricants market.
Robotics Lubricants Market: Segmental Overview
In terms of base oil, the robotics lubricants market is segmented into mineral oil, synthetic oil, and others. The mineral oil segment held the largest market share in 2022. Robotics mineral oil is derived from crude oil and is a preferred choice due to its low cost and service capabilities. It is a commonly used base oil in lubricant formulations for automotive and industrial applications. Mineral oil-based lubricants are low-cost products and offer better solubility and enhanced compatibility. Many lubricant manufacturers provide multi-purpose lubricants for applications in robotic gear components, chains, bearings, and threaded connections.
Based on product type, the robotics lubricants market is segmented into hydraulic oil, gear oil, and grease. The grease segment held the largest market share in 2022. Robotic greases generally consist of mineral or semi-synthetic base oil with viscosity ranging from 40 to 175 centistokes. NLGI (National Lubricating Grease Institute) 0 or NLGI 00 greases are generally preferred for application in robotic joints. Several lubricant manufacturers develop greases for precision gears for robotic applications to meet the rising product demand.
Based on end use industry, the robotics lubricants market is categorized into automotive, food and beverage, medical and healthcare, electrical and electronics, metals, and other manufacturing industries. The automotive segment held the largest market share in 2022. Automotive assembly lines encompass several challenges, such as the potential for injury, handling of high-load components, slow production time, and quality inspection. Therefore, the automotive industry deploys robots to overcome the aforementioned challenges.
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Impact of COVID-19 Pandemic on Robotics Lubricants Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic caused supply chain disruptions in the chemicals & materials industry and hampered the growth of the robotics lubricants market. The adverse effect of the pandemic on manufacturing industries negatively impacted the demand for robotics lubricants from these industries.
However, after the relaxation of lockdown measures, various economies started reviving their operations. With this, the demand for robotics lubricants began increasing. The increasing use of robotics lubricants in automotive, electronics, and other manufacturing industries is expected to offer more growth opportunities for the global robotics lubricants market during the forecast period.
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