Global Lubrication Systems Market: Snapshot
The revival of the world economy from the economic downturn that happened in 2008 is allowing various industries, including automotive and construction to gain traction. This is, in turn, escalating the growth of the global lubrication systems market. Besides this, the growing trend of automation also has a positive impact on the market. Automated lubrication systems offer a plethora of benefits such as high efficiency and reduced operating time. The burgeoning demand for these lubrication systems is, therefore, stoking the growth of the market. The birthing of novel lubricants along with the easy availability of synthetic lubricants is augmenting the global market.
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A report by Transparency Market Research (TMR) estimates that global market for lubrication systems will rise to a valuation of US$5.28 bn by 2022, progressing at a CAGR of 2.14% between 2014 and 2022. The sluggish growth of several end-user industries is acting as a major impediment to the growth of the market.
Demand for Automated/Centralized Lubrication Systems to Remain Strong through 2022
Based on end user, the global lubrication systems market is segmented into steel, cement, mining and mineral processing, automobile, and others, including paper, aviation, locomotive, marine, and hydrocarbons. The others segment will continue to dominate the market in terms of value until 2022. The increasing government spending on the aviation and marine sectors along with the flourishing growth of the paper and pulp industry is contributing to the growth of the segment.
The mining and mineral processing segment, on the other hand, will exhibit a noteworthy CAGR during the forecast period. Rapid industrialization and rising mining activities are fuelling the growth of the segment. The demand for lubrication systems will register a steady growth in the cement industry during the same period. The growth of the segment can be attributed to the rising infrastructure development, particularly in developing countries.
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On the basis of type, automated/centralized lubrication systems will continue to account for the lion’s share until 2022. The strong demand for this type of lubrication systems can be attributed to the numerous advantages offered by them, including minimum error, higher lubrication points, and lower time consumed for lubrication process. Owing to these factors, the segment will expand at a higher CAGR, making inroads in the shares of its counterpart, manual lubrication systems.
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