The global industrial lubricants market is expected to experience significant growth in the next few years, according to a recent report by Future Market Insights.
Increasing demand for grease and low viscosity fluids in the automotive sector as well as the growing food industry and rapid industrialization in developing countries are anticipated to be the major driving factors in the market.
Of the market's seven key regions — North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, and the Middle East and Africa — North America and Western Europe contribute the maximum share to the market, while Asia-Pacific is expected to see the most growth in the near future.
Industrial lubricants, which are defined as fluids used to reduce friction and lessen material wear and tear, can be either water-based or petroleum-based. They can be used in a variety of applications such as automotive, industrial machinery, mining, hydraulics and many others.
The global industrial lubricants market can be segmented based on type as gear lubricants, compressor lubricants, hydraulic lubricants, turbine lubricants, metalworking fluids and others (processing lubricants, textile machinery oils, greases, etc.).
For more information or to request the full report, visit www.futuremarketinsights.com.