Industrial Oil Market Scope
Industrial oil can be defined as an oil which is used for the industrial purpose such types of oil is called an industrial oil. There is various type of industrial oils present such as industrial gear oil, hydraulic oil, turbine oil, heat transfer oil, and others. It has been observed that the Asian countries have been consuming fuel at height volume. Exponential industrial growth in Middle East & Africa and Asia-Pacific regions and high improvement in the quality of oil are the main key drivers for the market. However, stringent environmental rules, regulation from different regional governments, limited oil source and high cost associated with the production of oil are factors responsible for limiting the growth of the market. Moreover, rising demand from marine applications, continuously rising demand from the energy sector and the presence of semi-synthetic hydraulic oils, and gear oils have been boosting the overall growth of the market.
The market study is being classified by Type (Industrial Gear Oil, Hydraulic Oil, Turbine Oil, Heat Transfer Oil and Others), by Application (Electric Power Industry, Machine Tooling System, Refrigeration Industry, Iron and Steel Industry and Others) and major geographies with country level break-up.
The Manufacturers having a strong hold in the market are Royal Dutch Shell, ExxonMobil, Castrol, Total S.A., Sinopec Fuchs, Petrolub. Research Analyst at AMA predicts that United States, Asian and European Manufacturers will contribute to the maximum growth of Global Industrial Oil market throughout the predicted period.
Royal Dutch Shell (Netherland), ExxonMobil (United States), Castrol (United Kingdom), Total S.A. (France), Sinopec (China), Fuchs Petrolub (Germany), Lubrita Europe B.V. (Netherlands), China National Petroleum Corporation (China), JXTG Nippon Oil & Energy (Japan) and Valvoline (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are BP (United Kingdom), Morris Lubricants (United Kingdom), Chevron Corporation (United States) and Lukoil (Russia).
AdvanceMarketAnalytics has segmented the market of Global Industrial Oil market by Type, Application and Region.
On the basis of geography, the market of Industrial Oil has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Oil Type, the sub-segment i.e. Mineral Oil will boost the Industrial Oil market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
On Jul 2018, China National Petroleum Corporation (CNPC) has announced the investment plan to expand oil production. The company will invest approximately USD 21.9 billion in the Xinjiang Autonomous Region. This investment will boost the company’s overall oil production.
- Rising Demand from Marine Applications
- Continuously Rising Demand from Energy Sector
- Exponential Industrial Growth in Middle East & Africa and Asia-Pacific Regions
- High Improvement in the Quality of Oil
- Presence of Semi-Synthetic Hydraulic Oils, and Gear Oils
- Stringent Environmental Rules and Regulation from Different Regional Governments
- Limited Source and High Cost Associated with Production of Oil
Key Target AudienceOil Producers, Distributors and Suppliers, Private Research Organization, Government Associations and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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