The global lubrication systems market was esteemed at US$ 3,565 Mn in 2017 and is foreseen to extend at a CAGR of over 3% from 2018 to 2026, as indicated by another report titled ‘Lubrication Systems Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ distributed by Transparency Market Research (TMR).
Lubricants are essential for proper functioning of any machinery used in an application. Lubricants are used to reduce friction between two moving surfaces that are in contact with each other. A lubrication system does not eradicate friction from the machinery. Friction is required for transfer of power from one part to another. A lubrication system is employed to lower the wear and tear in the operating machinery. Advancements in technology have led to development of several controlling and monitoring systems, which assist in proper lubrication of various machineries or units.
Rise in demand for lubrication systems in cement plants
Growth of the housing & real estate sector is boosting the demand for cement. The sector accounts for about 65% of the global consumption of cement. Other major consumers of cement include public infrastructure (20%) and industrial development (15%). The global cement industry experienced capacity addition of around 32–36 million tons in 2017. As of December 2017, about 575 cement plants with total production capacity of 460 MTPA were operational.
Growing focus on workers’ safety and rising machine reliability to boost market
Rising use on upkeep and fix of apparatus is required to help the interest for lubrication systems in the following couple of years. Contracting net revenues coming about because of apparatus personal time are probably going to force businesses to send programmed lubrication systems. Additionally, stringent guidelines with respect to representative and condition security are relied upon to support the interest for lubrication systems further. Progressions in the lubrication innovation make proficient lubrication systems perfect for establishment. Manual utilization of ointments on moving parts can demonstrate to be dangerous for laborers. Usage of programmed lubrication systems brings down the danger of operational risks and gives viable lubrication to the hardware. Utilization of programmed/brought together lubrication systems streamlines the way toward getting to the remote lubing focuses situated in kept spaces. Condition security is another factor that is probably going to help the interest for lubrication systems sooner rather than later. Ill-advised lubrication can have impeding effect on the earth. Use of lubrication systems in plants decreases unnecessary use of greases. A portion of the greases can be non-biodegradable or incompletely degradable in nature and can have long haul sway on the earth.
Asia Pacific to lead the global lubrication systems market
Asia Pacific is anticipated to be a highly attractive region of the global lubrication systems market during the forecast period. Asia Pacific constituted more than 30% share of the global lubrication systems market in 2017. Increasing disposable income of people in countries such as India and China has resulted in infrastructure development and raised the standards of living. Asia Pacific is expected to increase its production capacity for cement and steel. This is likely to result in the construction of new facilities and expansion of existing ones. This, in turn, would result in rise in the demand for lubrication systems in the region in the near future.
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Highly competitive market with dominance of top players
The global lubrication systems market is highly competitive. In order to gain a higher market share, companies operating in North America, Europe, and Asia Pacific are rapidly expanding their portfolio of lubrication systems. Key players operating in the global market are Graco Inc., Bijur Delimon, Cenlub Systems, SKF, Shaan Lube Equipment Pvt. Ltd., Southern Lubrication (Pvt) Ltd., S.V.A. Rikkon Lubes Private Limited, Pricol Limited, AFMC LUBRICATION PVT LTD, Systematrix Engineering Service, Lubrite Industries, LUBE Corporation, KRS Multilub Pvt. Ltd., BEKAWORLD, Beka-Lube Products Inc., Dropco Multilub Systems Private Limited, Groeneveld Group, and I.L.C. S.r.l.