The global lubrication systems market was valued at US$ 3,565 Mn in 2017 and is anticipated to expand at a CAGR of more than 3% from 2018 to 2026, according to a new report titled ‘Lubrication Systems Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published 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.
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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.
Rising expenditure on maintenance and repair of machinery is expected to boost the demand for lubrication systems in the next few years. Shrinking profit margins resulting from machinery downtime are likely to compel industries to deploy automatic lubrication systems. Moreover, stringent regulations regarding employee and environment safety are expected to boost the demand for lubrication systems further.
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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.
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