Industrialization is an integral part of economic developments around the globe. There are several fronts of industries-factories and manufacturing units mushrooming; these are very unlike the previous industrialization as they have an edge of technology for aid. It is understood that the subsidiary industries related to industrialization will go through a boom as their demands will rise. One such product is the industrial lubricant-the global market for industrial lubricants has jumped by many times; especially in the last decade or so.
Markets for industrial lubricants is expected to go beyond $163 billion by the end of 2019. it is projected an annual growth of 2.5% for the period between 2014-19.
The Asia-Pacific region is believed to be undergoing the fastest growth as the segment is likely to grow by 3% for the same time frame. Chinese industries are said to have the largest consumption capacity as they rank 2nd just to USA according to the 2012 figures. The country has one of the intense competitions in the lubricant markets as there is a heavy presence of both national and international brands.
In terms of volume, the #transportation segment accounts for largest share at nearly 57 percent of the total lubricants market
As mentioned China ranks second in the world on the basis of gross oil consumption in the lubricant segment. The nation’s 10 million ton annual consumption is hard to beat with an overall market of more than $300 billion. There are various brands manufacturing and selling their products in the Chinese circle; international players like Shell, Castrol and Mobil capture a major share while domestic manufacturers like PetroChina and SINOPEC do hold a bit of the mid-end and high-end business. However, there are a few other home-grown brands that hold a notable share in the mid and lower markets.
Known for the massive industrialization mode, China has always had giant space for the lubricant products, the chinese market for industrial lubricants is growing to be the frontier of the future. Raw materials for lubricant oil is imported from South Korea, Taiwan, Singapore, Russia and other countries. The Chinese lubricant market is sure to win over its USA counterpart. This is evident as it controls more than 56% of the total business in the Asian Pacific region.