Global Oil Market

oil market

The global Slideway Oil Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Oil Market Overview:

Global slideway oil market size was USD 60.61 billion in 2014 and is projected to reach USD 94.78 billion by 2022. Increasing demand from industrial, automotive and construction sectors owing to the lubrication, corrosion and anti-wear properties is anticipated to drive the global slide way oil market growth over the forecast period.

Key Players of The Oil Market Industry:

  • Exxon Mobil
  • Shell
  • Chevron
  • Fuchs Group
  • Indian Oil Corporation
  • Apar
  • BP PLC
  • Valvoline International Inc.
  • Idemitsu Kosan Co., Ltd
  • Sinopec
  • Veedol International Limited

Growth Drivers:

Preventive maintenance incorporating the use of slideway oils is used by the companies for industrial machinery maintenance in order to reduce the operational costs. Emerging machinery demand by industries such as food & beverages and automotive for slideway lubricants including industrial, metal working and processing fluids is expected to fuel product demand.

Technological advancements have led to the development of products possessing anti slip and pressure handling properties. Adoption of these products facilitates resistance to oxidation, foaming and rusting and has major application in cold heading applications. Increasing shelf space and efficiency coupled with reduction in downtime are significant benefits of using slideway oils. Owing to superior adhesion properties, oil consumption significantly reduces by the use of slideway applications.

Product Outlook:

  • ISOVG 68
  • ISO VG 100
  • ISO VG 32
  • ISO VG 220

These products’ grades exhibit different viscosities which makes them applicable in various sectors. Owing to the increasing use of horizontal slideways, ISO VG 68 is widely adopted worldwide. Large machines prominently utilize the product for circulating applications. Due to high lubrication properties, this technology is extensively employed as moderate duty hydraulic fluid and used in manufacturing gear oil. High pressure and precision working conditions essentially deploy ISO VG 220 which is anticipated to grow at a CAGR of more than 5% over the next eight years. Inclined and vertical slide way also use ISO VG 220 to overcome the drain down problem, thereby contributing to the overall market growth.

Regional Insights:

Growing automotive production in Indonesia, Japan, India, South Korea, Malaysia, Taiwan and China is anticipated to increase the regional demand. Advancements in road & rail network and rapid economic growth coupled with increasing government spending on infrastructural developments may further catapult the industry growth over the forecast period. India is anticipated to witness high demand for product owing to increasing industrialization along with government support for vehicle manufacturing. Emerging consumer needs for personal & commercial conveyance has led to the increasing demand for components and vehicle production which in turn may propel the product demand. Due to 100% FDI in automobile sector, the manufacturing sector is expected to witness growth which in turn will hike the sideway oil product segment over the forecast period.

Source: https://express-press-release.net/news/2020/12/09/816935

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