Almost $20,000.0 Million Revenue Explosion Predicted in Industrial Lubricants Market by 2024

The flourishing food and beverage industry in several countries is one of the major factors fuelling the rise in the demand for industrial lubricants across the world. The major factors boosting the growth of the food and beverage industry are the increasing population, emergence of multinationals, development of commodity branding, and reducing cost of technology. Industrial lubricants are extensively used in this industry in various machines and packaging machinery such as knives, wrappers, labelers, bottle washers, blenders, dividers, slicers, mixers, sifters, and conveyors.

The other major factor pushing the demand for industrial lubricants across the world is the thriving manufacturing sector throughout the world, especially in the various developing nations such as India, China, Russia, South Africa, and Brazil. In addition to this, the outsourcing of industrial production to the various countries of Asia-Pacific (APAC) such as China and Vietnam by the developed nations of Europe and North America is massively boosting the manufacturing sector in these countries and this is in turn, propelling the demand for industrial lubricants in these countries.

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The rising utilization of wind energy for power generation is also pushing the demand for industrial lubricants throughout the globe. Industrial lubricants are widely used in the wind turbine industry as the wind turbines require oils having low viscosity. Industrial lubricants are also extensively used in the mining sector and so, the surging number of mining projects in many countries is another important factor responsible for the escalating demand for these lubricants across the world.