The industrial lubricants market is expected to grow at a CAGR of 2% during the forecast period. Increasing demand from end-user industries, Emergence of bio-based lubricants, and High demand from the construction industry are some of the significant factors fueling industrial lubricants market growth.
Increasing demand from end-user industries
The global industrial lubricants market is highly fragmented, with the presence of numerous regional and global vendors. Vendors compete based on their product portfolios, in establishing distribution networks, by forming strategic collaborations with customers, and through competitive pricing. However, the key vendors have significant shares in the market due to their brand reputation and established distribution networks. Overall, the threat of rivalry is expected to remain moderate during the forecast period.
