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Lubricants are substances that are used mainly to reduce friction between two surfaces, thereby reducing wear and tear. Specialty lubricants are high-quality lubricants, which are used in advanced machines and equipment. These lubricants are used in extreme conditions where a machine is encountered by very high amount of stress, which cannot be dealt with conventional lubricants. Specialty lubricants are majorly hydrogen free and have a low molecular weight. They pose superior qualities such as high dielectric strength, thermal stability, chemical inertness, and high density. They are extensively used in different end-user industries, such as automotive, construction, metal working, and others, due to efficient lubrication offered by specialty lubricants.Â
COVID-19 scenario analysis:
The outbreak of the COVID-19 pandemic has severely affected the global specialty lubricants market.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The rapid growth in the major end-user industries, such as automotive and construction, has played a significant role in fuelling the demand for specialty lubricants in the market. Increasing construction activities require frequent use of heavy machineries. Specialty lubricants improve the performance of these machines along with increasing the longevity and lowering the risk for wear & tear. The non-reactivity and non-flammability of these lubricants enable them to perform efficiently in conditions where there is exposure to chemicals, solvents, and extreme heat. Specialty lubricants also have a wide array of applications in the manufacturing sector as well as in the power generation industries as turbine fluid, hydraulic fluid, bearing, and compressor oil. However, higher prices of the products and availability of low grade lubricants at cheaper rates act as restraining factors for the market.
The market in the Asia-Pacific region holds a significant share of the global specialty lubricants market, owing to the rapid increase in construction activities that results in the growing demand for specialty lubricants in the region. Europe and North America are also expected to witness steady growth of the specialty lubricants market with the growing automobile industry in these regions. The market in the Middle East region witness lucrative growth due to the increasing usage of specialty lubricants in advanced technologies used in the oil & gas industry in the region.
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Specialty Lubricants Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | FUCHS LUBRITECH GmbH, BASF SE, ExxonMobil Corporation, Matrix Specialty Lubricants BV, Royal Dutch Shell PLC, HUSK-ITT Corporation, Klüber Lubrication München SE & Co. KG, Dow Corning Corporation, Sinopec Corporation., Anderol Specialty Lubricants |
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