Cold Rolling Oils/Lubricants Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Cold Rolling Oils/Lubricants Market grew at a CAGR of 4.6% between 2017-2021 and is estimated to be US$ 12,341.2Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.1% and is expected to reach a valuation of US$ 20,294.8Mn by 2032 end.
The global need for cold rolling oils and lubricants is being boosted by the expansion of the automotive, transportation, and construction industries. The automotive and construction sectors will experience a rise in demand for steel and aluminum sheets, which will help the target market expand between 2023 and 2032.
The need for steel and aluminum has increased significantly recently, partly due to the automobile industry, which has also influenced the demand for the target market in the coming years.
INCREASED PRODUCTION FOR ALUMINUM AND STEEL TO SHOOT UP DEMAND IN THE MARKET
Over the past century, manufacturing methods have evolved, changing the landscape. Electronic systems have emerged as a more effective technology than conventional systems. To be precise, a new era for the manufacturing sector has begun with the addition of electronic technologies. Over the forecast period, 2023 to 2032, an increase in demand for steel and aluminum from the global automotive industry is anticipated to spur the growth of the cold rolling oils/lubricants market.
DEPLETING CRUDE OIL RESOURCES TO RESTRAIN MARKET GROWTH
Since most industrial lubricants and oils are made directly from crude oil or petroleum, changes in their supply and price hurt the cold rolling oil and lubricants market. Furthermore, the sector is constrained by the fact that crude oil has a finite supply. Suppliers are investing in the research and development of synthetic cold-rolling oils and lubricants to lessen their reliance on crude oil. Shipments of cold rolling oil and lubricants are further hampered by fluctuating steel and aluminum costs on both national and international markets.
FOCUS ON AFTERSALES SUPPORT TO BE A MAJOR MARKET TREND
Cold rolling lubricant suppliers are spending money on great customer service and after-sales care to retain their clients and keep them happy in the face of growing global competition.
For instance, Chevron introduced its Keep Clean Preferred Vendor Program in January 2022 to help its customers get the most out of their lubrication programs. They can maximize performance and reduce maintenance downtime, sometimes costing businesses millions.
Market Segments Covered in Report
By Product Type:
By Region and Country:
What type of cold rolling oils are expected to see higher demand?
Global urbanization and rapid industrialization have boosted the manufacturing sector, increasing demand for metals across various end-use industries. Mineral-based cold rolling oils and lubricants can benefit greatly from the industrial sector’s rapid development in countries like China, India, and Brazil.
Due to their high load-bearing capacity and low coefficient of friction, mineral-based cold rolling oils and lubricants are a preferred choice among major manufacturers worldwide, which is driving up demand for them.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
To keep up with the changing demands of the market, cold rolling oil and lubricant manufacturers are investing in research and development of new products. Cold rolling oil suppliers are concentrating on growing their global footprint through several mergers and acquisitions.
The key developments in the Global Cold Rolling Oils/Lubricants Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product Type, Material, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.1%.
Increased production for aluminum and steel to shoot up demand in the market.
Major global Cold Rolling Oils/Lubricants Market players are Croda International PLC, Exxon Mobil Corporation, Total S.A., BP plc., Indian Oil Corporation Ltd., Eastern Petroleum Pvt. Ltd., Hindustan Petroleum Corporation Limited, Houghton International Inc., Jiangsu Gaoke Petrochemical Co. Ltd., ETNA Products Inc., Petroyag Lubricants, Buhmwoo Group, Ricci S.p.A.
Depleting crude oil resources to restrain the market growth
Asia Pacific Region is expected to account for the largest market revenue share in the Global Cold Rolling Oils/Lubricants market.
Let us Help you!
Facing issues finding the exact research to meet your business needs? Let us help you! One of our Research Executives will help you locate the research study that will answer your concerns.Speak to Analyst
Connect with Us!