The global solid/dry lubricants market is expected to record a CAGR of over 1.5% during the forecast period. The major factors driving the market studied are the growing manufacturing industry in Asia-Pacific and the growing demand for spray applications in dry lubricants.
- Stringent government regulations on raw materials are expected to hinder the growth of the market studied.
- Electrical & Electronics application to dominate the market studied during the forecast period.
Key Market Trends
Largest consumption from Automotive Industry
- The automotive segment is one of the fastest-growing segments for these coatings. The growing trend of advanced surface engineering in the automotive industry, for better user experience, is boosting the demand for solid (dry) lubricants in the automotive industry.
- Currently automotive technologies, aluminum alloys are used, instead of heavy metals, in order to reduce inertia mass, which has significantly created a window of application for a wider range of materials in the industry. This, in turn, has propelled the demand for a variety of lubricating materials, so that corrosion, wear, and friction issues, which come with the materials, can be overcome.
- The application of dry lubricants in the automotive industry includes its use in brake calipers, fluid delivery tubes, fasteners, tie rod-ends, anti-vibration components, shock rods, piston rings, engine valves, car door handles, emblems, front grills, plated aluminum wheels, and fuel injection housing, among others, to achieve the desired wear, friction, and corrosion resistance in the vehicles.
- The above mentioned applications in automitives are likely to increase the demand for solid/dry lubricants market during the forecast period.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominated the global market share. In Asia-Pacific, China is the largest economy in terms of GDP.
- The automotive industry is the major driving factor for solid (dry) lubricants in China. However, the growth has not been same for all markets. The passenger car market is down, due to policy overdraft and high base, which has become the main factor for the low growth of the automobile market.
- Despite the volatile growth in the real estate sector, a significant development of the rail and road infrastructure by the Chinese government (in order to withstand the demand stemming from the growing industrial and service sectors) has resulted in a significant growth of the Chinese construction industry in the recent years.
- As the construction industry is dominated by the state-owned and private enterprises, the increased expenditure by the government and private in this regard is pushing the industry towards global primacy.
- In the recent years, the entry of major construction players (from the European Union) in China has further fueled the growth of this industry.
- With the growth of the construction sector in China, the demand for lubricants used for heavy equipment in the construction sector is expected to increase over the forecast period.
- Moreover, in Japan, owing to the increasing demand triggered by a sudden rise in residential construction and projects related to the Tokyo Olympics 2020, the prospect of the Japanese construction sector remains positive in terms of short-term growth. With the increasing investments in public infrastructure, renewable energy, infrastructure, and commercial projects, the construction sector is expected to record growth at a moderate pace in the next five years.
- The aforementioned factors are expected to increase the demand for the market studied during the forecast period.
The solid/dry lubricants market is partially fragmented in nature. Some of the major players of the market include Illinois Tool Works Company, Henkel Corporation, DuPont de Nemours, Inc., CASTROL LIMITED, Klüber Lubrication, among others.
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