Global
slideway oil market size was USD 60.61 billion in 2014 and is projected to
reach USD 94.78 billion by 2022. Increasing demand from industrial, automotive
and construction sectors owing to the lubrication, corrosion and anti-wear
properties is anticipated to drive the global slide way oil market growth over
the forecast period. Preventive maintenance incorporating the use of slideway
oils is used by the companies for industrial machinery maintenance in order to
reduce the operational costs. Emerging machinery demand by industries such as
food & beverages and automotive for slideway lubricants including
industrial, metal working and processing fluids is expected to fuel product
demand.
Technological
advancements have led to the development of products possessing anti slip and
pressure handling properties. Adoption of these products facilitates resistance
to oxidation, foaming and rusting and has major application in cold heading
applications. Increasing shelf of machinery and efficiency coupled with
reduction in down time are significant benefits of using the slideway oils.
Owing to superior adhesion properties, oil consumption significantly reduces by
the use of slideway applications.
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The
major challenges for the industry are compliance with the stringent government
regulations including EPA, EU & REACH along with confronting high prices
associated with the raw materials. Dealing with contamination from water based
coolants and metalworking fluids pose another challenge which is primarily
associated with the product usage. Companies are focusing on overcoming
frictional challenges by shuddering and resistance which in turn is expected to
create significant growth opportunities for the industry over next seven years.
Technological
proliferations have led to the emergence of ISOVG 68, ISO VG 100, ISO VG 32 and
ISO VG 220. These products grades exhibit different viscosities which makes
them applicable in various sectors. Owing to the increasing use of horizontal
slideways, ISO VG 68 is widely adopted worldwide. Large machines prominently
utilize the product for circulating applications. Due to high lubrication
properties, this technology is extensively employed as moderate duty hydraulic
fluid and used in manufacturing gear oil. High pressure and precision working
conditions essentially deploy ISO VG 220 which is anticipated to grow at CAGR
of more than 5% over the next eight years. Inclined and vertical slide way also
use ISO VG 220 to overcome the drain down problem, thereby contributing to the
overall market growth.
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Growing
automotive production in Indonesia, Japan, India, South Korea, Malaysia, Taiwan
and China is anticipated to increase the regional demand. Advancements in road
& rail network and rapid economic growth coupled with increasing government
spending on infrastructural developments may further catapult the industry
growth over the forecast period. India is anticipated to witness high demand
for product owing to increasing industrialization along with government support
for vehicle manufacturing. Emerging consumer needs for personal &
commercial conveyance has led to the increasing demand for components and
vehicle production which in turn may propel the product demand. Due to 100% FDI
in automobile sector, the manufacturing sector is expected to witness growth
which in turn will hike the sideway oil product segment over the forecast
period.
Need
for machinery in the end use industries such as automotive, construction and
food & beverage may significantly fuel the demand in North America. Key
players in the market include ExxonMobil, Fuch, Shell, Chevron, Valvoline,
Castrol, Sinopec and BP. 40% of the total demand is catered by Shell, BP,
ExxonMobil, and Fuch. These companies are increasingly adopting the strategy of
joint ventures, business sell offs and technological advancements in order to
gain competitive edge.
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