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.
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The key driving factors responsible for the growth of Slideway Oil
market :
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.
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.
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.
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