Slideway Oil Market - Forecast(2024 - 2030)
Slideway Oil Market Overview
The Slideway Oil marketSlideway Oil market size is estimated to reach US$98.5 billion by 2027, after growing at a CAGR of 4.6% during the forecast period 2022-2027. Slideway Oils are high-performance lubricants made from premium ingredients that are designed to provide exceptional protection, efficient lubrication, reusing coolants and high stability. Slideway oils such as processing, industrial, metalworking and hydraulic fluids are expected to grow significantly over the forecast period due to rising machinery demand from various downstream industries such as automotive and food & beverages. This would drive the market growth of the slideway oils market in the automotive and food & beverages industries. Growing investment interest in machining technology, as well as strong demand for automated manufacturing across the industrial sector, are driving the slideway oil market. The COVID-19 pandemic majorly impacted the slideway oil market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as automotive, industrial and others, the Slideway Oil market size is anticipated to grow rapidly during the forecast period.
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Slideway Oil Report Coverage
The “Slideway Oil Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Slideway Oil industry.
Key Takeaways
- Asia-Pacific dominates the Slideway Oil market size. The increase in demand from end-user sectors, such as automotive, aerospace and building & construction, is the main factor driving the region's growth.
- A significant increase in automobile retail sales would also have a positive impact on Slideway Oil’s market outlook, as this oil can be used to lubricate automotive conveyor belts, among other things.
- The increasing number of technological advancements, combined with the availability of regulation-compliant products, would further create numerous opportunities, leading to the growth of the Slideway Oil market during the forecast period.
- However, fluctuation in raw material prices is anticipated to hamper the Slideway Oil market size growth during the forecast period.
Figure: Slideway Oil Market Revenue Share, by Geography, 2021 (%)
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Slideway Oil Market Segment Analysis – by Type
The ISO VG 68 segment held a significant share in the Slideway Oil market share in 2021 and is forecasted to grow at a CAGR of 4.5% during the forecast period 2022-2027. This is due to extensive characteristics provided by ISO VG 220 over other material types such as ISO VG 32, ISO VG 100 and others. These product grades have varying viscosities, making them useful in a variety of industries. ISO VG 68 is widely utilized due to the increasing use of horizontal slideways. Large machines make extensive use of the product for circulating applications. Due to its high lubrication properties, this technology is widely used as a moderate-duty hydraulic fluid and in the production of gear oil. Thus, owing to tremendous advantages and availability over material types, the demand for ISO VG 68 is growing for application in major industries, thereby boosting the growth opportunities for the Slideway Oil industry in the projected years.
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Slideway Oil Market Segment Analysis – by End-use Industry
The Automotive segment held a significant share in the Slideway Oil market in 2021 and is expected to grow at a CAGR of 4.9% during the forecast period 2022-2027, owing to the increasing usage of metal bonding adhesive in the automotive industry. Increasing use of slideway oil in the automotive industry due to properties such as corrosion, lubrication and anti-wear, expanding applications from the machine and hydraulic system, and increasing machinery shelf life and efficiency drive the slideway oil market growth in the automotive industry. According to the Energy Information Administration (EIA), by 2035, there would be 1.7 million automobiles worldwide. According to the International Organization of Motor Vehicle Manufacturers (OICA), automobile output increased by 10% in the first nine months of 2021, to 57.26 million vehicles, up from 52.15 million units in the same period last year. With the increasing automotive production, the demand for slideway oil would also likely increase, as a result of which the slideway Oil industry would be flourished over the forecast period.
Slideway Oil Market Segment Analysis – by Geography
The Asia-pacific segment held a significant share of up to 52% in the Slideway Oil market share in 2021. The flourishing growth of metal bonding adhesives is influenced by its major applications across various industries, along with growing development in automotive production and the development of the base for slideway oil in APAC. The automotive sector in Asia-pacific is rapidly growing due to a flourishing base for automotive manufacturers, demand for automotive compounds and a rise in production. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), automotive production in Malaysia and Vietnam grew by 1.2 percent and 5.5 percent from the previous year to 5,71,632 and 2,50,000 units, respectively, in 2019. In November 2020, Boeing forecasted that China's airlines would spend US$1.4 trillion on 8,600 new planes and US$1.7 trillion on commercial aircraft services over the next 20 years. Thus, the growth of Slideway Oil in the region is being aided by the increasing automotive sector in APAC.
Slideway Oil Market Drivers
Bolstering Growth of the Building & Construction Industry:
Slideway Oil is widely used in building and construction for industrial metalworking machinery and tools such as lathes, cutting machines, grinding machines and milling machines. According to the International Trade Administration, the construction sector in China is projected to grow at an average of 8.6% from the year 2022 to 2030. According to Oxford Economics, the global construction output in 2020 was US$10.7 trillion and is expected to grow by 42% or US$4.5 trillion during 2020-2030 to reach US$15.2 trillion. With the rise in building and construction projects across the globe, the demand for slideway oil is anticipated to rise for various applications such as machinery and equipment, bearing, steel ball and others. This is projected to boost the market growth in the building and construction industry during the forecast period.
Bolstering Growth of the Food & Beverages:
Emerging machinery demand by the food & beverages industry is driving the market growth of the Slideway Oil market. This is due to the oil's excellent suitability for lubricating drive chains, gearboxes, conveyor chains, slideways and redactor chains in the food and beverage processing sector. Moreover, increasing demand from the food and beverage sectors due to the lubrication, corrosion and anti-wear properties is expected to drive the global slideway oil market growth. According to the China Chain Store & Franchise Association, the food and beverage (F&B) sector in China reached $595 billion in 2019, up by 7.8% from 2018. According to Department for Environment Food and Rural Affairs, the food industry in the UK grew by 49.4% between 2009 and 2019. Since the food & beverage sector industries are booming, the demand for slideway oil is also significantly increasing. Thus, the increasing food & beverage sector acts as a driver for the Slideway Oil industry during the forecast period.
Slideway Oil Market Challenge
Stringent Government Regulations:
The major challenges for the industry are compliance with stringent government regulations such as EPA, EU and REACH, as well as dealing with high raw material prices. Dealing with contamination from water-based coolants and hydraulic fluids is an additional challenge that is primarily related to product usage. Moreover, the easy availability of bio-based substitutes, as well as dealing with pollution from metalworking fluids and water-based coolants, would be the biggest and most pressing challenges in the market's growth. Companies are focusing on overcoming frictional challenges such as shuddering and resistance, which would result in significant growth opportunities for the industry over the next seven years.
Slideway Oil Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Slideway Oil market. The top 10 companies in the Slideway Oil market are:
- Royal Dutch Shell plc
- Lubrita Europe B.V.
- Morris Lubricants
- Rustx Hi-Tech International
- Chevron Corporation
- Exxon Mobil Corporation
- Smith and Allan
- Petro-Canada Lubricants Inc.
- Valvoline Inc.
- Lubricants NZ LTD
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