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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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.
Market Segment:
Global Slideway Oil Product Outlook( Volume, Kilo Tons; Revenue, USD Million, 2012- 2022)
• ISO VG 68
• ISO VG 220
• Others Global Slideway Oil Regional Outlook( Volume, Kilo Tons; Revenue, USD Million, 2012- 2022)
• North America
• U. S.