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Industrial Lubricants Market Companies Summary

The industrial lubricants market, which was negatively impacted by COVID-19 in 2020, saw a rise in the automation process in industrial activities due to the pandemic. The lack of manpower and the use of personal protective equipment led to the adoption of automation across various industries. This, in turn, increased the productivity and run time of machinery and equipment, thereby emphasizing the importance of adequate lubrication. The demand for industrial lubricants, thus, saw an increase. Key players in the industrial lubricants market include major corporations and petroleum companies. The market is fragmented with many significant players contributing to its growth. Despite the short-term effects of the pandemic, the market is expected to grow due to increasing demand from sectors such as wind energy. However, the environmental impact of lubricants might hinder this growth. Despite this, the development of low-viscosity and bio-lubricants is seen as an opportunity for market growth. The Asia-Pacific region, with high consumption from countries like China, India, and Indonesia, dominates the market.