Asia-Pacific is the largest regional market for industrial oils and greases and will experience the highest growth in demand for turbine and circulating oils over the next five years, according to a report from Kline & Co.
The regions hefty status in the market is due largely to its manufacturing and mining industries, said Kunal Mahajan, Klines project manager for energy, in a webinar on Sept. 23. The global consulting and research firm estimates that hydraulic fluids account for more than half of global demand for industrial lubricants. Large quantities of hydraulic fluids are consumed in manufacturing and mining, and Asia-Pacific leads the world in both industries. The region is responsible for around 40 percent of global demand for all industrial oils and greases.