Oil Cleaning Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI836
Oil Cleaning Market size is expected to grow at over 5% from 2016 to 2024. Reducing exhaust emissions coupled with increasing engine durability will favor the industry outlook.
Availability to high-quality crude along with reduced expenses have increased the importance of recycling technologies. Improved manufacturing technologies have further reduced industrial discharge are the key growth factors which are anticipated to help oil cleaning market share to generate more revenue.
Engine design goals of reducing exhaust emissions, increasing engine durability, and extending service intervals to fulfill future requirements led to soot reduction, which has enhanced the lube oil cleaning function.
Increasing modernization, industrialization, and rising awareness about such equipment is anticipated to favor the development of oil cleaning market share during the forecast period. High demand for products, especially in the automotive industry will further compliment the business.
Equipment costs are experiencing a rapid decline in prices owing to growing consumer awareness this is expected to be a significant contributor in the growth of oil cleaning market. Volatile global geopolitical scenario and subsequent decline in crude prices is likely to hamper the industry’s growth.
New participants are expected to invest in the industry after they learn about the industry’s innovative opportunities and presence of low-cost equipment which can be produced to cater a large untapped potential.
North America, led by U.S., dominated the regional industry demand. It also leads the global demand and accounted for highest share in 2015. Robust logistic and distribution network have improved the access and availability of diverse and advanced industry equipment. This has facilitated the availability of advanced technologies which are contributing to minimize the expenditure for oil cleaning. Strong and favorable regulatory framework may positively drive the oil cleaning market in near future.
The machinery finds a wide application in motors, turbine, die forging and casting, automotive, engines, and gears in industries which include steel and machinery manufacturing, plastic modeling, auto ancillaries cement, steel casting and forging, bearing, defense, cement, forging and aerospace.
Based on technology, the oil cleaning market is classified into hydraulic bypass, centrifugal separator, glass-fiber pressure filters, offline filter, magnetic filtration, vacuum filter, and electrostatic filter. Centrifugal oil cleaning is an extensively used technology for the process and is likely to witness a high growth rate. Hydraulic bypass along with magnetic filtration technologies are the latest innovations in this sector having a moderate growth rate in the region.
Growing energy demand accompanied by O&G industry development has created the need for crude and related products in China. Moreover, the presence of skilled labor and abundant raw material availability are also foreseen to enhance the regional demand.
South Korea and Japan is experiencing influx of advanced cleaning machineries which accompanied by the rise in the consumer preference for cleaning equipment is supporting demand. Availability of cost efficient technology is a promising factor that is anticipated to further stimulate the demand in Asia Pacific region. India and China are forecast to drive the further growth of oil cleaning market with increasing applications, regulatory compliances, and skilled labor.
Europe is expected to expand rapidly with countries including Germany, U.K., France, and Spain among others increase manufacturing production. Middle East will also exhibit substantial growth in the wake of growing demand and rapid industrialization.
Major industry players include Ferrocare Machines Pvt. Ltd., Puradyn Filter Technologies, Inc., Clean Technology AB, Kleente, Kleenoil Filtration, Triple R Co, Trident, and KlassicKlarol Filters Private Ltd., and others.
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