Global slideway oil market size is expected to grow commendably over 2021-2027. This strong growth is driven by the rising slideway oil applications in industrial metalworking tools and machinery, including cutting and milling machines, to provide adequate lubrication. Moreover, its myriad advantages, such as high water-proof resistance and optimal stability when applied on vertical slideways, will also proliferate industry expansion over the estimated timeline. Slideway oils refer to lubricants for tableways and slideways, which instantaneously form an effective lubricating film, with emphasis on superior stick-slip properties. This oil is commonly applied to Box Way and Linear Guide systems and can address issues related to precision and machine toll productivity by ensuring a smooth, uninterrupted motion of the heavy tooling.
Growing investment interest in machining technology, alongside the strong demand for automated manufacturing across the industrial sector, are the key factors characterizing slideway oil market trends over 2021-2027. This strong emphasis on machining technology is likely to contribute to the rising product popularity, given the use of slideway lubricant oils in varied industrial machines, typically those used in industrial metalworking machinery and equipment. Additionally, a significant increase in retail sales of automobiles will also positively influence market outlook, as this oil can be utilized for the lubrication of automotive conveyor belts, among other applications.
Based on application, the slideway oil market from the food and beverages segment is poised to exhibit an appreciable growth rate through 2027. This is a result of the high suitability of the oil in lubricating drive chains, gearboxes, conveyor chains, slideways, and redactor chains of equipment in the food and beverage processing sector. Furthermore, the introduction of various initiatives to support the development of food manufacturing facilities will also drive segmental growth in the coming years.
North America slideway oil industry will amass considerable profits by 2027, due to increasing investment in infrastructural development and electric vehicle facilities, thus providing robust growth opportunities for factory machinery makers. As per the U.S. Census Bureau, new orders of factory equipment surged to nearly $506 million in June 2021, as compared to $361.8 million registered in April 2020. However, a decline in plastics production across the country may hinder the regional market share, as slideway oil formulations are commonly used to reduce the wear and tear of plastic processing machines.
Prominent players in the global slideway oil market include Sinopec (China Petrochemical Corporation), Castrol (BP, Burmah Oil, Burmah Castrol plc), Royal Dutch Shell, Fuchs, Chevron Corporation (Standard Oil), Valvoline, ExxonMobil, and BP, among others. These firms are focusing on strategies like business expansions, new product launches, and collaborations to expand their footprint and product portfolio in the global market. For instance, in November 2020, Valvoline announced plans to strengthen its market position and target new business opportunities in the industrial segment, with a complete product portfolio containing 10 categories including slideway oils, among others.
Decline in Machine Tool Consumption During COVID-19 to Influence Slideway Oil Market Trends:
The ongoing coronavirus pandemic and the resulting lockdowns in numerous countries worldwide have had a severe impact across the industrial spectrum, particularly manufacturing and production. The consumption of machine tools, for instance, took a significant dive during peak of the pandemic, as demand fell due to widespread business closures. These factors could hamper slideway oil industry share, given the significant adoption of the product to lubricate machine tool tables, feed mechanisms, and tables. However, the steady recovery of auto sales, following disruptions induced by the second wave of the pandemic, may help gradually improve demand for slideway oils in automotive production applications.