The global lubricant and oil testing market is expected to grow at a significant CAGR during the forecast period (2021-2027). The major factors propelling the growth of the global lubricant and oil testing market include rising demand to decrease the unscheduled downtime and increase the overall lifespan of the equipment. Additionally, the reduction of the cost of maintenance and the rising need for cost-effective solutions will propel the growth of the market.
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Lubricant and oil testing is an assessment of the quality and condition of lubricants and oils used in engines and other expensive machinery and systems. The testing of lubricant and oil includes large-high value engines and trains, ships, generators, offshore platforms, turbines, and others. Moreover, the rapid industrialization in developing and developed countries will propel the growth of the market during the forecast period. Additionally, the rising unmet demands of end-customers of the automobile industry are boosting continuous production. Hence, to fulfil the continuous production the lubricant and oil testing in the industry is rising to lead to the growth of the market.
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The key players contributing to the growth of the global lubricant and oil testing market by adopting various strategies such as product launches & developments, mergers and acquisition, partnerships, and agreements, include Bureau Veritas, Delta Services Industriels, Emerson, Exxon Mobil Corporation, Honeywell International Inc., among others. For instance, in February 2017, Intertek Group Plc announced that it has started the testing service termed TransoilCHECK, testing of transformer oil at its Cargo and Analytical Laboratory. It was the first to offer this service in India. The testing of oil will be based on the American Society for Testing and Materials (ASTM) and International Electrotechnical Commission (IEC) procedures and test methods.
Global Lubricant and Oil Testing Market – Segmentation
By Product Type
Oil Testing
Lubricant Testing
Greases Testing
By Industry
Engines
Turbines
Hydraulic Systems
Compressors
Others
Global Lubricant and Oil Testing Market – Segmentation by Region
North America
United States
Canada
Europe
Germany
United Kingdom
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of the World
Company Profiles
Bureau Veritas
Delta Services Industriels
Emerson
Exxon Mobil Corporation
Honeywell International Inc.
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