The global lubricant and oil testing market is expected to grow at a significant CAGR during the forecast period (2024-2031). 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.
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.
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Market Coverage
- Segment Covered-
o By Product Type
o By Industry
- Regions covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Bureau Veritas, Delta Services Industriels, Emerson, Exxon Mobil Corporation, Honeywell International Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Lubricant and Oil Testing Market by Segments
By Product Type
- Oil Testing
- Lubricant Testing
- Greases Testing
By Industry
- Engines
- Turbines
- Hydraulic Systems
- Compressors
- Others
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