Penetrating Oil Market - Global Industry Analysis, Size, Share, Growth and Forecast, 2019 - 2027

The global penetrating oil market was valued at USD 193.0 million in 2019 and is projected to reach USD around 255.7 million by 2027, expanding at a CAGR of 3.3% during the forecast period. Penetrating oil is a high-quality lubricant that uses a mixture of oils and penetrants. It is formulated to efficiently detach seized and rusted components. It is used to loosen nuts, bolts, screws, studs, pins, valves, pipe couplings, pulleys, and parts of the machineries. It is used to clean rusted surfaces of molds, dies, and heavy tools and to soften or wash carbon residues.

Market Trend

The main function of penetrating oil is to loosen fasteners that have either seized or corroded with the usage of devices. Low viscosity of the fluid acts as an advantage for the oil, as the oil allows it to seep and penetrate into crevices and grooves that are present in the given material substrate. These oils are usually mixtures of lubricants and solvents. Solvents help thin the lubricant, increase mobility, and decrease its viscosity. Additionally, the oil helps lubricate various parts for a sufficient amount of time. It is an effective cleaning agent, used to remove grease, adhesives, rust, and tar, and is used to prevent corrosion.

Request Free Sample Report Here

Market Dynamics

The market is driven by factors such as rising awareness and increasing diverse End-users for penetrating oil. Polyurethane is a substitute for penetrating oil; however, it is considered to be hazardous to environment, which in turn, is increasing the demand for green products such as penetrating oil propelling the growth of the market. The shift in consumer preference to use penetrating oil and immense market opportunities in Asia Pacific are the key opportunities for this market during the forecast period. Few restraints for this market are penetrating oil contains petroleum, which is harmful and can damage some materials and it also cannot provide effective long-lasting solution to machine.

Segmental Outlook

On the basis of types, the market has been bifurcated into industrial grade and food grade. The industrial grade segment dominates the market during the forecast period. The industrial grade segment is primarily used for corrosion resistance and lubrication in a wide range of End-users, such as the automotive, building, marine, and agricultural equipment industries.

Based on oil/fluid, the market has been segmented into straight oil, synthetic or semi-synthetic fluids, and emulsion/water soluble fluids. The emulsion/water soluble fluids segment is projected to constitute more than 44.1% share of market by 2027. The synthetic or semi-synthetic fluids segment is estimated to expand at high CAGR of around 3.6% during the forecast period.

Regional Outlook

On the basis of regions, the global penetrating market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America is a promising region for the market with major market share of 38.3% in 2019. Growing demand for automotive machines and food & beverage equipment in the US, is expected to boost the demand for penetrating oil during the forecast period.

Competitive Landscape

• Key players in the global penetrating oil market includes WD-40 Company, Illinois Tool Works Inc., and Calumet Specialty Products Partners, L.P. These companies are considered as key manufacturers of Penetrating Oil, based on their revenue, research & development activities, regional presence, and supply chain management system.
• The players are adopting key strategies such as acquisition, and geographical expansion where potential opportunity for the Penetrating Oil extraction is added in the company’s capacity.

About Growth Market Reports:

GROWTH MARKET REPORTS provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Industry Intelligence Solutions". GROWTH MARKET REPORTS has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.

Growth Market Reports has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.