Technological proliferations have led to the emergence of ISOVG 68 , ISO VG 100 , ISO VG 32 and ISO VG 220 . These products grades exhibit different viscosities which makes them applicable in various sectors . Owing to the increasing use of horizontal slideways , ISO VG 68 is widely adopted worldwide . Large machines prominently utilize the product for circulating applications . Due to high lubrication properties , this technology is extensively employed as moderate duty hydraulic fluid and used in manufacturing gear oil . High pressure and precision working conditions essentially deploy ISO VG 220 which is anticipated to grow at CAGR of more than 5 % over the next eight years . Inclined and vertical slide way also use ISO VG 220 to overcome the drain down problem , thereby contributing to the overall market growth .
Growing automotive production in Indonesia , Japan , India , South Korea , Malaysia , Taiwan and China is anticipated to increase the regional demand . Advancements in road & rail network and rapid economic growth coupled with increasing government spending on infrastructural developments may further catapult the industry growth over the forecast period . India is anticipated to witness high demand for product owing to increasing industrialization along with government support for vehicle manufacturing . Emerging consumer needs for personal & commercial conveyance has led to the increasing demand for components and vehicle production which in turn may propel the product demand . Due to 100 % FDI in automobile sector , the manufacturing sector is expected to witness growth which in turn will hike the sideway oil product segment over the forecast period .
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Need for machinery in the end use industries such as automotive , construction and food & beverage may significantly fuel the demand in North America . Key players in the market include ExxonMobil , Fuch , Shell , Chevron , Valvoline , Castrol , Sinopec and BP . 40 % of the total demand is catered by Shell , BP , ExxonMobil , and Fuch . These companies are increasingly adopting the strategy of joint ventures , business sell offs and technological advancements in order to gain competitive edge .
Market Segment :
Global Slideway Oil Product Outlook ( Volume , Kilo Tons ; Revenue , USD Million , 2012 - 2022 )
• ISO VG 68
• ISO VG 220
• Others Global Slideway Oil Regional Outlook ( Volume , Kilo Tons ; Revenue , USD Million , 2012 - 2022 )
• North America
• U . S .