As reported by Future Market Insights, close to 2.5 million metric tons of metalworking fluids were sold worldwide in 2016. Projections state that by 2020, the market for metalworking fluids will reach a staggering $9.74 billion.
These statistics speak volumes on the value of oil. The heavy financial weight of industrial lubricants is due to their significance and the crucial roles they play in ensuring the smooth running of several industries -- including but not limited to the transportation industry, the metalworking industry, the manufacturing industry, and more.
However, according to an international study, less than half (42%) of companies in the manufacturing industry utilize the appropriate procedures necessary in the management of lubricants. In addition, about 63% of these companies admit that training related to these lubricants is not conducted as frequently as they should be.
This lack of appropriate procedures and staff training in lubrication management can be very risky and very costly.
As stated by a recent study, the cause of an approximate 70% of unexpected equipment shutdowns was related to mismanagement or incorrect selection of lubricants. The fact that mismanagement of this single material led to such a high percentage of shutdowns makes it clear that the proper selection and use of lubricants is essential.
One example of effective lubricant management involves the use of a metalworking fluid recycling system. When compared to a non-recycling system, the recycling system sees significant cost reductions -- a potential of 8%.
It's clear how essential lubricants are to various industries, but what should we look out for when making decisions based on lubricant quality?
Look For Mil Spec Oil
What is mil spec oil? Mil spec oil is an abbreviation for oil that has met military specifications. Essentially, mil spec oils are products that have met certain standard performance standards, particularly in regards to manufacturing that may involve certain types of chemicals of equipment.
A product that can be called as mil spec oil has been tested on certain performance metrics and qualify under military oil specifications. Essentially, this label is a guarantee of quality; quality should a significant consideration in the selection of materials for use. As previously emphasized, improper selection or use or management of these lubricants can be very costly in terms of finances, time, and labor.
Now you should have a better understanding of the sizable market of industrial lubricants, the significance of proper selection, the management of the material, and the measure of quality -- specifically in mil spec oil. Fore more information, contact us today.