Lubricants Market:
Growth opportunities in the Lubricants Market look promising over the next six years. This is mainly due to the extension in the industrial sector and rising inclination towards the adoption of renewable energy.
Lubricants Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The prominent drivers propelling the growth of the global lubricants market include the augmentation in the industrial sector across various developing countries led by the growing GDP and disposable income of individuals. Also, the rise in the research and development activities and continuous technological innovations to launch lubricants with the capability to reduce friction losses will strengthen the market size. Moreover, the robust demand for automobiles has resulted in excessive market demand and impedes the wear & tears in automotive engine components.
Additionally, swift urbanization is uplifting the manufacturing sector, thus supplementing the market demand. The increasing preference for adopting renewable energy is boosting market growth. Furthermore, the market is witnessing a robust demand led by the surging demand for better-performing engines. However, the government’s strict norms for environmental protection and the growing demand for hybrid vehicles will hamper the lubricants market share.
Base Oil Segment Drivers
Based on base oil, Synthetic Lubricants (Group Iv, V) are projected to witness a higher CAGR during the forecast period. This is attributed to their growing implementation across several application areas. Also, the remarkable benefits offered by these lubricants such as improved low & high-temperature viscosity performance at acute service temperature, decreased evaporative loss, along with better density index and chemical & shear stability.
Regional Coverage
Based on the regional coverage, the Asia-Pacific is predicted to expand at a faster CAGR over the forecast period. This is primarily because of the rising endorsement led by mounting population & disposable income and the enlargement in the industrial sector, including chemicals and textiles. Furthermore, the growing demand from the automotive sector and the increase in sales of passengers and commercial vehicles are driving the market growth. Based on the regional coverage, the Asia-Pacific is predicted to expand at a faster CAGR over the forecast period. This is primarily because of the rising endorsement led by mounting population & disposable income and the enlargement in the industrial sector, including chemicals and textiles. Furthermore, the growing demand from the automotive sector and the increase in sales of passengers and commercial vehicles are driving the market growth.
Lubricants Market’s leading Manufacturers:
- FUCHS
- Idemitsu Kosan Co., Ltd.
- PetroChina Company Limited
- Chevron Corporation
- Exxon Mobil Corporation
- JXTG Holdings, Inc.
- China Petrochemical Corporation
- Chevron Corporation, bp p.l.c.
- Exxon Mobil Corporation
Lubricants Market Segmentation:
Segmentation by Product Type
- Hydraulic Oil
- Engine Oil
- Gear Oil/Transmission Fluid
- Metal Working Fluid
- Grease
- Compressor Oil
- Turbine Oil
- Others
Segmentation by End-Use Industry
- Industrial
- Metal & Mining
- Construction
- Power Generation
- Cement Production
- Chemical
- Automotive (Vehicle Manufacturing)
- Textile
- Oil & Gas
- Food Processing
- Others
- Transportation
- Passenger Vehicle
- 2-Wheeler
- 4-Wheeler
- Commercial Vehicle
- Marine
- Aviation
- Railway
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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