Industrialization today requires modern machineries to deliver incremented productivity and cope with increasing demand for various industrial products. However, in due course of time, these machines undergo tear and friction due to continuous and rigorous operational workflows leading to demand for effective lubricants such as engine oils, gear oils, compressor oils, and others which simultaneously act as cushioning and also prevent corrosion of machines. As per a report by IndustryARC, the global lubricants market achieved profits worth $139 billion in 2018. The automotive and textile industries are the leading consumers, exerting a huge demand pull on the global lubricants market. Furthermore, the application segment of lubricants is vast and includes the energy sector, mining industry, food processing industries, chemical industries, marine industries, and healthcare facilities. Significantly, the global lubricants market demand is boosted which is projected to grow at 2.8% CAGR through to 2025.
The report titled, “Lubricants Market: By Type (Engine Oil, Gear Oil, Hydraulic Fluid, Metalworking Fluids, Greases, Turbine Oil, Compressor Oil, Others) Base Oil (Mineral, Synthetic, Bio-based, Others) Application (Automotive, Industrial, Others) & Geography - Forecast (2019 - 2025)”, presents a thorough study of the market scope, growth factors, and opportunity analysis while also shedding some light on company expert’s views.
Global Lubricants Market: Competitive Landscape:
The APAC region is experiencing vigorous industrial expansion which is increasing the requirement for machines and equipment, and is facilitating colossal expenditure on lubricants in order to reduce abrasion of surfaces and inner gears. APAC lubricants market leverages major revenue share by key companies set up in China, India, and Japan. Owing to the aforementioned factors, APAC contributed a large regional share of 42% to the global lubricants market in 2018.
Thermal stability, lubricity and friction resistant properties of lubricating oils stimulates smooth functioning of various parts of automobiles such as engines and turbochargers, resultantly enhancing a vehicle’s proper functioning. The automotive sector is on the rise and achieved peak heights in the global market with a total production of 95,634,593 cars and commercial vehicles in 2018. This exponential statistic reflects increased scope for the flourishing lubricants market and as per the report, the automotive segment will grow at a CAGR of 5.2% during the forecast period.
Some of the leading companies in the lubricants market include Fuchs Petrolub AG (Germany), Petrochina Company Limited (China), Royal Dutch Shell PLC (The Netherlands), British Petroleum Plc (UK), Total SA (France), ExxonMobil Corporation (US), Sinopec Limited (China), Chevron Corporation (US), Lukoil (Russia), and Idemitsu Kosan Co. Ltd. (Japan).
Lukoil (Russia) delivers various oil and gas products such as petroleum, gas, and petrochemical products and lubricants to several industrial sectors and generic consumers.Their lubricating oil section includes diverse product categories such as engine and motor oil, transport oil, industrial oil, and many others.
Global Lubricants Market: Growth Drivers:
· Increasing per capita income is increasing sales of vehicles globally, which is elevating demand for lubrication which are used to extend the longevity of automobiles.
· Rising investments in oil and gas industries as well as the development of offshore drilling activities will significantly facilitate production of lubricants globally, thereby increasing the overall market’s value.
· Growing healthcare awareness is increasing the scope of screening tests. Medical lubricating oil products used for ultrasonography procedures is expected to drive the lubricant market growth.
· Preference for clean energy resources such as wind energy is expected to grow in forthcoming years, which will necessitate demand for a wide range of machinery including gears, turbines, and many others. In order to increase efficiency and ensure smooth operational procedure of massive wind turbines, energy sectors will indulge in equal investment on lubricating oils thereby elevating the scope for global lubricants market growth.
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1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
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3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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