Global Lubricants Market: Demand Analysis and Growth Forecast
Lubricants are the preferred stimulants for a smooth run of heavy-duty equipment and machinery. Increasing demand for these lubricants is owing to the increasing economic development and companies focus to optimal capacity and complexity management. Lubricants are actually intended to reduce the friction between mutual contact surfaces that is known as lubricity. An optimal lubricant possesses a high boiling point, low freezing point, thermal stability, high viscosity index, demulsibility, hydraulic stability, high resistance to oxidation and corrosion prevention properties. Present lubricants are more advantageous as they protect against the hazardous environment, and heavy loads along with the reduction in downtime, and labor costs as well.
The global lubricants market size hovered around $123 billion as of 2018 and is set to grow at a CAGR of 2.8% during the forecast period of 2019 to 2025. The report is published by market research firm IndustryARC, and is 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)
Global Lubricants Market: Leading Segments
Asia-pacific region held a dominating share that is around 42% in the global lubricants market in 2018. In Sri Lanka, vehicle population has increased to 7,247,122 in 2017 from 6,795,469 in 2016. This increase is due to the growth of automotive lubricants that is it holds 70% sales of the Sri Lanka lubricants market. Automotive lubricants are providing several requirements of an industry by satisfying stringent specification. Therefore automotive application is estimated to be the fastest growing application with a notable CAGR of 5.2% over the forecast period 2019-2025.
Global Lubricants Market Trends
- Growing advanced lubrication needs are attracting the OEMs to switch their choice and preference from conventional oils to the synthetic oils as they have exceeding capabilities.
- Long life to equipment and high performance offered by lubricants are gaining traction of consumers and increasing the consumer base of lubricants in Asian countries more
- In 2018 ExxonMobil Corporation, the largest publicly traded international oil and gas company acquired MPM Lubricants, which is a key consumer automotive companies. This acquisition was aimed to expand lubricants innovative product portfolio and enhance the consumer’s productivity in Indonesia. In 2017, ExxonMobil Corporation has signed an agreement to acquire Jurong Aromatics Corporation Pte Ltd which manufactures aromatics and transportation fuels.
- In 2019 Brenntag, the market frontrunner in chemical distribution has acquired the lubricants division of Reeder Distributors, Inc, which is an integrated lubricant distributor in U.S. to strengthen the U.S. lubricants business.
Global Lubricants Market: Competitive Landscape
Royal Dutch Shell PLC, ExxonMobil Corporation, British Petroleum Plc, Chevron Corporation, Total SA, Petrochina Company Limited, Sinopec Limited, Lukoil, Fuchs Petrolub AG, and Idemitsu Kosan Co. Ltd. are the major strategic players which are holding maximum market share in the global lubricants market
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Industrial Lubricants Market: By Type (Gear, compressor, hydraulic, turbine, metal working, bearing, coolants, penetrating oils); By compound (fluids, greases, oils); By applications (air compressors, bearings, food machinery, gas engines, gears, hydraulics, machining, turbines, power generation); By end-user Industry (automotive, aerospace, military, marine, chemicals, food processing, textiles, railroads, construction, agriculture, timber and logging); By Geography - Forecast (2018-2023)
Indian Industrial Lubricants Market: By Type (Gear, Compressor, Hydraulic, Turbine, Metal Working Lubricants & Others), By Application (Automotive, Marine, Power Generation, Chemicals, Food Processing, Textiles & Others) & By Geography - Forecast(2018 - 2023)
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