Global Finished Lubricants Market
Posted by Ganesh Mane on April 19th, 2021
Global Finished Lubricants Market holds the potential to reach US$ XX billion by 2027, driven by multiple factors, the growth of automobile powered by internal-combustion engines and industrial heavy duty operation machines will have a profound effect on finished lubricants market.
• The global demand for crude oil is dropped by 2.5 million barrels per day in the year 2020, China suffered most in the first quarter with a fall of 1.8 million barrels per day. The report covers the analysis of crude price effect on the finished lubricants market and its production and profitability is covered region-wise in a separate chapter.
• The automotive industry accounts for about XX% of the finished lubricant market share in 2019 in terms of volume. The other segment growth and market share are analyzed and covered in the report.
• Shell is the leading global supplier of finished lubricants, which accounts for xx% of market share in terms of volume and the 2019 sell of finished lubricants was around 4,400 kilotonnes. The report covers all leading lubricant consuming regional markets, market segments, and product types.
• The growth of the domestic market, raw material supplier and regional market, import, export volume analysis shows that China has a major impact on domestic finished lubricants market, the report covers the micro factors affecting the supply side driver and effect on countries’ economy is analyzed.
• Some companies are now seeking out merger and acquisition as a strategy to reduce production costs. ConocoPhillips is acquiring Concho Resources for US$ 9.7 Bn. The merger is expected to capture US0 Mn of annual capital savings by 2022.
Drivers: The growth in industrial activities and increasing demand for automobiles the driving factor expected to propel the market at 3.5% CAGR in the forecast period.
The high powered vehicle and more refined speed at high quality driving demand for Finished Lubricants.
The growth in the automotive sector and development in engine technology driving the demand for finished lubricants. The growing popularity of high powered engine and sports cars leading to the concern of high heat generation the automakers uses high-performance lubricants. The automotive lubricants have 65% of the total finished lubricant market. Increasing demand from commercial and passenger vehicles, 2-wheelers and 3-wheelers, stationary engines, agricultural equipment, marine, and industries are driving the market in the forecast period. The commercial vehicle has the majority of market share around half of the volume, the two-wheeler is accounted for about 27% of the market share, passenger vehicle has around 7% of the finished lubricant market. Other remaining contributes about 18% in market share. The detailed analysis is covered in the report.
Restraints: Increasing demand for battery operated vehicle or hybrid vehicle.
The increasing hybrid vehicle demand and the battery-operated vehicle is progressively reducing the demand for IC engine, which will deeply impact the demand for finished lubricant oil in the forecast period. The stringent vehicle emission norms and in some areas diesel engine ban initiative is highly restraining the growth of the market, however, the hybrid vehicle consists small IC engine that will support the finished lubricant market growth to some extent.
Opportunities: Increasing demand for green energy is expected to create new opportunities for the finished lubricant market.
The power generation industry is one of the larger consumers of finished lubricating oil and is growing at XX% CAGR in the forecast period. The increasing demand for green power generation and government support are majorly driving the development of technologies, which is creating new opportunities for finished lubricating oil. The wind power generation was growing at 10% CAGR in 2018. The estimated power generation capacity of wind power was 596,556 megawatts in 2018.
• The pandemic condition in the world created high volatility in crude oil prices, the travel restriction in the world resulted in demand drop about xx% in 2019-2020.
• The Engine oil to be the most affected segment in the market. Reduction in demand for lubricating oil in commercial vehicle segment along with OEMs have also stopped production of oil heavily affected the market growth.
• Other factors and its effects on market is covered by region and by segment in separate chapter in report.
By Product Type, Engine oil holds a major market share and is expected to grow at XX% CAGR in the forecast period.
Engine Oil is leading the market in terms of volume. The engine oils are widely used in the internal combustion engine. The growth of the automobile sector and demand for commercial vehicles are driving the market at a significant growth rate. The cumulative average growth rate of automotive engine oil is expected to grow at XX% CAGR in the forecast period. The demand for high-performance vehicle and sports cars are driving the market. The development of bio lubricant is expected to create new opportunities in the segment.
Global Finished Lubricants Market
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By End-use industry, the Transportation industry is expected to dominate the market in the forecast period.
The increasing number of industrial goods, freight, personal and commercial transport are driving the growth finished lubricants market in the forecast period. The estimated growth of transport industries will be over XX Mn in 2027 from US$ XX Mn in 2020. China and India use road transportation as their main goods transportation option. China and India have xx% and 70% road transportation of goods by roads.
Global Finished Lubricants Market1
The Asia Pacific is the leading market in terms of volume.
The Asia Pacific has the largest market share in the finished lubricant market and is expected to grow at XX% CAGR in the forecast period. Increasing demand for oil from the automotive and manufacturing industries are driving the growth at XX% CAGR in the forecast period. Industrial development in countries like India and China are expected to fuel the market growth. India is the third-largest automotive market in the globe in terms of volume. The industry produced around 26 Mn of vehicles in 2020 and 4.7 Mn are exported.
The European market is expected to grow at a significant growth rate of XX% over the forecasted period.
Europe has the second-largest share in the finished lubricant market and is growing at XX% CAGR in the forecast period. The growth of the automotive industry is majorly driving the market in the region. The lubricant market in Germany, the United Kingdom, France, Italy, and Spain are accounted for around 3 million tonnes in 2019. It is about 8% of global and 50% of Europe’s lubricant demand. The report covers the by country-wise manufacturers operating in the market with the import and export condition of Europe.
• To provide market size, forecast data for global, regional and market segments
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Global Finished Lubricants Market, By Product Type
• Engine Oil
• Mineral Oil
• Asia Pacific
• Royal Dutch Shell Plc. (Netherlands)
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About the AuthorGanesh Mane
Joined: January 27th, 2021
Articles Posted: 125
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