Global lubricants Industry, Growth, Trends and Forecast 2023
Posted by Payal Singhania on February 10th, 2020
Lubricant Market Overview
Lubricants are used to reduce heat and wear between contacting surfaces in relative motion. They are indispensable to the proper functioning of machinery because reduce tear and wear between different moving parts. In industrial machinery, they are used to reduce the downtime operations, hence improve the overall productivity of the machine. They possess excellent properties such as rust and corrosion protection, demulsibility, and extended equipment life, which make them suitable for use in numerous end-use application such as marine, construction, industrial, automotive, and others.
As per our analysis, some of the important market factors and trends identified in the global lubricants market are rising industrialization, increasing automotive production & sales, continuous growth of the construction sector. Furthermore, rising mining and construction activities in the developing and developed countries are expected to give a new momentum to the market growth. Increasing disposable income along with rising automotive production & sales across the globe is estimated to fuel the growth of the market.
Lubricant Market Key Players and Competition Analysis
Some of the prominent players operating in the global lubricants market analysis are Royal Dutch Shell PLC. (the Netherlands), Exxonmobil Corporation (U.S.), Chevron Corporation (U.S.), Total S.A. (France), Sinopec Lubricant Company (China), Petrochina Company Limited (China), BP PLC (UK), JXTG Group (Japan), Idemitsu Kosan Co. Ltd (Japan), FUCHS (Germany), PETRONAS (Malaysia) among others.
Lubricant Market Segmentation Analysis
The global lubricants market is categorized on the basis of type, application, and region. On the basis of the type, the market is classified into mineral oil, bio-based, and synthetic lubricants. On the basis of the application, the lubricants market is categorized into industrial, automotive, marine, construction, and others. Industrial segment is further classified into metalworking fluids, general industrial oils, process oils, and industrial engine oils. Automotive segment is categorized into gear oil, passenger vehicle oils, heavy-duty engine oils, hydraulic & transmission fluids, and others. On the basis of the region, the market is classified into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
The global lubricants market is spanned across five regions, Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, Asia Pacific emerged as the largest lubricants market and is predicted to grow a healthy CAGR due to the expansion of various end-use industries such as construction, automotive, and other transportation sector, over the forecast period. The demand for lubricants is estimated to surge in various countries of the Asia Pacific such as India, South Korea, Japan, Thailand, Australia, Malaysia, Bangladesh, China, and Taiwan on account of increasing passenger car sales along with rising automotive manufacturing base from international manufacturers. In addition, increasing industrialization in developing countries, the presence of inexpensive raw material, labor & land, and soberly stringent regulatory framework are some other factors for the regional growth of lubricants market over the assessment period.
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About the AuthorPayal Singhania
Joined: December 12th, 2019
Articles Posted: 397
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