Global Lubricants Market 2019-2023
About this market
Rising need for technological upgrade to drive growth in the market. Owing to the technological upgrades in the production of industrial equipment, automobiles, and other machinery, the demand for eco-friendly and high-performance lubricants is growing across the globe. Technavio’ s analysts have predicted that the lubricants market will register a CAGR of almost 3% by 2023.
Increasing demand from end-user industries
Although the automotive industry is the key consumer of lubricants. The global lubricants market is also driven by construction, steel and cement, wind energy, agriculture, mining and oil drilling, marine and aerospace industries.
High price of synthetic lubricants
The high price of synthetic lubricants is one of the major challenges affecting the growth of the market. The cost of manufacturing synthetic lubricants is high as complex processes are involved in the production of the finished product. The cost is a significant factor that plays a crucial role in customers choosing a reasonably priced product. As the production process of synthetic lubricants is complex, it adds to the final cost of the product.
For the detailed list of factors that will drive and challenge the growth of the lubricants market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Shell and Total the competitive environment is quite intense. Factors such as the rising need for technological upgrade and the increasing demand from end-user industries, will provide considerable growth opportunities to lubricants manufactures. BP, Chevron, Exxon Mobil, PetroChina, Shell, and Total are some of the major companies covered in this report.
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