Global Mineral-oil-based Lubricants Market 2015-2019
About mineral oil-based lubricants
Lubricants are used to reduce friction between two surfaces of equipment or components. They are usually in oil, semi-fluid, or solid state. Superior-quality lubricants have high thermal stability, high boiling point, low freezing point, and high viscosity index, which help to reduce the friction between machine parts for increased operational efficiency.
Mineral oil-based lubricants are derived from crude oil by distillation, solvent extraction, and the cracking process. Base oils (group I, II, and III) obtained from refining crude oil are used to manufacture mineral oil lubricants. These base oils differ from each other in terms of sulfur content, viscosity index, and saturates. Group I base oil is the least processed base oil and hence, has the lowest quality. Several types of mineral oil-based lubricants are available in the market, including engine oils, process oils, hydraulic fluids, turbine oils, tractor fluids, gear oils, and metal working fluids. They are used in various industries such as automotive, industrial machinery, textile, food and beverage, plastic, and chemicals.
Technavio’s analysts forecast the global mineral oil-based lubricants market to grow at a CAGR of 2% during the period 2014-2019.
Covered in this report
This research report covers the present scenario and the growth prospects of the global mineral oil-based lubricants market for the period 2015-2019. To calculate the market size, the report considers the consumption of mineral oil-based lubricants. The market has been divided into three major regions namely Americas, APAC, and EMEA. The mineral oil-based lubricants have been divided into three segments:
Technavio Announces the Publication of its Research Report – Global Mineral Oil-Based Lubricants Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Mineral Oil-Based Lubricants Market: BP, CNPC, ExxonMobil, Royal Dutch Shell and Saudi Aramco
Other Prominent Vendors in the market are: Fuchs Petrolub, Gazprom, Idemitsu Kosan, JX Holdings, NK Lukoil, PetroChina, Petronas Chemicals Group Berhad, Sinopec, and Total.
Commenting on the report, an analyst from Technavio’s team said: “The market is witnessing a number of M&A. Companies are trying to improve their core competency by acquiring the varied product portfolio and technology of other companies. Many large and international vendors are acquiring small and local vendors to enhance their market potential and their product portfolio. The increased competition in this highly fragmented market is another major reason for the increase in the number of M&A.”
According to the report, the market is driven by the increase in demand from industries such as agricultural, steel, construction, and mining. In the agricultural industry, exposure to dust and water causes a reduction in the efficiency of gearboxes and bearings. Deep plowing results in heavy loads on tractors. Hence, lubrication is necessary for the optimum operation of equipment.
Further, the report states that some lubricants such as mineral-oil-based lubricants have a negative impact on the environment. They contain toxic elements that take a long time to decompose and are harmful to plants and wildlife ecosystems.
BP, CNPC, ExxonMobil, Royal Dutch Shell, Saudi Aramco, Fuchs Petrolub, Gazprom, Idemitsu Kosan, JX Holdings, NK Lukoil, PetroChina, Petronas Chemicals Group Berhad, Sinopec, Total.
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