Global Lubricants market
The lubricants market was valued at 39,762.66 kilo tons in 2017 and is expected to register a CAGR of 2.18%, during the forecast period (2018-2023).
Lubricants are vital for proper functioning of machines. They are used to reduce wear and friction between surfaces in close proximity and that move relative to each other. They are usually in liquid, semi-fluid or solid state. Superior-quality lubricants possess various characteristics, such as a high viscosity index, high level of thermal stability, low freezing point and high boiling point. These features help reduce friction between surfaces of machine parts, rate of wear and increase operational efficiency. They act as cooling fluids and remove any residual deposition over mechanical parts, thereby, increasing operating lifespan.
The rapid industrialization in BRIC nations and increasing demand for automobiles in Asia-Pacific are the major reasons driving the lubricants market. Moreover, stringent environmental regulations by governments to use lubricants for better efficiency have also increased the demand for lubricant products. On the flipside, high prices of synthetic and bio-based lubricants and few other factors are expected to hinder the market growth.
The global lubricants market, by stock type, can be broadly segmented into bio-based lubricants, mineral oil lubricants, synthetic lubricants and semi-synthetic lubricants. The mineral oil lubricants segment accounted for the highest share in the global lubricants market, in 2017. However, it is expected to be the slowest growing product segment during the forecast period, with consumer preference shifting toward synthetic and bio-based lubricants. By product type, engine oil dominated the market with a market share of almost 55% in 2017.
Lubricants are highly used in various commercial and industrial sectors, owing to their aforementioned functions and advantages. The lubricants market is also segmented by end-user industry, into power generation, automotive & other transportation, heavy equipment, food & beverage, metallurgy & metalworking, chemical manufacturing, and others (packaging, oil & gas (Drilling Fluids)). Automotive and other transportation dominated the market in 2017. Food & Beverage was the smallest end-user industry for the global lubricants market with a share of 3.77% in 2017.
The lubricants market has been further segmented geographically into Asia-Pacific, North America, Europe, South America, Middle-East, and Africa. Asia-Pacific dominated the market, in terms of consumption, owing to the growing demand from the automotive industry in developing economies, such as China, India, and Vietnam. North America was the second largest market with an estimated share of almost 21% in 2017.
Furthermore, industrial growth in the Middle East & Africa region, continuous developments in synthetic & bio-based lubricants and a significant rise in demand for re-refined lubricants are expected to offer major growth opportunities for lubricant manufacturers, during the forecast period. Some of the major players dominating the market, owing to consistent R&D activities for the development of new products, are:
Royal Dutch Shell plc
Indian Oil Corp.
Notable Developments in the Market
Dec, 2017: The Asian Lubricant Manufacturers Union (ALMU) officially launched on December 1, 2017 in Singapore. The brand-new trade association will serve all-important Asian lubricant market
Dec, 2017: US energy giant Exxon Mobil announced their decison to merge their refining and marketing operations into a single company called ExxonMobil Fuels & Lubricants Company. ExxonMobil Fuels & Lubricants Company, along with ExxonMobil affiliates, will manage crude purchasing and logistics, refining, supply, trading, midstream, marketing and sales of refined products.
Nov 2017: UAE-based German Mirror Lubricants and Greases in talks to set up lubricant oil blending plant in India
Oct, 2017: Eterna Oil Plc announced that the company has invested over N3 billion to further expand its lubricant oil plants operations to promote local content drive in Nigeria’s oil and gas sector.
Key Deliverables in the Study:
Market analysis for the global Lubricants market, with region-specific assessments and competition analysis on global scale
Market definition along with the identification of factors instrumental in changing the market scenarios and prospective opportunities
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the global Lubricants market on global scale
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
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