Global Lubricants Market - Segmented by Group, Base Stock, Product Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global lubricant market is expected to register a CAGR of 2.18% during the forecast period, 2018-2023. One of the major factors driving the growth of the global market is the growing automotive production Asia-Pacific and Europe, especially in countries, such as India, United Kingdom, Italy, France, and Indonesia. Additionally, the growing demand for and usage of high-performance lubricants (owing to their better and improved properties, such as reduced flammability, reduced gear wear, and increased service life), is also driving the growth of the market, as the aforementioned properties, make these lubricants suitable for high temperature applications.
Lubricants are majorly used in the industrial sector for the proper functioning of machines. They are also used in automobile for smooth functioning and longevity of engines and other components. Lubricants are available in liquid, semi-fluid, or solid state, and possess various characteristics, such as, high viscosity index, high level of thermal stability, low freezing point, and high boiling point, all of which help to reduce friction between surfaces of machine parts and the rate of wear, without compromising operational efficiency.
Manufacturing Sector Supporting the Lubricant Consumption
The consumption of industrial lubricants is rising steadily owing to increasing consumption from manufacturing sectors. The Asia-Pacific region, presently, is a major hub for manufacturing, led by China. Other Asian countries leading in the manufacturing sector include Indonesia, Thailand, the Philippines, Vietnam, and Singapore. FDI inflow to Asia is estimated to be increased by nearly 15% in 2017, to USD 515 billion, this is mostly a result of the renewed policy efforts by the countries in this region. The FDI inflow to Asian countries was at its peak value of USD 524 billion in the year 2015, which was a moderate value in the year 2016. This robust growth in the manufacturing activities in the region is expected to create a surge in the demand for lubricants, during the forecast period.
Increasing Drain Intervals for Lubricants
The chemistry and technology involved in the production of lubricants have undergone a tremendous change in the recent times. With the introduction of long lasting high-performance lubricants, as well as developments in machining technologies, the interval for oil change has extended almost by 100%. The tradition of changing oil for every 3,000 miles has changed to 7,500 to 10,000 miles for passenger cars. For instances, 60 years ago, the typical oil change interval for a truck was between 500-1,000 miles. But, with the advancement in the lubricant technology, the oil change interval has come to 50,000 miles and is to increase further. This would directly decrease the volumes of lubricants used for automotive, as well as industrial purposes.
Notable Developments in the Market
October 2017 - Maoming Haihe Chemical Co., formerly known as Maoming Dazetian; opened the first Group I plant in the past 20 yrs and the plant was operational by the end of 2017
August 2017 - Sinochem, a state-owned Chinese chemical company, announced its plans to sell finished lubricants by the end of the year
July 2017 - ExxonMobil Corporation entered an agreement with GE, for the supply of lubricants for GE’s Jenbacher gas engines
May 2017 - Total Lubricants and CLAAS, a major player in the agriculture machinery industry, renewed their partnership until 2021 for the supply of after-sale lubricants
Major Players:Royal Dutch Shell Plc, Exxonmobil, BP Plc, Total, Chevron, FUCHS, Sinopec, Lukoil, Valvoline, Pt Pertamina, and Petrobras, among others.
Reasons to Purchase this Report
Current and future of the global lubricant market in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The end-user segment that is expected to dominate the market
Countries that are expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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