Global lubricant market


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Global lubricant market was valued US$ 21.9 Bn and is anticipated to reach US$ 145.89 Bn by 2026 at a CAGR of 2.27 % during the forecast period. Global lubricant market Growth in automotive production growth in Asia-pacific and Europe, growing manufacturing sector in Asia-pacific, increasing usage of high-performance lubricant, demand from the growing wind energy sector and expansion of the global cold chain market drives the global lubricant market growth. Increasing drain intervals in automotive and industrial sectors and emergence of electric vehicles in the future restrains the market growth. Upcoming Construction Projects in North America and Asia-Pacific and increase in exploration of natural gas poses an opportunity for the market growth. Transportation segment was estimated as largest of the lubricants market in 2017. Smooth running of vehicles and prolong engine life ask for consistent use of lubricants. Passenger vehicles, commercial vehicles, aviation, and marine are the sub segments of transportation. Passenger and commercial vehicles are the major consumers of lubricants attributed to the rising vehicle production and improving standard of living in the developing nations. Mineral oil to lead the market for lubricants during the forecast period and dominance of the mineral oil segment is projected to continue during the forecast period, owing to its low cost and easy availability. Mineral oil is produced in large quantities because of its high usage in different sectors such as transportation and industrial machinery and equipment. Gradual shift from mineral oil lubricants to synthetic and bio-based lubricants, the bulk lubricant users, which mainly includes off road vehicles, marine, defense, and aviation sectors, will continue to utilize high volumes of mineral oil lubricants owed to its low cost. Bio based lubricant is gaining popularity owing to sustainability program initiated in regions and carbon count pressure on the industries. Automotive is the dominant application segment in 2017 with over 57.82 % market share. Rapidly rising demand for commercial as well consumer vehicles across various emerging economies, including China and India. Rapid industrialization and manufacturing industry is driving the industries use of lubricant. Industrial segment is second largest followed by marine and aerospace. Demand for lubricants in the industrial sector is expected to increase significantly during the forecast period. Industrial lubricants possess strong corrosion protection properties and help extend equipment life. They are used in various equipment. Industrial lubricants also help achieve maximum productivity, ease in functioning and improve the efficiency of machineries. Increasing sales of passenger cars in emerging economies of Latin America is also anticipated to be a major factor driving consumer automotive lubricants demand over the forecast period. Recovery of the consumer vehicles segment in U.S. is expected to further strengthen growth. Complimentary government regulations in U.S. and Europe are considerably driving the automotive sector across these regions. Varieties of policies to promote investment and partnerships with the private sector have been framed to make most of port and a transportation infrastructure opportunity across the region, which has further, stimulates the market growth. Europe is relatively saturated owing to the maturity of end-use industries. Resurgence of industrial activities along with modernization of industrial machinery is a key factor likely to determine demand in Europe over the next eight years. Asia Pacific is the largest lubricants market during the forecast period attributed to the high growth of the manufacturing and construction industries in emerging countries such as China, India, Japan, and South Korea. The domestic and foreign investments in the construction industry have been consistently growing over the past decade in this region. The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding lubricant market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in lubricant market.

Scope of Global Lubricant Market:

Global Lubricant Market, by Group:
• Group I • Group II • Group III • Group IV • Group V

Global Lubricant Market, by Base Stock:
• Bio-Based Lubricants • Mineral Oil Lubricant • Synthe

Listing ID: 9525d2ec3a9c31b5

May 28, 2021 10:00 pm

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