June 29th, 2022
Lubricants Market is predicted to expand at a significant CAGR over the coming years, owing to the growing demand for high-performance lubricants.
Rising research and development activities and ongoing technological advancements to establish innovative lubricants to reduce the frictional losses will generate huge opportunities for lubricants market. Increasing inclination towards renewable energy, growing demand for superior engines, and expansion in the industrial sector will propel the Lubricants Market Size. Rapid urbanization has bolstered the demand for lubricants by proliferating the manufacturing industry
As per the Lubricants Market forecast, by base oil, the Synthetic Lubricants (Group Iv, V) segment is projected to hold a larger share during the forecast period owing to their growing use across several application areas and magnificent features like lower evaporative loss, higher viscosity index and chemical stability.
By end-use industry, the transportation segment is estimated to grow at CAGR over the forecast period owing to the increasing demand from transportation industry. Factors which include increasing urbanization and rising sales of passenger, and commercial vehicles will fuel the Lubricants Market Share.
By region, Asia-Pacific is predicted to grow at a faster CAGR over the coming years, owing to the rising demand for automotive industry and accelerating sales of commercial and passenger vehicles.
Leading players operating in the market include Royal Dutch Shell, Exxon Mobil Corporation, Chevron Corporation, bp p.l.c., Total, China Petrochemical Corporation, PetroChina Company Limited, Idemitsu Kosan Co., Ltd., JXTG Holdings, Inc., and FUCHS, among others.
In 2019, Houghton International’s steel cold rolling oil, aluminium hot rolling oil, and tinplate rolling activities in the European and North American Economic area markets. Through this acquisition, the company planned to strengthen its presence in the industrial lubricants market and expand its presence.
In 2020, Exxon Mobil Corporation established a lube blending plant in India, with an intent to develop 500,000 barrels per year capacity.
Lubricants Market Segmentation:
Lubricants Market by Base Oil
· Synthetic Lubricants (Group Iv, V)
· Mineral Oil Lubricants (Group I, Ii, Iii)
· Bio-Based Lubricants
Lubricants Market by Product Type
· Hydraulic Oil
· Engine Oil
· Gear Oil/Transmission Fluid
· Metal Working Fluid
· Compressor Oil
· Turbine Oil
Lubricants Market by End-Use Industry
o Metal & Mining
o Power Generation
o Cement Production
o Automotive (Vehicle Manufacturing)
o Oil & Gas
o Food Processing
o Passenger Vehicle
o Commercial Vehicle
Lubricants Market by Region:
· Asia Pacific
o Rest of APAC
· North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
About GMI Research
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