TransparencyMarket Research has published a new report that states that the global lubricantsmarket will exhibit a CAGR of 2.9% for the given course ofthe forecast period of 2018 to 2026. The market was initially valued atUS$125.66 bn in 2017.
There arenumerous factors that are exerting a positive influence of the overalldevelopment of the global lubricants market. One of the key driving factor hasbeen the increasing demand for synthetic oil lubricants. These productsgenerally fall in the API group III category. There has been a significantdemand for synthetic passenger car motor oil across developed economies such asEurope and the US. This increasing demand is a result of growth in the number ofpremium and top-end vehicles. Moreover, increasing demand for extended oildrain intervals, superior hardware compatibility provided by the synthetic oillubricants, lower emissions from vehicles, and overall improvement in the fueleconomy are some of the other key factors that are helping to drive the growthof the global lubricants market.
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Growing Use of OEMs SignalsEncouraging Signs for Market Growth
In additionto this, the governments of the nations in North America and Europe regions areencouraging the use of OEMs. The objective is to create more environmentfriendly and energy saving devices and equipment. This will in turn boost therequirement for superior and reliable devices and equipment among people. SomeOEMs have launched technologically advanced designs for these devices bydeveloping light-weight engines with power trains of 10 different speed ormore. These devices also have larger power density. Several of these OEMs arenow working with the lubricant producers to develop more custom-made productsfor the new designs. All these factors too are expected to help in furtherboosting of the global lubricants market.
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Increasing Demand from End-useApplication Industries to Fuel Market Development
In recentyears, the manufacturing sector across the globe has benefited from rapidglobal industrialization. Moreover, increasing purchasing power of theconsumers has also helped in further fueling the growth of the sector. Themiddle class population is now trying to scale their lifestyles. This trend hasnot gone unnoticed for the manufacturers of lubricants. These players in themarket are now trying to enhance and scale up the quality of their products tocater to the increasing demand of the several end-use industries. In recenttimes, there has been a considerable demand for food industry grade lubricantsfrom the food processing sector. The demand is expected to only grow more inthe coming years.
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Some of theleading players in the global lubricants market include names such asExxonMobil Corporation, Chevron Corporation, Petroliam Nasional Berhad(PETRONAS), Gulf Oil Marine Ltd., FUCHS, BP Plc., and Royal Dutch Shell Plc.among others.
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In coming years,as the debate on the potential impact of the chemical manufacturing acrossindustries on the ecology gets fiercer, new monitoring technologies willemerge. Latest compliance regulations will expand the scope of greenchemistries for businesses in the downstream value chain. Further,manufacturers in the market will increasingly leverage digital channels to reachhigh-value customers. Many will use them to avoid disruption such as by pandemics.
An assortment ofanalytics technologies will help in augmenting the commercial productivity.However, until now, the pace of adoption of digital technologies in the overallchemicals industry has been relatively slow. It thus remains to be seen how farthe players in the market will be able to unlock long-term productivitybenefits of AI-driven management of various business functions, particularlyresearch and development and production.
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