views

The global lubricants market wasvalued at US$ 125.66 Bn in 2017 and is anticipated to expand at a CAGR of 2.9%from 2018 to 2026, according to a new report titled ‘Lubricants Market: GlobalIndustry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’published by Transparency Market Research (TMR) The global lubricants market isdriven by the rise in demand for synthetic lubricants across the globe. AsiaPacific accounts for major share of the global lubricants market due to rapidindustrialization and increase in demand for small and fuel-efficient passengervehicles.
Rise in Demand for Synthetic Oil Lubricants inAutomotive and Industrial Applications
Synthetic oil lubricants include API group III-based products. Demandfor synthetic passenger car motor oils (PCMO) is high in mature economies, suchas the U.S. and Europe, due to the increase in demand for premium vehicles;growth in demand for extended oil drain intervals (ODIs); and improved fueleconomy, lower vehicle emissions, and hardware compatibility offered bysynthetic oil lubricants. Governments of countries in Europe and North Americaare pushing OEMs to create more energy saving and environment-friendlyequipment, thereby boosting the demand for more powerful and reliable equipmentamong consumers. Certain OEMs have introduced technological advances inequipment design by creating lighter engines with power trains with 10-speedsor more and much higher power density. This equipment with advanced designrequire special purpose lubricants, which further enable these new engines,power trains, and equipment to operate at their peak efficiency. Many OEMs areworking with lubricant manufacturers to come up with tailor-made products fornew designs. Synthetic base stocks, such as PAO, provide excellent oxidativestability and low-temperature performance. These factors are estimated to boostthe demand for synthetic oil lubricants during the forecast period. AsiaPacific has become the hub of the automotive industry in the last few years.Increase in demand for automobiles in emerging countries such as China andIndia is driving the automobile industry, thereby augmenting the need forlubricants.
Request Sample
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=18965
Increase in Application of Lubricants in FoodProcessing and Wind Turbine Industries to Offer Attractive GrowthOpportunities
Rapid global industrialization is boosting the manufacturing sector andpurchasing power of consumers. The middle class can afford to lead a betterlifestyle. Thus, manufacturers of lubricants are striving to improve thequality of their products to meet the demands of various end-use industries.Demand for food grade industrial lubricants in the food processing industry isestimated to rise significantly during the forecast period. This can beprimarily ascribed to the shift in demand toward automatic lubrication systemsand automated factories. The food processing industry prefers automaticlubrication systems, as they keep the required components lubricated at regularintervals. The global wind turbine industry has been expanding significantly.Wind turbines and their components are exposed to various climatic conditionsand high loads. Constant changes in high loads, varying operating conditions,and vibrations require tough equipment. There is a need for industriallubricants, which can resist high loads and offer long service life over a widerange temperatures.
More Trending Reports
Fluctuation in Prices of Crude Oil and Syntheticand Semi-synthetic Lubricants
Several economic factors, such as overproduction of crude oil, changingenergy norms of countries, and economic meltdown across Europe and NorthAmerica have led to a steep decline in oil prices. These factors have createdvolatility in demand for lubricants and their prices. Thus, oil companies needto adopt flexible strategies in the ever-changing market conditions amidintense competition. Demand for synthetic lubricants is high in North Americaand Europe due to the regulatory implications regarding vehicles and highcustomer demand. This is not the case in developing economies, where a majorityof consumers prefer affordability of lubricants over their quality. Thisadversely affects the demand for synthetic lubricants in the automotivelubricants market. However, the overall lubricants market is not significantlyaffected, since mineral oil-based lubricants account for major share of themarket.
Request Covid19 analysis on thismarket
https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=18965
Automotive Oils Segment to Dominate GlobalLubricants Market
The global lubricants market has been segmented based on type, product,application, and region. Based on product, the market has been divided intoautomotive oils, industrial oils, metalworking fluids, hydraulic oils, processoils, marine oils, and grease & others. The automotive oils segment hasbeen split into engine oils and transmission oils. The automotive oils segmentdominated the global lubricants market in 2017. The automotive industry hasbeen expanding since the last few years in terms of manufacturing process,materials, and geometries. The industry is focusing on meeting the requirementsof increased mileage and lower emissions. Significant expansion of theautomotive industry is propelling the demand for lubricants.
Buy Now
https://www.transparencymarketresearch.com/checkout.php?rep_id=18965<ype=S
Asia Pacific Dominates Global Lubricants Market
In terms of region, Asia Pacific held the major share of the globallubricants market in 2017. Growth of the automotive industry and rise in usageof lubricants in the industrial sector are estimated to drive the market in theregion during the forecast period. China, India, and ASEAN offer growthopportunities to the lubricants market in Asia Pacific. Rise in householdincomes, urbanization, and foreign direct investments in various end-userindustries, such as automotive and food & beverages, is driving the demandfor lubricants in Asia Pacific. The lubricants market in Europe and NorthAmerica is expected to expand at a moderate pace during the forecast period.Implementation of stringent regulations on emissions and increase in governmentalpressure on OEMs to manufacture fuel efficient engines are augmenting themarket in these regions. The automotive oils segment of the lubricants marketin Middle East & Africa is projected to expand at a stable pace during theforecast period. Developments in the automotive sector in the region andconsistent investments in new projects made by government and private entitiesare projected to drive the segment in the next few years. Tax incentives andgovernment subsidies for the purchase of fuel-efficient automobiles in LatinAmerica are encouraging domestic manufacturers to opt for quality lubricants.
High Degree of Competition among EstablishedPlayers
Key players profiled in the report include Royal Dutch Shell Plc.,Calumet Specialty Products Partners, L.P, PetroChina Company Limited, TotalGroup, China Petrochemical Corporation (Sinopec Group), JXTG Nippon Oil &Energy Corporation, Idemitsu Kosan Co., Ltd., FUCHS, Gulf Oil Marine Ltd., BPplc., Petroliam Nasional Berhad (PETRONAS), Chevron Corporation, and ExxonMobilCorporation.
AboutUs
TransparencyMarket Research (TMR) is a global market intelligence company providingbusiness information reports and services. The company’s exclusive blend ofquantitative forecasting and trend analysis provides forward-looking insightfor thousands of decision makers. TMR’s experienced team of analysts,researchers, and consultants use proprietary data sources and various tools andtechniques to gather and analyze information.
TMR’s datarepository is continuously updated and revised by a team of research experts sothat it always reflects the latest trends and information. With extensiveresearch and analysis capabilities, Transparency Market Research employsrigorous primary and secondary research techniques to develop distinctive datasets and research material for business reports.
Contact
90 StateStreet, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/