The global lubricants market is expected to gain impetus from their increasing usage in industrial and automotive applications for reducing friction between multiple operating parts. The report further states that the lubricants market size valued at USD 120.67 billion in 2018, and it is projected to reach USD 152.95 billion by 2026, exhibiting a CAGR of 3.03% during the forecast period 2019 to 2026.
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Segment-
Industrial Segment to Show High Growth Backed by Their High Demand from Various Industries
In terms of application, the market is segregated into industrial, automotive, and others. Amongst these, the industrial segment generated 36.30% lubricants market share in 2018. This growth is attributable to the increasing industrialization worldwide. It is set to surge the demand for industrial lubricants. They are mainly developed to keep the tools and equipment running with high efficiency. They are extensively used in food processing, oil & gas, and manufacturing industries.
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Fortune Business Insights™ lists out the names of all the lubricants manufacturers operating in the global market. They are as follows:
- Petro China Company Limited
- Chevron Corporation
- ExxonMobil Corporation
- Royal Dutch Shell Plc.
- Total Group
- British Petroleum
- Castrol
- Valvoline LLC
- Global Lubricant Industry LLC
- Shield Lubricants
- BP plc.
- JXTG Nippon Oil & Energy Corporation
- The FUCHS Group
- AMALIE Oil Co.
- Other key companies
Rising Industrial & Automotive Applications to Favor Growth in Asia Pacific
Geographically, North America held USD 26.62 billion in terms of revenue in 2018. Asia Pacific is expected to remain dominant throughout the forthcoming years fueled by the increasing demand for lubricants from the automotive and industrial applications. Apart from that, the rising population and high expenditure in many industrial countries would drive growth in this region.
Europe, on the other hand, is expected to showcase moderate growth in the near future stoked by the high demand for equipment flexibility. Additionally, the increasing need to refine the efficiency of vehicles would generate more demand for lubricants. Coupled with this, the developments in high-end machinery for industrial usage would also accelerate growth.
