Lubricants are essential for proper machinery functioning as they decrease wear & tear between different moving parts. They also support in dropping operation downtimes while helping to increase productivity. The integration of many additives reduces temperature and corrosion resistant which finally extend machinery & equipment lifespan. High acceptance of bio-based lubricants to decrease harmful environmental effects is the recent trend in the global lubricants market and is driving the growth of the market. The requirement to enhance fuel effectiveness of vehicle has led to substitute of traditional materials with the synthetic lubricants. This also has a high impact on the lubricants market.
Huge industrial development in Asia-Pacific and Africa, growing automotive industry in countries such as China, rising consumer awareness, and strict government rules are the factors driving the growth of the global lubricants market. Though, high cost of bio-based and synthetic lubricants, and high adoption of hybrid electric vehicles may hinder the growth of the market. Moreover, industrial development in regions such as Middle East & Africa might provide with several growth opportunities in the forecasted years.
The global lubricants market has been segmented into type, application, and geography. The type segment is further classified into bio-based lubricants, mineral oil lubricants, synthetic lubricants, and greases. Further, application segment consists of transportation (aviation, passenger vehicle, commercial vehicle, and marine), and industrial machinery & equipment.
Based on geography, global lubricants market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The key market players include Chevron Corporation, Royal Dutch Shell Plc., Petrochina Company Limited, BP Plc., Sinopec Limited, Total S.A., Lukoil, Fuchs Petrolub AG, Idemitsu Kosan Co., Ltd., and Exxon Mobil Corporation, among others.
The key takeaways from the report
- The report will provide detailed analysis of Lubricants Market with respect to major segments such as type, and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Lubricants Market has been included in the report
- Profile of the key players in the Lubricants Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of Global Lubricants Market
- Bio-based Lubricants
- Mineral Oil Lubricants
- Synthetic Lubricants
- Passenger Vehicle
- Commercial Vehicle
- Industrial Machinery & Equipment
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Middle East