Lubricants Market: Size, Segmentation, Key Players and Future Trends
Lubricants are essential fluids that help in reducing friction and wear and tear of machinery and equipment by forming a protective film on the surface. The global lubricants market is expected to grow at a significant pace in the coming years, primarily driven by the increasing demand from various end-use industries such as automotive, industrial, marine, and aerospace. This article will provide an overview of the lubricants market, including its growth drivers, market segmentation, key players, and future trends.
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INCREASING
DEMAND FROM AUTOMOTIVE INDUSTRY
The automotive industry is the largest
consumer of lubricants globally. With the increasing demand for automobiles
worldwide, the demand for lubricants is also expected to grow. Lubricants play
a crucial role in maintaining the performance of engines and other automotive
components, which, in turn, is expected to drive the demand for lubricants in
the automotive industry.
GROWING
INDUSTRIALIZATION AND URBANIZATION
Industrialization and urbanization have led
to the growth of various end-use industries such as construction,
manufacturing, and energy. These industries heavily rely on machinery and
equipment that require lubricants for their efficient and smooth operation.
Therefore, the growth of these industries is expected to boost the demand for
lubricants.
TECHNOLOGICAL
ADVANCEMENTS IN LUBRICANTS
Technological advancements in lubricants
have led to the development of high-performance lubricants that offer improved
fuel efficiency and longer service life of machinery and equipment. The
development of bio-based lubricants is also gaining momentum due to their
eco-friendliness and biodegradability.
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FUTURE
TRENDS
The lubricants market is expected to
witness the following trends in the coming years:
Rising
Demand for Bio-based Lubricants: The demand for
bio-based lubricants is expected to grow in the coming years due to their
eco-friendliness and biodegradability.
Increasing
Adoption of High-performance Lubricants: The
adoption of high-performance lubricants is expected to increase due to their
superior performance and longer service life.
Growing
Demand from Emerging Economies: The lubricants
market is expected to witness significant growth in emerging economies such as
China, India, and Brazil, primarily driven by the growing industrialization and
urbanization in these countries.
MARKET
SEGMENTATION
The lubricants market can be segmented
based on product type, application and Geography.
PRODUCT
TYPE
·
Industrial Lubricants
·
Commercial Lubricants
·
Automotive Lubricants
The automotive lubricants played a major
role in fuelling the global lubricants market. Increment in tendency of
customers towards productive and simple transportation needs additionally
supports the development of automotive lubricants market. The utilization of
automotive lubricants in LCVs has seen significant advancements, inferable from
steady development in per capita, disposable income and growing demand for
business utility vehicles.
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APPLICATION
·
Industrial
·
Automotive
·
Marine
·
Others
Automotive sector was the major application
fragment in 2018. This is inferable from speedily growing interest for business
as well as consumer vehicles crosswise over different rising economies,
including China and India. Growing demand of passenger cars in developing
countries of Latin America is likewise foreseen to be a main consideration
driving consumer automotive lubricants request over the conjecture time frame.
Recuperation of the consumer vehicles section in U.S. is relied upon to
additionally reinforce development. Marine lubricants are generally utilized as
a part of high-speed motor oils, medium-speed motor oils, and moderate speed
marine motors. This product expands motor life and protects components at high
temperatures. Some of them likewise offer added substance innovation to protect
crankcases, camshaft zones, under-crowns, and ring belts. Further, these are
utilized as a part of moderate speed chambers as they offer upgraded insurance
from mechanical wear and help relieve cool consumption.
LUBRICANTS
MARKET BY GEOGRAPHY
·
North America
·
Europe
·
Asia Pacific
·
Rest of the World
Asia Pacific represented more than 40% of
the worldwide market in terms of volume in 2018. The region is foreseen to
remain a noteworthy buyer over the conjecture time frame attributable to huge
ascent popular from key end-application crosswise over India, China, Indonesia,
and Thailand. These developing economies have seen vigorous financial
development as of late and display sufficient chances for development. Europe
is moderately flooded attributable to the development of end-use businesses.
Nevertheless, the aviation and marine ventures across the region are relied
upon to develop at a stable rate, which is assessed to drive interest for
lubricants in coming years. For the marine segment, eco-labelling and expanding
use of eco-friendly oils will be a key request driver.
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KEY
PLAYERS
ExxonMobil Corporation
BP Plc
Chevron Corporation
Royal Dutch Shell Plc.
Sinopec Limited
Petrochina Lubricant Company
Total S.A.
BASF SE
FUCHS Lubricants
Lukoil Oil Company
Amsoil Inc.
Blaser Swisslube AG
British Petroleum
Buhmwoo Chemical Ind. Co., Ltd.
Castrol, Idemitsu Oil & Gas Co. Ltd.
Kendall (Phillips 66)
Lukoil Oil Company.
Nippon Oil
Pennzoil
PetroChina
PetroFer Chemie
Petrobras
Petronas
Quaker Chemical Corporation
Valvoline
Zeller+Gmelin Corporation
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