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The global lubricants market is projected to reach the market value of $102,501.3 million by 2022, and demonstrating a promising CAGR of 3.0%, in the forecast period. The rise in the consumption demand of lubricant is majorly driven by the growing automobile sales, better consumer awareness on lubricants and their government regulations.
Finished lubricant product is viscous in nature, that used in several industrial and commercial applications. On the basis of type of the product, the mineral lubricant accounted for the largest demand generated category, while bio-based and synthetic are the other lubricants. On the basis of application, the automotive accounted the largest demand generated segment by consuming more than 22,000 Kilo tons in 2014, which is anticipated to cross over 25,000 Kilo tons by 2020, bye growing at a CAGR of 1.8%, during the forecast period.
GLOBAL LUBRICANTS MARKET SHARE BY PRODUCT, BASES ON VALUE (2014 AND 2020)
On the basis of geography, the Asia-Pacific (APAC) lubricants market held the largest market share in terms of both volume and value in 2014. Countries like China, India, and Brazil has been showing strong growth opportunities for lubricants sale, which in result, several global market players show interest to invest through foreign direct investments in these countries and several other developing countries. The industrialization and car ownerships in BRICS (Brazil, Russia, India, China, and South Africa) countries are the other factors, which drives the market growth in these countries.
Lubricants Market Dynamics
The major trend in the global market is increasing adoption of bio-lubricants in automotive sector. The need for enhancing fuel efficiency in automotive vehicles in continuously increasing and the conventional lubricants has been replacing by synthetic lubricants. In addition, the program for use of bio-based products, initiated by Farm Security and Rural Investment Act (FSRIA), increased the procurement and consumption of bio-based products.
The factors supporting the growth in the lubricants market are including rise in pace of automotive industry, increase in automotive consumer awareness on lubricants usage, and environmental regulations. Nowadays, automotive vehicle users become more aware on the available benefits of lubricant products. Several market players also have been adopting customer-oriented business to create a brand awareness among through visual and print media, such as promotional campaigns and trade shows.
Further, the use of lubricating oil by commercial passenger vehicles and introduction of new brake systems are setting the direction in customer attitude towards specialty lubricants, which in result, the demand for lubricant is expected to boost the lubricating oil demand during the forecast period. high demand for lubricants in the forecasted period.
Future opportunities of lubricants market players are mostly lie in the developing economies such as India, China, and Brazil. Several global lubricant manufacturers believe that investing in these countries’ lubricating market is profitable due to their rapidly growing economy. Further, increase in rapid development of industrialization and passenger car ownerships are the major factors which are expect the drive the opportunity for market players. In addition, emission control upgrades and growth in vehicle sales are supporting China automotive lubricants market to have the highest growth among several countries. Further, the norms in environmental standards and regulations for industrial waste gas and automobile exhaust emissions are offering huge growth opportunities for the growth of lubricants market.
Lubricants Market Competitive Landscape
Globally, the lubricant market is highly fragmented, wherein top three players together accounted for only less than 35% revenue. The major global market players in the lubricants market are Chevron Corporation, BP PLC, PetroChina Co. Ltd., China Petroleum & Chemical Corporation, Royal Dutch Shell PLC, Fuchs Petrolub SE, Exxon Mobil Corporation, LUKOIL Oil Company, Idemitsu Kosan Co. Ltd., and TOTAL S.A.
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