In 2014, the global market for lubricants stood at $88,230.8 million which is projected to witness a growth rate at a CAGR of 2.6% during the forecast period. This significant growth rate in the lubricants market is ascribed to the factors including growth in the automotive industry, increase in consumer awareness, and government regulations on both fuels and non-fuels.
In several countries, the ministry of petroleum industry has the controlling power of upstream to downstream operations of crude oil and its derivatives, but if the license is issued, then the power of control will be shift to Energy Supply Committee (ESC). In the overall global market, these standards are issued by organizations, including American Petroleum Institute and Japanese Automobile Standards Organization, to monitor and regulate the quality of lubricants.
On the basis of application, the automotive category is the key application area of the lubricants market. Lubricants for automobiles are basically used in the vehicle engine, to ensure the effective operations of the vehicle engine. Additionally, lubricants have properties, that can help vehicles to reduce the friction, and eventually the lifespan of vehicle can be increased with less wear and tear. The rise in the demand of lubricants in automotive industry is majorly due to increase in the demand of light passenger & heavy-duty vehicles, low prices of convention fuels, and rise in average lifespan of the vehicles. The rise in the vehicle sales and production volumes is a market opportunity for the global lubricant manufacturers.
Furthermore, the hybrid-electric vehicles arrival is act as a restraining factor for the growth of the lubricants market. Because, new automobile consumers are changing their preferences from traditional vehicle to hybrid-electric vehicles. Even though hybrid-electric vehicles are high in cost, over the traditional vehicles, the fuel cost and maintenance are lesser than the traditional vehicles.
On the basis of geography, the Asia-Pacific (APAC) market held the largest market share in the global market in 2014. The lubricants market in APAC has been growing in recent times, majorly owing to increase in concern for global warming, change in emission regulations, that encourages automobile manufacturers to produce high quality engines which compatible with high quality lubricants. With these reasons, APAC market is expected to register a growth in demand for synthetic lubricants.
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.
The information and data in the publication “Global Lubricants Market Size, Share, Development, Growth and Demand Forecast to 2020”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of top-down and bottom-up approach has been used to calculate the market size. P&S Intelligence analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
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LUBRICANTS MARKET SEGMENTATION