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The global lubricants market size was 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.
Lubricants are fluids, oils or greases that reduce the friction between two surfaces, when they are in mutual contact with each other. These fluids play an important role in automotive and industrial applications, as they help to reduce friction between the operating parts. Lubricants are also used to prevent the machinery parts from corrosion, thermal stability, and prevent oxidation.
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The global lubricants market is segmented on the basis of types into automotive, industrial, marine oil, and process oils. Automotive and industrial segments hold a major lubricants market share. Moreover, industrial lubricants are further sub-divided into hydraulic oils, industrial gear oils, metalworking fluids, greases, and other industrial oils. In terms of grade, the lubricants market is segmented into mineral, synthetic, and semi-synthetic lubricants. Mineral lubricants segment oil holds the largest share in the market, owing to ease of availability and low cost as compared to synthetic lubricants. The major applications of lubricants are automotive, industrial and others. Lubricants are mostly consumed in the automotive industry due to its possession of numerous propertiesm such as heat resistance and high density.
“Growing Demand from End-use Industries is Likely to Drive the Lubricants Market”
The governments of various nations are encouraging OEMs for the usage of lubricants. The objective behind this is to develop more environment friendly products and create energy saving engines. The engine parts that lack lubrications are more prone to frictions and thus utilize more fuel, leading to more emission and pollution. In order to support the government initiatives, many OEMs have entered into agreements with lubricant manufacturers which in turn is driving the market for lubricants globally.
Additionally, increase in industrialization with new innovations and technologies is expected to have a positive impact on the growth of the lubricant market. Many industries have great demand for lubricants as it increases the efficiency of their equipment and machineries.
“Automotive Segment is Expected to Generate the Highest Revenue During the Forecast Period”
Automotive lubricant is expected to hold the largest share in the global lubricant market owing to the escalating demand from the automotive sector. Economic growth in the developing countries, is leading an increase in ownership of vehicles, which will spur the demand for lubricants. However, overall automotive lubricants market is expected to witness steady growth in developed countries such as U.S., and Japan.
The industrial lubricant segment holds a significant share in the global lubricants market due to rapid industrialization in the developing countries. Industrial lubricants are used in variety of equipment to improve the performance level of the components. Industrial lubricants are mostly used in gear, compressors, turbines, and other processing equipment. Marine oils and process oils holds smaller share as compared to automotive and industrial lubricant segment due to less number of applications.
Mineral grade lubricant is the most commonly used lubricant as it is cost effective as compared to synthetic and semi-synthetic lubricants. Moreover, lubricants are derived from crude oil and are produced in large quantities to be used in various industries such as metal & mining, oils, and others. Mineral grade lubricants are available in light grade as well as heavy grade, and the usage is completely dependant on the end-use requirements.
Synthetic lubricants are composed of base oil, thickeners and also additives and provides various advantages over mineral based lubricants. They provide extra weather protection, improve fuel economy, reduce oxidation, and considerable growth in engine power. Owing to these growing advantages, the market for synthetic lubricants is expected to grow exponentially over the forecast period.
Semi-synthetic lubricants, which are also known as synthetic blend oils, contain small amounts of synthetic oil and are blended with mineral oils to boost its properties without increasing the cost. Semi-synthetic oil offers better performance at lower temperatures, which is fueling its demand in automotive applications.
“Automotive Segment is Anticipated to Exhibit a Significant CAGR During the Forecast Period”
The automotive segment held the largest share in the global lubricants market analysis. The automotive lubricants are anticipated to witness ascendant demand over the coming years due to possession of vehicles by customers. Automotive lubricants are also used to reduce the friction between two components of vehicle and are also used to control the temperature, by absorbing the heat generated by moving parts.
Rising industrialization is expected to increase the demand for industrial lubricants in the global market. Industrial lubricants are designed to keep equipment running at high speed with maximum efficiency. Industrial lubricants are extensively used in industries such as manufacturing, oil & gas, food processing, and others.
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The other applications include marine, aviation, military and others. Marine lubricants are designed for high, medium, and slow speed marine engines. Lubricants are also used in aviation industry in wide range of applications such as gears, bearings, piston rings and others.
Asia Pacific is anticipated to remain a key region in the lubricants market during the forecast period owing to the rising demand for lubricants from the industrial and automotive applications. The market in Asia Pacific is driven by factors such as rising population and rising expenditure in several industrial sectors. Rising population is creating a high demand for vehicles, which in turn will create a subsequent demand for lubricants.
Asia Pacific is the largest consumer for lubricants, with China holding the largest share. Asia Pacific is expected to witness the highest growth in the market across the globe. China, Japan, and India are the key countries contributing to the lubricants market growth in the region owing to the demand from automotive sector in these countries.
North America Lubricants Market Size, 2018
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On the other hand, Europe is projected to witness significant growth in the lubricants market. The increase in development for high-end machineries and equipment for industrial applications is expected to drive the market for lubricants. Increase in demand for the equipment flexibility and necessity to increase the efficiency of the vehicle is expected to drive the market for lubricants in this region.
The demand for lubricants in Latin America was negatively affected by the economic downturn, but it still has above average demand in the region mainly due its requirement from automotive industry. Iran accounted for the largest market for lubricants in the Middle East, with Egypt accounting to be the largest market in Africa, owing to the higher consumption in transportation industry in this region.
“Market Players like Royal Dutch Shell Plc. and Total Group Are Expected to Strengthen the Market Position by Offering Various Lubricant Solutions”
The major producers of lubricants are located in Europe, but the demand is high from Asia Pacific leading to a consolidated market. The producers in North America and Europe are continuously engaged in mergers & acquisitions in order to strengthen their market position and to drive the business growth. As a result, the key players in the market have developed strong regional presence, distribution channels, and product offerings.
“A growing trend is observed in the penetration of the lubricants market across the industries”
The report provides qualitative and quantitative insights on the lubricants industry and a detailed analysis of the lubricants market size & growth rate for all possible segments that exist in the market. The market is segmented by type, grade, application, and geography.
Based on type, the market is classified into automotive lubricants, industrial lubricants, marine oil, process oil. By grade, the market is segmented into mineral, synthetic and semi-synthetic.
By application, the lubricants market is divided into automotive, industrial and others. Geographically, the lubricants market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. These regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of the lubricants market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in this market, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.
Value (USD Billion/USD Million) and Volume (Million ton/Kilo ton)
Fortune Business Insights says that the lubricants market was valued at USD 120.67 Billion in 2018 and is projected to reach USD 152.95 Billion by 2026.
The lubricants market will exhibit a steady growth at a CAGR of 30.3% in the forecast period (2019-2026).
Automotive lubricants segment is expected to be the leading resin for lubricants market during the forecast period.
Increasing demand for smooth and effective functioning of machines is driving the lubricants market growth.
Asia Pacific is expected to hold the highest market share in the lubricants market.
Automotive is expected to drive the adoption of lubricants.
Rising demand from smooth working engine parts is expected to drive the market for lubricants.
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