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The global lubricants market size is expected to showcase exponential growth by reaching USD 133.55 billion by 2028. Fortune Business Insights in its latest report, titled “Lubricants Market Size, Share & COVID-19 Impact Analysis, By Type (Automotive Oils, Industrial Oils, Marine Oil and Process Oils), By Grade (Mineral, Synthetic and Semi-synthetic), By Application (Automotive, Industrial and Others), and Regional Forecast, 2021-2028,” mentions that the market stood at USD 115.86 billion in 2020 and is projected to exhibit a CAGR of 1.8% between 2021 and 2028. The growing demand for better lubrication solutions across several industrial applications is anticipated to bode well for the demand of the product worldwide.
Fuchs Group Acquires Welponer SRL to Consolidate its Position in Italy
In October 2020, Fuchs Group, a leading German lubes manufacturer, announced the acquisition of Welponer SRL, an Italian company. As per the reports, Welponer generated a revenue of around USD 4.7 million in 2019 and the acquisition is expected to strengthen Fuchs position in Italy. Moreover, the company will be cementing its position in several industrial segments such as ceramic, cement, and minerals. This deal further enables incorporation of the subsidiary, Fuchs Lubrificanti S.P.A and renders it to be a central partner for all lubricants and industrial specialties in Italy.
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Increasing Industrial Demand for Better Lubrication to Aid Growth
The high energy cost required to run industrial operations is propelling the companies to adopt cost-saving and energy-efficient methods. According to the data by Business Energy Advisor, manufacturing industries are estimated to use around 95.1 kilowatt/hours of electricity every year. Faulty machinery leads to the industries incurring high costs and increased downtime. The engine components can be prone to friction and utilize excess fuel. Therefore, lubes play a pivotal part in the efficient working of the equipment. Therefore, this is expected to contribute to the global lubricants market growth in the forthcoming years.
Major Companies Invest in R&D Activities to Strengthen Their Market Positions
The market is fragmented by major companies that are focusing on maintaining their presence. They are doing so by strategically investing in the R&D activities to develop advanced lubricants to cater to the growing demand from automotive and other manufacturing sectors. Additionally, other key players are adopting organic and inorganic strategies to maintain a stronghold that will contribute to the growth of the market during the forecast period.
List of the Companies Profiled in the Global Market:
Further Report Finding:
Table of Segmentation:
Volume (Kilo Tons); Value (USD Billion)
By Product Type