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The global lubricants market size is projected to reach USD 126.29 billion by 2027. It is expected to gain momentum from the increasing demand for energy saving engines and environment friendly products. This information is given by Fortune Business Insights™ in a recent report, titled, “Lubricants Market Size, Share & COVID-19 Impact Analysis, By Type (Automotive, Industrial, Marine Oil and Process Oils), By Grade (Mineral, Synthetic and Semi-synthetic), By Application (Automotive, Industrial and Others), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 124.14 billion in 2019 and is set to exhibit a CAGR of 3.92% during the forecast period between 2020 to 2027.
ExxonMobil Begins Oil Production in Guyana’s Liza Field
In December 2019, ExxonMobil, a multinational oil and gas corporation based in Texas, declared that it commenced the production of oil from the Liza field located in the Stabroek Block. It would reach the full capacity of 120,000 barrels per day. The first cargo will soon be sold. Liza Phase 1 is considered to be the company’s first multiple offshore project occurring in Guyana. As per the company officials, out of the total employees working in the region, approximately 1,700 of them are Guyanese. It consists of more than 50% of the total workforce. The company has invested around USD 180 million along with its direct contractors since 2015 to surge the number of local suppliers.
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Rising Demand from Various Industries to Augment Growth
Lubricants are experiencing high demand from various industries as they help in surging the efficiency of their machineries and equipment. Also, the new innovations and emergence of novel technologies would also affect the lubricants market growth positively in the coming years. Coupled with this, the rapid industrialization across the globe would propel growth of the market. However, the high demand for electric vehicles (EVs) may hamper the demand for lubricants.
Key Companies Adopt Merger & Acquisition Strategy to Surge Sales
Even though the demand is highest in Asia Pacific, most of the prominent manufacturers are located in North America and Europe. They are constantly adopting the strategy of mergers and acquisitions to accelerate sales and generate more revenues.
Fortune Business Insights™ lists out the names of all the manufacturers present in the global market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market can be segmented in the following ways:
Value (USD Billion/USD Million) and Volume (Million Ton/Kilo Ton)