The
global lubricants
market size is expected to reach USD 166.25 billion by 2025,
according to a new report by Grand View Research, Inc., expanding at a 3.8%
CAGR during the forecast period. Increasing demand for a diverse, innovative
grade of lubricants for industrial as well as automotive applications is
expected to drive growth.
With
the expansion of the passenger vehicles segment, there has been a rise in
demand for high-quality automotive lubricants with better fuel efficiency and
lower emissions. Government schemes in emerging economies, such as the “Make in
India” program initiated by the Indian government, have attracted high foreign
investments across the automotive industry. This has further boosted demand for
lubricants.
Stable
base oil production across regions has stimulated feedstock security among
blenders in the recent past. Stable supply would thereby address profitability
concerns of manufacturers, thereby positively influencing industry competition.
Moreover, recovering end-use industries are likely to drive sales of lubricating
oil, which is slated to provide equilibrium to the supply-demand scenario.
In
addition, high growth in the base oil market, rapid industrialization,
burgeoning population and urbanization, and high growth in major end-use
industries such as textiles, chemicals, food processing, and metalworking are
some other factors driving industry growth.
Industrial
engine oils are being utilized in a wide array of applications owing to their
exceptional inherent characteristics. These oils are designed to offset rising
fuel and operating costs. They have a lower coefficient of friction, which
helps in saving fuel and at the same time, keeps the engine clean for maximum
combustion efficiency. These oils also help in keeping ports, piston,
crankcase, and filters clean for a longer duration.
Browse full research report on Lubricants Market: https://www.grandviewresearch.com/industry-analysis/lubricants-market
Further
key findings from the report suggest:
- The global
lubricants consumption was estimated at over 40 million tons in 2016, and
is projected to expand at a CAGR of 2.8% from 2017 to 2025
- The aerospace
industry is projected to witness a high growth rate owing to rapidly
increasing air passenger traffic along with rising defense spending across
emerging economies
- Regulatory
sanctions on conventional lubricating oils on account of their detrimental
environmental impact have led to rapid utilization of bio-based
alternatives in recent years
- Development of
low-viscosity products for wind turbines owing to increasing awareness
regarding long-term benefits of wind energy is another factor driving
industry growth
- The industry
is highly fragmented in nature owing to presence of a large number of
participants
- Several
manufacturers such as Fuchs Group; Valvoline; and Amsoil Inc. are
strategically expanding their operations in emerging nations. These
companies have tie-ups with large oil and gas multinationals to suffice
their raw material requirements
- Lubricant manufacturers
such as Total and Castrol are venturing into exclusive agreements with
Tata Motors and other companies to expand their reach.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand
View Research has segmented the global lubricants market on the basis of
application and region:
Lubricants
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- Industrial
- Process oils
- General
industrial oils
- Metalworking
fluids
- Industrial
engine oils
- Greases
- Others
- Automotive
- Engine oils
- Gear oils
- Transmission
fluids
- Brake fluids
- Coolants
- Greases
- Marine
- Engine oil
- Hydraulic
oil
- Gear oil
- Turbine oil
- Greases
- Others
- Aerospace
- Gas turbine
oils
- Piston
engine oils
- Hydraulic
fluids
- Others
Lubricants
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Russia
- Asia Pacific
- China
- India
- Japan
- Central and
South America
- Brazil
- Middle East
& Africa
- Saudi
Arabia
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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