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.
For more information: www.grandviewresearch.com
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