The global lubricants market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Lubricants are chemical compositions used to reduce friction between substrates. Lubricants are formulated with different base oils and additives and are segmented based on their chemical composition. The major use of lubricants is for automobiles, heavy machinery, aircrafts, marine and other industrial and domestic applications.
As lubricants are one of the major products used in automobile, aircrafts, heavy machinery and construction industry, demand from these industries is expected to increase the growth of this market. Demand from automobile, aircrafts, heavy machinery and construction markets are actually increasing because of growing population and extra income in developing countries. Increasing polyamide resins manufacturing has generated growing need for lubricants based on stearic acid derivatives, modified ethylene waxes and montanic waxes.
Based on the type of base oil and additives used lubricants can be mineral oil lubricants, synthetic lubricants and bio lubricants.
Drivers and Restraints of Lubricants Market
Growing investments in automobile, aircrafts, heavy machinery and construction industries in regions like Asia and the Americas are likely to offer tremendous possibilities for lubricants market in the future. As the business requires low intensive capital and has higher accessibility to raw material, many multinational businesses are investing in the market.
Lubricants are exposed to the probability of volatility in supply and price of crude oil. Lubricants have an adverse effect on human surroundings if exposed to it for a longer duration. Their acute toxicity often makes environmental regulatory institutions to implement strict regulations on lubricants usage. Existing and future regulations concerning the use of crude oil based lubricants are likely to hinder the market growth.
Lubricants Market by Region
North America was the largest consumer of lubricants and this pattern is anticipated to continue to be identical over the following few years. Consumption in the USA is showing upward trend because of increase in economic activity. Growing demand for automobile, aircrafts, heavy machinery and construction and other industries will drive lubricants market in the USA. With major production capacities in the USA, the region is likely to grow in terms of global supply capability. Consumption of lubricants in the Europe is likely to grow at a significant rate due to demand from automobile, aircrafts, heavy machinery and construction industry. Demand from Asia was low relatively and is likely to stay same in the next few years.
Top players in this market include Royal Dutch Shell Plc., Exxon Mobil Corporation, Petrochina, Sinopec Limited, Total S.A., Lukoil, BP Plc., Chevron Corporation, Fuchs Petrolub AG, and Idemitsu Kosan Co., Ltd. among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth