Lubricants are essential fluids that help in reducing friction and wear and tear of machinery and equipment by forming a protective film on the surface. The global lubricants market is expected to grow at a significant pace in the coming years, primarily driven by the increasing demand from various end-use industries such as automotive, industrial, marine, and aerospace. This article will provide an overview of the lubricants market, including its growth drivers, market segmentation, key players, and future trends.
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INCREASING DEMAND FROM AUTOMOTIVE INDUSTRY
The automotive industry is the largest consumer of lubricants globally. With the increasing demand for automobiles worldwide, the demand for lubricants is also expected to grow. Lubricants play a crucial role in maintaining the performance of engines and other automotive components, which, in turn, is expected to drive the demand for lubricants in the automotive industry.
GROWING INDUSTRIALIZATION AND URBANIZATION
Industrialization and urbanization have led to the growth of various end-use industries such as construction, manufacturing, and energy. These industries heavily rely on machinery and equipment that require lubricants for their efficient and smooth operation. Therefore, the growth of these industries is expected to boost the demand for lubricants.
TECHNOLOGICAL ADVANCEMENTS IN LUBRICANTS
Technological advancements in lubricants have led to the development of high-performance lubricants that offer improved fuel efficiency and longer service life of machinery and equipment. The development of bio-based lubricants is also gaining momentum due to their eco-friendliness and biodegradability.
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The lubricants market is expected to witness the following trends in the coming years:
Rising Demand for Bio-based Lubricants: The demand for bio-based lubricants is expected to grow in the coming years due to their eco-friendliness and biodegradability.
Increasing Adoption of High-performance Lubricants: The adoption of high-performance lubricants is expected to increase due to their superior performance and longer service life.
Growing Demand from Emerging Economies: The lubricants market is expected to witness significant growth in emerging economies such as China, India, and Brazil, primarily driven by the growing industrialization and urbanization in these countries.
The lubricants market can be segmented based on product type, application and Geography.
• Industrial Lubricants
• Commercial Lubricants
• Automotive Lubricants
The automotive lubricants played a major role in fuelling the global lubricants market. Increment in tendency of customers towards productive and simple transportation needs additionally supports the development of automotive lubricants market. The utilization of automotive lubricants in LCVs has seen significant advancements, inferable from steady development in per capita, disposable income and growing demand for business utility vehicles.
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Automotive sector was the major application fragment in 2018. This is inferable from speedily growing interest for business as well as consumer vehicles crosswise over different rising economies, including China and India. Growing demand of passenger cars in developing countries of Latin America is likewise foreseen to be a main consideration driving consumer automotive lubricants request over the conjecture time frame. Recuperation of the consumer vehicles section in U.S. is relied upon to additionally reinforce development. Marine lubricants are generally utilized as a part of high-speed motor oils, medium-speed motor oils, and moderate speed marine motors. This product expands motor life and protects components at high temperatures. Some of them likewise offer added substance innovation to protect crankcases, camshaft zones, under-crowns, and ring belts. Further, these are utilized as a part of moderate speed chambers as they offer upgraded insurance from mechanical wear and help relieve cool consumption.
LUBRICANTS MARKET BY GEOGRAPHY
• North America
• Asia Pacific
• Rest of the World
Asia Pacific represented more than 40% of the worldwide market in terms of volume in 2018. The region is foreseen to remain a noteworthy buyer over the conjecture time frame attributable to huge ascent popular from key end-application crosswise over India, China, Indonesia, and Thailand. These developing economies have seen vigorous financial development as of late and display sufficient chances for development. Europe is moderately flooded attributable to the development of end-use businesses. Nevertheless, the aviation and marine ventures across the region are relied upon to develop at a stable rate, which is assessed to drive interest for lubricants in coming years. For the marine segment, eco-labelling and expanding use of eco-friendly oils will be a key request driver.
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• ExxonMobil Corporation
• BP Plc
• Chevron Corporation
• Royal Dutch Shell Plc.
• Sinopec Limited
• Petrochina Lubricant Company
• Total S.A.
• BASF SE
• FUCHS Lubricants
• Lukoil Oil Company
• Amsoil Inc.
• Blaser Swisslube AG
• British Petroleum
• Buhmwoo Chemical Ind. Co., Ltd.
• Castrol, Idemitsu Oil & Gas Co. Ltd.
• Kendall (Phillips 66)
• Lukoil Oil Company.
• Nippon Oil
• PetroFer Chemie
• Quaker Chemical Corporation
• Zeller+Gmelin Corporation