According to a report, “Lubricants Market Size, Share & Trends Analysis Report By Product (Industrial, Automotive, Marine, Aerospace), By Region, And Segment Forecast, 2019 – 2025”, published by Grand View Research, Inc., The global lubricants market size is projected to reach USD 166 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.7% during the forecast period. Rapidly growing sales of automobiles, primarily in countries such as India, China, U.S., and Brazil is expected drive the growth.
Chemical, construction, textile, infrastructure, and energy sectors for engine oil, hydraulic oil, wire rope and bearings, are the key application areas where lubricants are utilized extensively. Constant research and development for biological counterparts of the product, to reduce the environmental effect is likely to boost the North America lubricants market. Extensive inland shipping network of Europe and further development of inland waterways and their growing importance for trade and passenger travel is expected to drive the demand for marine lubricants.
Manufacturers use crude oil, Coal Bed Methane (CBM), and other additives for the formulation of different types of lubricants. Prominent companies such as Shell, Chevron, ExxonMobil, Total, BP, and Sinopec have integrated business operations across the globe. Lubricant manufacturers are increasingly venturing into joint business operations with automotive manufacturers to keep steady profit margins for longer time period.
Variety of functions are performed by engine oil, one of which is to reduce friction. Efficiency increases significantly as lighter viscosity oils produce lesser frictions. A few major players such as British Petroleum; Shell; Ashland, Inc.; and ConocoPhillips have established their own subsidiaries Castrol, Pennzoil, Valvoline, and Kendall with broader product portfolios. This allows these companies to mark their presence in the desired application markets.
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Further key findings from the report suggest:
Application Insights
Industrial engine oils are projected to witness significant over the forecast period as these oils are designed to offset the operating and rising fuel costs. These fluids have the potential to reduce fuel consumption as they possess lower friction coefficient and also helps to keep engine components clean and fully functional thereby effectively delivering maximum combustion efficiency. Industrial engine oils broadly help in keeping piston, filters, ports, and crankcase clean for a longer period of time.
Economic prosperity in Asia Pacific coupled with increasing international co-operation is driving demand from the marine industry. International trade agreements and rising environmental concerns among consumers will lead to a surge in demand for marine lubricants. The shift in trend from conventional alternatives to those containing performance boosting additives to meet stringent carbon emission regulations is also a key driving factor in Central and South America (CSA) and Middle East and Africa (MEA).
Aerospace lubricants are used to provide reliability and long-lasting lubrication for critical components to operate efficiently in high vacuum and extreme temperature. They undergo regular scrutiny with increasing regulatory intervention and specific military standards. Increasing air passenger traffic coupled with significant rise in defense budgets across the globe are anticipated to remain the key driving factors for market growth over the forecast period. Countries including U.S., Germany, India, and Brazil have made substantial increase in defense spending resulting in boost to overall aerospace industry.
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Grand View Research has segmented the global lubricants market on the basis of application and region:
Lubricants Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Lubricants Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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