Lubricant Market Overview
Lubricants are used to reduce heat and wear between contacting surfaces in relative motion. They are indispensable to the proper functioning of machinery because reduce tear and wear between different moving parts. In industrial machinery, they are used to reduce the downtime operations, hence improve the overall productivity of the machine. They possess excellent properties such as rust and corrosion protection, demulsibility, and extended equipment life, which make them suitable for use in numerous end-use application such as marine, construction, industrial, automotive, and others.
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As per our analysis, some of the important market factors and trends identified in the global lubricants market are rising industrialization, increasing automotive production & sales, continuous growth of the construction sector. Furthermore, rising mining and construction activities in the developing and developed countries are expected to give a new momentum to the market growth. Increasing disposable income along with rising automotive production & sales across the globe is estimated to fuel the growth of the market.
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Lubricant Market Key Players and Competition Analysis
Some of the prominent players operating in the global COVID-19 analysis on lubricants market report are Royal Dutch Shell PLC. (the Netherlands), Exxonmobil Corporation (U.S.), Chevron Corporation (U.S.), Total S.A. (France), Sinopec Lubricant Company (China), Petrochina Company Limited (China), BP PLC (UK), JXTG Group (Japan), Idemitsu Kosan Co. Ltd (Japan), FUCHS (Germany), PETRONAS (Malaysia) among others.
Lubricant Market Segmentation Analysis
The global lubricants market forecast is categorized on the basis of type, application, and region. On the basis of the type, the market is classified into mineral oil, bio-based, and synthetic lubricants. On the basis of the application, the lubricants market is categorized into industrial, automotive, marine, construction, and others. Industrial segment is further classified into metalworking fluids, general industrial oils, process oils, and industrial engine oils. Automotive segment is categorized into gear oil, passenger vehicle oils, heavy-duty engine oils, hydraulic & transmission fluids, and others. On the basis of the region, the market is classified into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
Regional Analysis
The global lubricants industry is spanned across five regions, Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, Asia Pacific emerged as the largest lubricants market and is predicted to grow a healthy CAGR due to the expansion of various end-use industries such as construction, automotive, and other transportation sector, over the forecast period. The demand for lubricants is estimated to surge in various countries of the Asia Pacific such as India, South Korea, Japan, Thailand, Australia, Malaysia, Bangladesh, China, and Taiwan on account of increasing passenger car sales along with rising automotive manufacturing base from international manufacturers. In addition, increasing industrialization in developing countries, the presence of inexpensive raw material, labor & land, and soberly stringent regulatory framework are some other factors for the regional growth of lubricants market over the assessment period.
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The global lubricants market was valued at US$ 125.66 Bn in 2017 and is anticipated to expand at a CAGR of 2.9% from 2018 to 2026, according to a new report titled ‘Lubricants Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR) The global lubricants market is driven by the rise in demand for synthetic lubricants across the globe.
Asia Pacific accounts for major share of the global lubricants market due to rapid industrialization and increase in demand for small and fuel-efficient passenger vehicles.
Rise in Demand for Synthetic Oil Lubricants in Automotive and Industrial ApplicationsSynthetic oil lubricants include API group III-based products.
Demand for synthetic passenger car motor oils (PCMO) is high in mature economies, such as the U.S. and Europe, due to the increase in demand for premium vehicles; growth in demand for extended oil drain intervals (ODIs); and improved fuel economy, lower vehicle emissions, and hardware compatibility offered by synthetic oil lubricants.
Governments of countries in Europe and North America are pushing OEMs to create more energy saving and environment-friendly equipment, thereby boosting the demand for more powerful and reliable equipment among consumers.
Increase in demand for automobiles in emerging countries such as China and India is driving the automobile industry, thereby augmenting the need for lubricants.Increase in Application of Lubricants in Food Processing and Wind Turbine Industries to Offer Attractive Growth OpportunitiesRapid global industrialization is boosting the manufacturing sector and purchasing power of consumers.
Global lubricants market size is expected to reach USD 166.25 billion by 2025 with a CAGR of 3.8%.
Lubricants imply substances used to reduce or control friction as well as wearing of surfaces coming in contact with dissimilar bodies in relative motion.
In addition, the continuous revolution in the automotive manufacturing, such as launching of innovative rubber products that decrease harmful influence of waste landfills on the environment is anticipated to drive the demand in the years to come.Also, the rapid development of several manufacturing business in developing countries is one of the factors may propel the overall market growth in the years to come.
On the other hand, the factor such as growing shift towards high drain intermission lubricants such as synthetic lubricants.
Although, growing strict government regulations and rising awareness among consumers are estimated to foster the market growth in the forecast period.
Furthermore, Greases owing to its high usage in numerous manufacturing businesses recorded the highest CAGR during the forecast period.Lubricants Market may be explored by Applications as 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), and Aerospace, (Gas turbine oils, Piston engine oils, Hydraulic fluids, Others).
Market Overview:Lubricants are capable of decreasing heat, wear, and friction when introduced as a film between sold surfaces.
Furthermore, growing consumer awareness regarding the harmful effects of synthetic lubricants has shifted the consumer influence towards bio-based lubricants.
Moreover, increasing population along with increasing building & construction activities are driving the consumption of lubricants, which is predicted to propel the growth of the market.Request a Free Sample @https://www.marketresearchfuture.com/sample_request/5449Market Segmentation: -The global lubricants market is segmented on the basis of type, application, and region.
Among these, mineral oil type segmented accounted for the largest market share and is predicted to retain its dominance on account of ease in availability and relatively low cost.
Bio-based type segment is predicted to register a healthy growth due to rising environmental concern along with the implementation of stringent regulations on the usage of synthetically derived lubricants in many developed countries.
Increasing per capita disposable income along with growing demand for a personal vehicle is estimated to drive automotive segment.Regional AnalysisThe Asia Pacific is estimated to be the largest lubricants market followed by Europe and North America on account of increasing demand from numerous end-use industries such as automotive and construction among others.
According to the latest report by IMARC Group “Functional Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, The global functional fluids market exhibited moderate growth during 2015-2020.
Looking forward, IMARC Group expects the market to grow at a CAGR of around 4% during 2021-2026.Functional fluids refer to liquids, such as process oils, coating fluids and engine oils, used for lubrication and insulation in various industrial operations.
They enhance the working capacity of the machinery by reducing friction and wear and tear of the working components, preventing corrosion, dissipating the heat generated and sealing components.
Additionally, the escalating demand for high-performance process oils from the industrial metal fabrication sector to provide smooth surfaces to the processing unit has catalyzed the market growth.
Furthermore, the widespread adoption of functional fluids in packaging, printing and manufacturing specialty paper is positively influencing the market.
Other factors, including rapid industrialization and the introduction of bio-based product variants due to stringent governmental regulations, are anticipated to propel market growth in the coming years.Request for a free sample copy of this report: https://www.imarcgroup.com/functional-fluids-market/requestsampleWe are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries.
Global lubricants market size is expected to reach USD 166.25 billion by 2025 with a CAGR of 3.8%.
Lubricants imply substances used to reduce or control friction as well as wearing of surfaces coming in contact with dissimilar bodies in relative motion.
These high-performance constituents are extensively used in numerous end-use industries such as corrosion inhibitors, anti-wear additives, friction modifiers, extreme pressure (EP) additives and viscosity index improvers.
In addition, the continuous revolution in the automotive manufacturing, such as launching of innovative rubber products that decrease harmful influence of waste landfills on the environment is anticipated to drive the demand in the years to come.Get Exclusive Free Sample Copy Of This Report @ https://www.millioninsights.com/industry-reports/lubricants-market-size/request-sampleAlso, the rapid development of several manufacturing business in developing countries is one of the factors may propel the overall market growth in the years to come.
Furthermore, Greases owing to its high usage in numerous manufacturing businesses recorded the highest CAGR during the forecast period.Lubricants Market may be explored by Applications as 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), and Aerospace, (Gas turbine oils, Piston engine oils, Hydraulic fluids, Others).
Automotive sector of lubricant is the dominant application of the market in 2016, covering 56.0% of the market share by volume.
Global lubricants market size is expected to reach USD 166.25 billion by 2025 with a CAGR of 3.8%.
Lubricants imply substances used to reduce or control friction as well as wearing of surfaces coming in contact with dissimilar bodies in relative motion.
These high-performance constituents are extensively used in numerous end-use industries such as corrosion inhibitors, anti-wear additives, friction modifiers, extreme pressure (EP) additives and viscosity index improvers.
In addition, the continuous revolution in the automotive manufacturing, such as launching of innovative rubber products that decrease harmful influence of waste landfills on the environment is anticipated to drive the demand in the years to come.Also, the rapid development of several manufacturing business in developing countries is one of the factors may propel the overall market growth in the years to come.
The growing acceptance of hybrid electric vehicles could hamper the development of the market in the forecast period.Get Free PDF Sample Copy of the Report (Including Full TOC, List of Tables & Figures) @ https://www.millioninsights.com/industry-reports/lubricants-market-size/request-sampleLubricants Market may be explored by type, applications, and geography.
Automotive sector of lubricant is the dominant application of the market in 2016, covering 56.0% of the market share by volume.
