Lubricants Market Insights and Industry Analysis by Type (Mineral Oil, Bio-based, and Synthetic Lubricants), Application (Industrial, Automotive, Marine, Construction, and others), and Region, Competitive Market Size, Share, Trends, and Forecast to 2028
New York, US, July 01, 2021 (GLOBE NEWSWIRE) -- Lubricants Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Lubricants Market Information by Type, Application and Region - Forecast till 2028”, the market is projected to reach USD 142.63 Billion by 2028 registering a CAGR of 2.5%
Lubricants help bring down wear and heat between surfaces that are in relative motion. They are crucial in maintaining effective functioning of the machinery by reducing the tear and wear of various moving parts. It is an integral component of industrial machinery, used primarily for cutting down downtime operations, and fostering the productivity of the entire machine. Given their impressive properties like corrosion and rust protection, longer equipment life, and demulsibility, lubricants find application in automotive, marine, industrial, construction, and several other end-use industries worldwide.
Primary Growth Boosters:
The market dynamics have changed drastically, with respect to raw material, on account of the surging demand for bio-based lubricants. The booming vehicle trade along with their spare parts has bolstered the demand for automotive greases and oils. The economic recovery across Europe and North America favored the consumer vehicles market, turning out to be a huge opportunity for the lubricants industry.
Most of the manufacturers make use of CBM, tight oil, crude oil, and various additives for formulating different lubricant types. World-renowned firms like Total SA, Royal Dutch Royal Dutch Shell , Exxon Mobil Corporation, Chevron , Sinopec, and British Petroleum, are increasingly integrating their operations across the globe in a bid to ensure continuous supply of raw materials for production of mineral oils and additives required during manufacturing.
Lubricants are vastly deployed as gearbox & transmissions and diesel engine oils, in commercial vehicles, motorcycles and passenger cars, in the automotive sector. Surge in automobile sales, particularly in China, India, Brazil, contributes substantially to the market growth. the automotive manufacturing segment in these countries benefits from the increase in foreign investments, extensive pool of skilled yet inexpensive labor along with high technological know-how.
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The Major Vendors in the Global Lubricants Market are:
These firms are striving to bolster their geographical reach while also focusing on introducing newer, and more advanced products via numerous strategies, such as product launches, partnerships, acquisitions, and collaborations. For instance, in June 2021, Raizen, which is a joint project between Royal Dutch Royal Dutch Shell Plc and Cosan SA will be acquiring Royal Dutch Shell 's lubricant businesses across Brazil, which includes a blending unit as well as a terminal in Rio de Janeiro.
Industry experts believe that the booming sales of hybrid vehicles will weaken demand for lubricants in the years to come.
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There is no doubt that the COVID-19 outbreak has wreaked havoc on several industries, burdening them with financial challenges. However, lubricants market should recover soon as transportation and industrial activities have started to function at full capacities. The surge in process automation across a majority of industries along with the gradually soaring number of vehicles on-road could also act in favor of the global market, despite the pandemic.
The lubricants industry has been categorized with respect to type, and application.
The different types of lubricants are mineral oil, bio-based, as well as synthetic lubricants. Mineral oil stands as the top segment in the global industry owing to low cost as well as easy availability.
The major applications of lubricants covered in the report are marine, automotive, industrial, construction, and more. The key industrial applications are general industrial oils, metalworking fluids, industrial engine oils, and process oils. On the other hand, the automotive applications include passenger vehicle oils, gear oil, hydraulic & transmission fluids, heavy-duty engine oils, and more. Booming sales of buses, trucks, and other passenger transport forms has bolstered the use of lubricants in the automotive sector. Economic surge across developing nations like China, Brazil, and India, has led to improvements in public transportation, which has boosted the demand for lubricants.
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Europe, Asia Pacific, North America, the Middle East & Africa, and Latin America are the key markets for lubricants.
Asia Pacific has grabbed the biggest share in the global market for lubricants and should continue to flourish at a decent growth rate between 2020 and 2027. The steady expansion of numerous end-use sectors including automotive, construction, and transportation has been favorable for the lubricants market. Sales of lubricants is especially high in rapidly developing countries like India, Japan, South Korea, Australia, China, Bangladesh, Malaysia, Taiwan, and Thailand, in view of the surging passenger car sales. International players setting up automotive manufacturing units in the region also adds to the lubricants demand in the region. The rising industrialization rate, availability of inexpensive yet quality raw material as well as labor and lenient regulations also make APAC a promising market for lubricants.
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