Global Lubricants Market Report Description:
Global lubricants market report provide a comprehensive outlook on lubricants worldwide with specific focus on key region such as North America, Europe, Asia Pacific, Latin America and MEA. The report on global lubricants market gives historical, current and future market size (US$ Mn) on the basis of base oil, product type, end user industry, and geography. This study analyses the global lubricants market dynamics in a detailed manner to identify current trends and drivers, growth opportunities and potential challenges to the key stakeholders in the operating market. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across region and consumer unmet needs.
Global Lubricants Market:
By 2026, the global market size for lubricants is expected to hit US$ 195.3 billion from US$ 168.6 billion in 2019, at a CAGR of 3.0%. Major drivers of the market are growing automotive industry, growing GDP led by industrial growth, increased demand for high-performance needs, growing demand from manufacturing industries, including medical devices and 3D printing, will drive growth in the size of the lubricants market over the forecast period. Rising environmental concerns regarding traditional products’ aqueous toxicity and biodegradability have increased the value of bio-based lubricants that will encourage potential market share of lubricants. However, shift towards synthetic lubricants growth of hybrid vehicle and increasing battery price parity hamper the market.
Increased demand for high performance engines leading the lubricant industry to evolve and grow:
The design of internal combustion engines has advanced dramatically since the first production car was built by Ford in the early 20th century. Due to engine modifications, the internal components of the engine are now subjected to even more stress and heat. This has also contributed to very high RPM engines that need better engine oil efficiency. Besides this, with cars reaching up to 150 miles per hour, the transmission system inside a car has also improved. The gear system and the technology for bearings have also changed. All these changes and advances need better lubricants. This has allowed the lubricants to develop and grow.
APAC dominates the market share during the forecast period:
In terms of both volume and value, APAC is projected to account for the largest share of the global lubricant industry during the forecast period. The region’s growing population, followed by increasing industrial spending and infrastructural developments in the emerging markets of China, India and Indonesia, is projected to make it an ideal destination for the lubricant industry.
Key players profile in global lubricants market include-
- Royal Dutch Shell
- BP PLC.
- Chevron Corporation
- Total S.A.
- Petrochina Company Limited
- Sinopec Limited
- Fuchs Petrolub AG
- In February 2019, Amalie Oil Co., a producer and distributor of lubricants completed the acquisition of Lubricating Specialities Co. (LSC).
- In November 2019, Fuchs Group signed an agreement with Nye Lubricants, a company engaged in formulation and manufacturing of synthetic lubricants.
Key findings of report:
- Global lubricants market expanding at significant CAGR over 2020 to 2026 owing to growing automotive industry, growing GDP led by industrial growth, increased demand for high-performance needs.
- APAC accounted for larger share of market revenue based on the region and projected a gain in market revenue over a forecast period.
- Players focusing on innovation of technologies and collaboration strategies to retain market position in global market.
Key features of the report:
- The report provides granular level information about market size, regional market share, historic market (2015-2019) and forecast (2020-2026).
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market.
- The report provides plethora of information about market entry strategies.
- Mineral oil
- Synthetic oil
- Bio-based oil
- Engine oil
- Hydraulic fluid
- Metalworking fluid
- Gear oil
- Compressor oil
- Turbine oil
End user industry
- Power generation
- Heavy equipment
- Food & Beverage
- Metallurgy & Metalworking
- Chemical manufacturing
- Rest of Europe
- Australia & New Zealand
- Rest of APAC
- Rest of Latin America
- GCC Countries
- South Africa
- Rest of MEA