The "Lubricants Market Research Report: By Base Oil, Product Type, End User - Global Industry Analysis and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global lubricants market is expected to reach a value of $115,350.6 million, increasing from $95,403.9, advancing at a 2.3% CAGR during the forecast period (2020-2030).
The key factors resulting in the growth of the market are increasing sales of new vehicles in emerging economies and rising consumer awareness regarding lubricants. On the basis of product type, the market is divided into process oil, grease, gear oil, engine oil, metalworking oil, general industrial oil, and transmission and hydraulic oil.
The engine oil division held the major share of the market in the past and is further projected to dominate the market during the forecast period as well. The increasing requirement for vehicles and expanding the transportation industry around the world are leading to the rising need for engine oil. Additionally, people, these days are becoming more aware of the benefits of utilizing lubricants in their vehicles. These products aid in enhancing the mileage of the vehicle and increasing its life-span.
The lubricants market is categorized into chemical, food & beverages, automotive and other transportation, metallurgy and metalworking, and heavy equipment, out of which, the automotive and other transportation category accounted for the major share of the market in 2019. With the increasing disposable income of people, the sales of vehicles are also growing. This, in turn, is leading to the growth of the transportation industry. Moreover, the demand for lubricants is also increasing because of the expanding mobility services sector across the globe.
Geographically, the Asia-Pacific region dominated the global lubricants market in 2019 and is projected to hold the largest share of the market during the forecast period as well. The shift of manufacturing plants from around the world in Asian countries, including India and China, because of less strict environmental rules and low labor costs, is driving the regional domain. The Middle East and African region are expected to register the fastest growth during the forecast period.
The increasing sales of vehicles in developing countries, including Brazil, China, India, and Mexico, is the key factor leading to the growth of the lubricants market. The per capita income in these countries has increased significantly, owing to which, the demand for vehicles has also risen. Lubricants are utilized in the crankcase of the engine of the vehicle for ensuring that the vehicle is operating efficiently. These products also reduce friction, thereby decreasing the wear and tear of vehicles and enhancing their lifespan.
The lubricants market has also been registering growth because of the increasing awareness among consumers about the advantages of these products. Before the awareness regarding lubricants was only limited to western countries, however, now people are becoming aware of these products all across the globe. Companies in the domain are also adopting newer methods for increasing brand awareness among people. For example, enterprises are offering free samples and gifts to users, thereby increasing awareness and interest in lubricants.
Adoption of Bio-Based Lubricants Among Consumers
Increasing Lubricants Demand from Growing Automotive Industry
Growing Consumer Awareness About Lubricants
Impact Analysis of Drivers on Market Forecast
Arrival of Hybrid-Electric Vehicles
Fluctuating Crude Oil Market
Impact Analysis of Restraints on Market Forecast
Regulations for End-Use Industries Provide Growth Opportunities to Lubricant Manufacturers
Buhmwoo Chemical Ind. Co. Ltd.
FUCHS PETROLUB SE
Hindustan Petroleum Corporation Limited
Idemitsu Kosan Co. Ltd.
Illinois Tool Works Inc.
PetroChina Company Limited
Petroleo Brasileiro S.A.
Royal Dutch Shell p.l.c.
For more information about this report visit https://www.researchandmarkets.com/r/j1ry7i
View source version on businesswire.com: https://www.businesswire.com/news/home/20201126005668/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900