Pune, India, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The global lubricants market size is expected to gain momentum by reaching USD 133.55 billion by 2028 while exhibiting a CAGR of 1.8% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled “Lubricants Market, 2021-2028.” The report further mentions that the market stood at USD 115.86 billion in 2020. The growing demand for synthetic lubes and the proactive nature of the companies to strengthen their footprint will propel the adoption of the product in the forthcoming years. For instance, in May 2020, Exxon Mobil Corporation announced its partnership with INNIO to work together to address the evolving demand for natural gas engine lubrication. Moreover, the companies are focusing on developing advanced engine oils to cater to the growing industrial demand.
Companies Profiled in the Global Lubricants Market:
- PetroChina Company Limited (China)
- Chevron Corporation (USA)
- ExxonMobil Corporation (USA)
- Royal Dutch Shell Plc. (The Netherlands)
- Total Group (France)
- BP plc (UK)
- Valvoline LLC (USA)
- Global Lubricant Industry LLC (UAE)
- Shield Lubricants (USA)
- JXTG Nippon Oil & Energy Corporation (Japan)
- The FUCHS Group (Germany)
- AMALIE Oil Co. (USA)
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Market Segmentation:
Based on product, the market is divided into automotive oils, industrial oils, marine oils, and process oils. On the basis of grade, the market is trifurcated into mineral, synthetic, and semi-synthetic. Moreover, based on application, the market is classified into automotive, industrial, and others.
On the basis of application, the industrial segment held a global lubricants market share of about 26.3% in 2020 and is expected to showcase considerable growth in the forthcoming years. This is due to the increasing demand for general industrial oils that aid in increasing the efficiency of the equipment.
Lastly, based on region, the market is segmented into Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa.
What does the Report Provide?
The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Demand for Synthetic Lubricants to Promote Growth
The adoption of mineral-oil-related lubes extensively in industries has an adverse effect on the workers. For instance, prolonged exposure to mineral oils is expected to lead to an increased risk of nonmelanoma skin cancer and other diseases. However, synthetic oils are safe and provide higher efficiency, coupled with being less volatile and having a higher viscosity index. Moreover, they have greater thermal stability owing to their intrinsic chemical and physical properties. These factors are propelling the increasing adoption of synthetic lubes that will contribute to the global lubricants market growth during the forecast period.
Report Aim & Scope:
- An overview of the market based on geographical scope, segmentation and financial performance of key players is presented in the report.
- The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
- The various parameters accelerating the growth of the market are incorporated in the research report.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/lubricants-market-101771
REGIONAL INSIGHTS
Asia-Pacific – The region stood at USD 52.12 billion in 2020 and is expected to hold the highest position in the market in the forthcoming years. This is attributable to the increasing investment in industrial sectors and the high demand for passenger vehicles in countries such as India and China that will boost the demand for lubes in the region.
North America – The market in the region is expected to experience considerable growth backed by the presence of an established automotive sector. Moreover, several companies are focusing on expanding their manufacturing facilities to cater to the growing demand for lubricants from the industrial sector in the region between 2021 and 2028.
COMPETITIVE LANDSCAPE
The partnership between Key Players to Brighten Their Market Prospects
The market is experiencing healthy competition amongst the companies that are focusing on partnering with other companies to expand their lubricants portfolio. Moreover, other key players are striving to maintain their presence by adopting strategies such as merger and acquisition, collaboration, and facility expansion that will bode well for the growth of the market.
Industrial Development:
- September 2020: Total Group announced the acquisition of Lubrilog SAS, a French company specializing in manufacturing ultra-high-performance synthetic lubes. The acquisition is aimed at strengthening the company’s footprint and further focusing on providing high-level experience for crucial industrial applications.
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Trends
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Key developments
- Global Lubricants Market Analysis, Insights and Forecast – By Grade, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Grade (Value & Volume)
- Mineral
- Synthetic
- Semi-Synthetic
TOC Continued…!
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