Gurugram, India, May 15, 2023 (GLOBE NEWSWIRE) -- Global Lubricants Market is concentrated among the top 10 players. The top companies have been utilizing competitive strategies and investments to retain and expand their shares. The players are competing on the basis of Geographies covered, brand awareness, retention rate & price of the product. The major companies dominating the Global Lubricants market for its products, services, and continuous product developments are Exxon Mobil Corporation, Chevron Corporation, BP p.l.c., Shell plc, and Total Energies among others.
1. “High expectations from industrial sector:” Will it be leading the market growth in upcoming years?
With the rising cost of powering industrial activities, the industrial sector is making effort to cut down energy consumption & energy costs. Engine parts that are not properly lubricated are more prone to friction & ultimately damage which means that they use more fuel, resulting in more pollution. The global industrial lubricants market recorded demand generation of ~15,000 kilotons in 2015 and is projected to rise to ~20,000 kilotons by 2024. A good grade product helps reduce damage by reducing friction & enhancing machine efficiency. Rapid industrialisation is expected to propel growth in upcoming years.
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2. “Synthetic lubricants becoming a priority:” The growing demand for synthetic lubricants, especially in Europe, is anticipated to aid global market growth
The global demand for synthetic lubricants has been on rise & has picked up pace due to rising awareness about alternatives for mineral oil lubricants. Moreover, synthetic varieties have grown in popularity due to their better efficiency than natural mineral oil. They have largely begun to replace natural mineral oil as the preferred choice in various sectors that demand high consistency levels. Moreover, the segment is anticipated to register a robust growth in the upcoming years, especially in Europe wherein stringent regulations on CO2 emissions have been placed, thereby serving as a catalyst for the market. Moreover, increasing investment in blending plants for synthetic lubricants in Russia & Netherlands is also driving the market in Europe. USA is another region wherein the demand for synthetic lubricants is at an all-time high.
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Market Taxonomy
By Type of Application
- Industrial
- Automotive
- Others
By Type of Lubricant (Industrial Lubricant)
- Engine Oil
- Turbine Oil
- Hydraulic Oil
- Compressor Oil
- Transformer Oil
- Greases
- Industrial gear Oil
- Metal Working Fluids
- Others
By Grade (Industrial Oil)
- Mineral Oil
- Semi-synthetic Oil
- Synthetic Oil
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By Type of End Use (Industrial)
- Power Generation
- Construction & Mining
- Transportation
- Metal production
- General Manufacturing
- Food Industry
- Commercial
- Others
By End-use of Lubricant (Automotive)
- Commercial Vehicle
- Passenger Car
- Motor Cycle
- Marine
- Others (Aviation, Railway)
By Type (Automotive)
- Passenger car Motor Oil
- Heavy Duty Diesel Engine Oil
- Hydraulic Oil
- Gear Oil
- Greases
By Grade (Automotive)
- Mineral Oil
- Synthetic Oil
- Semi-Synthetic Oil
By Geography
- Asia Pacific
- Europe
- Latin America
- Africa
- Middle East
- North America
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Global Lubricants Market
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The future outlook of the lubricants industry is positive because as the crude oil prices increase, Nigeria's economy is expected to grow at a faster rate and hence the purchasing power of people is also expected to increase in the coming years. This would also push Nigeria's demand for synthetic lubricants, particularly for modern cars. The market is expected to gravitate towards higher-quality, specialized and synthetic lubricants with an increase in end user awareness on the importance of lubricant drains. This can primarily be attributed to pending government legislation regarding emissions, improved engine technology and equipment manufacturers' requirements for fuel efficiency. The grease market, which was earlier dominated by sodium-based products, is gradually evolving to lithium based grease in Nigeria.
The Mexico Lubricant Market is projected to show a significant growth, to contribute MXN ~ Bn by 2027F with rising export of Oil & Gas and rising infrastructural projects. The growth rate is anticipated to increase over the period with surge in more substitutes in market along with government incentives and policies. The industry is anticipated to increase as a result of rising demand from the automotive sector as well as the expansion of end-user industries like metallurgy, construction, manufacturing, and plastics. The need for lubricants is also anticipated to increase in the future due to the adoption of higher-quality synthetic and semi-synthetic lubricants. The lubricant industry is anticipated to boost spending on R&D, marketing, and strategic alliances and partnerships with other participants, OEMs, and auto insurance in order to enhance market penetration.
According to Ken Research estimates, the Oman Lubricant Market – which grew from approximately USD ~ Bn in 2017 to approximately USD ~ Bn in 2022 – is forecasted to grow further into USD ~ Bn opportunity by 2027F, owing to the favorable government initiatives, rising export of Oil & Gas and rising infrastructural projects. Market is expected to witness an increase in the consumption of lubricants due to rapid growth in industrialization and infrastructural developments, rising private and government investments; cost effective manufacturing operations. Upstream sector has dominated the Oman oil and gas market in recent years and is expected to continue to do so during the forecast period too.
According to Ken Research estimates, the Australia Lubricants market is growing at a steady rate with a CAGR at ~% owing to the country’s high oil imports. Strong delivery network accompanied by authorized distributors to reach out to customers through both online and offline modes led to an increase in the overall sales of lubricants in the Australia. Up-scaling Manufacturing Industry, Escalating Construction, Automotive and Marine Industries are major growth drivers for Australia Lubricants Market.
According to Ken Research estimates, the Philippines Lubricants market is growing at a steady rate with a CAGR at 9.4% owing to the country’s high oil imports. Strong delivery network accompanied by authorized distributors to reach out to customers through both online and offline modes led to an increase in the overall sales of lubricants in the Philippines. Up-scaling Manufacturing Industry, Escalating Construction, Automotive and Marine Industries are major growth drivers for Philippines Lubricants Market. Bio-lubricants and lubricants with reduced fuel consumption are the major trends among end users in Philippines Lubricants Market.
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