Global Lubricants Market to grow at a CAGR of 3.65% during 2018-2025
Global Lubricants Market is projected to expand with a growth rate of 3.65%, in value terms, during 2018 to 2025. The market is expected to generate a revenue of USD 185,155.3 million during the forecast period. With a rise in demand for vehicles across the globe, the need for better quality products is simultaneously rising to provide enhanced vehicle performance, better fuel efficiency, and lower emissions. This further trigger the market growth for lubricants during the forecast period.
Expansion in the automotive and general industry is driving the global lubricants market
The passenger car demand has been rising over the years, according to OICA. Passenger car usage has increased by 4.4% from 2014-2015. Emerging economies like China, India, Africa, and Mexico has witnessed exponential growth in terms of passenger car usage for instance in China the passenger car used has increased from 1,17,482 in 2014 to 1,35,805 in 2015. Rise in number of passenger cars are influencing the demand for lubricants, as the main purpose of lubricants in the passenger car is to smoothen the moving parts of automobile reducing vehicles friction and wear & tear, providing trouble free performance for a longer span of time. Thus, rise in demand for passenger car will promulgate the application of lubricants.
Industrial growth in emerging economies
Industrial sector growth is propelled by strong global trade, rising commodity prices, and supportive domestic policies in developing economies like India, China, Indonesia, and South Korea markets. Strong domestic growth, chiefly GDP growth fueled by private consumption and fixed investment has accelerated industrial sector progress which has positively influenced the application of lubricants in the industrial sector.
The Asia Pacific held the leading market share accounting for approximately 39.60% of the total market share in 2017
Geographically, Lubricants Market is segmented into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among the above-mentioned region. Comparatively, China is expected to be the largest lubricants market followed by Japan, India, and South Korea owing to constant industrialization and robust growth of numerous end-use industries such as automotive and construction. Moreover, significant growth of the automotive sector combined with the growing purchasing power of the consumer in the Asia Pacific is estimated to propel the growth of the market over the assessment period, 2018 to 2025
Lubricants Market: Competitive Landscape
Companies, such as Exxon Mobil Corporation, British Petroleum, Royal Dutch Shell, Chevron Corporation, and Total S.A. are the key players in manufacturing lubricants. In terms of product offerings, Exxon Mobil Corporation and British Petroleum are the major players in the market, providing various products of lubricants.
Most of the major vendors in the global lubricants market are actively focused on enhancing their offerings to meet the ongoing demand.
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