Global Lubricants Market: Overview
Global Lubricants Market report provides analysis for the period 2014–2025, wherein the period from 2018 to 2025 is the forecast period and 2017 is base year. The market study reveals that the Global Lubricants Market is expected to grow over a CAGR of 3.65% during 2018-2025 in terms of value. The increasing number of passenger vehicle, commercial vehicle, and growth in the aviation and marine industries are expected to drive the lubricants market, globally. Lubricants are materials that help reduce the friction between moving parts or surfaces to enhance the efficiency of machines. They are used in different applications ranging from automobiles to large multitudes of industries. Moreover, 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. Thus, Strong domestic growth, chiefly GDP growth fueled by private consumption and fixed investment has accelerated industrial sector progress which has positively influenced application of lubricants in industrial sector.
The market overview section of the report demonstrates market dynamics such as drivers and restraints that talks about the current nature and future scenario of the global lubricants market, key market indicators, and raw material analysis. Further, key market indicators included in the report provide the significant factors which are capable to define the market position of global lubricants market. Furthermore, various analysis methods like Porter’s, Pestle are also included in the report to provide an in-depth view of the market scenario.
Global Lubricants Market: Scope of the Report
Based on type, the Lubricant market is segmented into Mineral Oil, Synthetic Lubricants, Greases, and Bio-Based Lubricants. On the basis of application, the market is segmented into Engine Oil, Gear Oil, Transmission and Hydraulic Fluids, General Industrial Oils, Process Oils, Metalworking Fluids & Others. Furthermore, the market is bifurcated, based on additives into Dispersants, Viscosity Index Improvers, Detergents, Anti-Wear Additives, Antioxidants, Friction Modifiers & Others. Finally, the report covers the analysis of these segments across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa along with the qualitative analysis for market estimates that boosts the growth of the global Lubricants Market during the forecast period.
The report also highlights the competitive landscape of the Global Lubricants Market that includes the company overview, products & offerings, strategic decisions taken by the company, launch of new products, technology landscape, and financial highlights.
Global Lubricants Market: Key Findings of the Report
According to BlueWeave Consulting, the key findings of the report “Global Lubricants Market Size, Share, Development, Growth and Demand Forecast to 2025” are:
Synthetic Lubricants segment is expected to grow
at a rapid pace with a significant CAGR of 6.3% during the anticipated period
owing to its better viscosity stability in extreme temperature conditions.
Synthetic lubricants are manufactured by the combination of base oil and
additives. Synthetic lubricants have enhanced quality and have several
advantages over other conventional mineral-based lubricants. Synthetic
lubricants help to increase the durability of the machineries and equipment.
General Industrial Oil & Process Oil
Application is expected to grow with a CAGR of 4.4% during the forecast period.
General Industrial oils are being increasingly used across several industrial
applications as well in areas such as air compressors, auxiliary equipment,
bearings, food machinery, gas engines, etc. Process oils increase the
performance of rubber and tire products and provide high stability, with a
relative inertness towards curing additives. Process oils have low volatility,
and high viscosity and plasticity.
Middle-East & Africa is the fastest growing
market for lubricants across the globe with a CAGR of 4.42%. The Middle East
& Africa lubricants market is projected to grow exponentially in the next
five years. The demand for Middle East & Africa lubricants is increasing
and will continue to increase due to the tremendous growth in the
transportation and industrial sector. The development of the tourism, mining,
quarrying industries in Africa and crude oil and natural gas exploration,
construction industries in the Middle East is significantly contributing to the
increase in lubricants consumption in the region.
Global Lubricants Market, By Type, Revenue Forecast (USD Million), 2014-2025
Global Lubricants Market: Research Methodology
Extensive secondary research was conducted using paid data sources including Bloomberg, Factiva, Capital IQ, OneSource, and Hoovers. Additionally, several publicly-available data sources were used including journals, statistics articles, and industry associations. These data sources were used to gather relevant information to develop an understanding of the global Lubricants Market. The research was conducted covering the desk research and primary research. Data sources used for primary research included online forums and blogs, CATI/CAWI, CAPI interviews, and video conferences. Additionally, interviews were conducted through connecting with various industry respondents including C-level executives, directors, divisional heads, regional heads, expert consultants, and independent consultants. The primary research was conducted to gain market insights from industry respondents and validate the gathered information through desk research.
Global Lubricants Market: Key Stakeholders
Royal Dutch Shell
Global Lubricants Market: Competitive Dynamics
The Global Lubricants Market is dominated by a number of players, amongst them, the major players are ExxonMobil Corporation, British Petroleum, Royal Dutch Shell, Total S.A., Chevron etc. Companies in this industry are following different strategies to strengthen their market position. For instance, In April, 2018 Exxon Mobil has acquired the PT Federal Karyatama, the Indonesian manufacturer and marketer of lubricant. It includes the oil brand, the distribution as well as the blending plant. It strengthens the footprint of Exxon in Indonesia. They have a defined line of work and work close to consumer demands, thereby establishing a sustainable market across the globe.