LONDON, Feb. 10, 2016 /PRNewswire/ -- The lubricants market is growing due to growing automotive industry, increased consumer awareness and government regulations regarding lubricants. Lubricants are used in vehicles to reduce friction, which leads to longer lifespan, and reduced wear and tear of the vehicles. The growth of lubricants usage in automotive industry is mainly due to increasing demand for heavy duty vehicles and light passenger vehicles, and increase in average lifespan of the vehicles. As saving the conventional resources and cutting emission and energy became central environmental matters, the lubricants are progressively attracting more consumer awareness.
As the need of enhancing fuel efficiency in vehicles is increasing, the traditional materials have been replaced by synthetic lubricants. The harmful environmental effects are getting reduced, because the consumers have started adopting bio-lubricants, which is resulting in the growth of the market. North America accounted the largest market of bio lubricants during the period 2011-2014, followed by Europe, and is expected to lead the market during the forecasted period 2015-2020.
In 2014, the mineral lubricants accounted for the largest share among all the products of the global lubricants market, and it is expected to grow with a CAGR of 2.7% during the forecast period. Based on application, the automotive segment held the largest market, (22,740.62 Kilo Tons) in 2014, and it is expected to reach 25,347.84 Kilo Tons by 2020, growing with a CAGR of 1.81% during the period 2015-2020.
Government regulations are playing an important role in driving the growth of the market. The regulatory authority of the petroleum industry is with the minister of petroleum industries, but for issuing the license, then there is a need for advice and assistance from Energy Supply Committee's (ESC). In the global lubricants market, the standards issued by organizations such as Japanese Automobile Standards Organization and American Petroleum Institute govern the quality of lubricants. However, the arrival of hybrid-electric vehicles is restraining the growth of market.
The global lubricants market was valued at $88,230.8 million in 2014, and it is expected to grow with a CAGR of 2.6% during 2015-2020. Geographically, the Asia-Pacific market accounted for the largest share in the global lubricants market in 2014. The greatest future opportunities for lubricants market players are Brazil, China and India. Players in every industry, including energy industry, believe that BRIC (Brazil, Russia, India and China) markets are profitable market to invest, because of rapidly growing economies and increase in direct foreign investment in the countries. The increased car ownerships and rapid development of industrialization in BRIC countries are the major factors driving the growth of the market in these countries.
The key companies operating in the global lubricants market include BP PLC, Chevron Corporation, China Petroleum & Chemical Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, Idemitsu Kosan Co. Ltd., LUKOIL Oil Company, PetroChina Co. Ltd., Royal Dutch Shell PLC and TOTAL S.A.
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