NEW YORK, November 16, 2015 /PRNewswire/ --
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. The factors driving the growth of the market include growing automotive industry, increasing consumer awareness and government regulations. The power to regulate the petroleum industry lies with the minister of petroleum industries, but if license is to be issued, then there is a need for advice and assistance from Energy Supply Committee (ESC). In the global market, standards issued by organizations, such as Japanese Automobile Standards Organization and American Petroleum Institute, govern the quality of lubricants.
Explore Report Description with Detailed TOC on "Global Lubricants Market" at: https://www.psmarketresearch.com/market-analysis/lubricants-market
Geographically, the Asia-Pacific market accounted for the largest share in the global lubricants market in 2014. The lubricants market in Asia-Pacific is growing mainly due to increasing pressure of global warming, changing policies regarding emissions, which results in regulatory requirements for manufacturers to make superior quality engines compatible with high quality lubricants. Due to such reasons, Middle East and Asia-Pacific is expected to observe an increase in requirement of synthetic lubricants. The Sri Lankan government appointed public utilities commission of Sri Lanka (PUCSL) for regulating the lubricants market in the country. PUCSL informs the ministry of petroleum industries about the regulatory matters and policies with respect to liberalization of the lubricants market.
The information and data in the publication "Global Lubricants Market Size, Share, Development, Growth and Demand Forecast to 2020 - Industry Insights by Product (Mineral, Synthetic, Bio-Based); by Application (Industrial, Automotive, Grease, Others)", represents the research and analysis of data from various primary and secondary sources. A top down approach has been used to calculate the market size of the global lubricants market. P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in this report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed online and offline research.
Browse Related Research at: https://www.psmarketresearch.com/industry-report/chemicals-materials-and-energy
The automotive industry is one of the major application areas for the lubricants market. Automotive lubricants are generally used in the crankcase of a vehicle engine, which ensures efficient operation of the vehicle. Lubricants are used in vehicles to reduce friction, which leads to longer lifespan and reduced wear and tear of the vehicles. The growth of the lubricants in automotive industry is mainly due to prices of convention fuels, increasing demand for heavy duty vehicles and light passenger vehicles, and increase in average lifespan of the vehicles. The growth in vehicle productions and sales is an opportunity for the lubricant manufacturers.
However, the arrival of hybrid-electric vehicles is restraining the growth of the market. The consumers are shifting towards hybrid-electric vehicles, because it decreases the fuel consumption considerably as compared to conventional vehicles, CNG vehicles and diesel vehicles. Hybrid-electric vehicles are costlier than conventional vehicles, but the life cycle cost (including maintenance and fuel cost) of hybrid-electric vehicles is much less than that of conventional vehicles.
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.
LUBRICANTS MARKET SEGMENTATION
- The U.S.
- The U.K.
- Rest of Europe
- Rest of Asia-Pacific
Rest of the World (RoW)
- Saudi Arabia
Browse Upcoming Reports
Sodium Hydrosulfite Market - https://www.psmarketresearch.com/market-analysis/sodium-hydrosulfite-market
Gas Meters Market - https://www.psmarketresearch.com/market-analysis/gas-meters-market
Monoethylene Glycol Market - https://www.psmarketresearch.com/market-analysis/monoethylene-glycol-market
About P&S Market Research
P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research based consulting services across different industry/business verticals.
As one of the top growing market research agency, we're keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.
Manager - Client Partner
347, 5th Ave. #1402
New York City, NY - 10016
Toll-Free: +1-888-778-7886 (USA/Canada)
SOURCE P&S Market Research