HYDERABAD, India, September 29, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on the Global Lubricants Market. The report titled "Global Lubricants Market Segmented by Base Stock, Type, End-User Industry, and Geography," discusses the current landscape and outlook of the market.
The global lubricants market is estimated to value USD XXX.XX billion in 2016 and is projected to reach approximately USD 169.6 billion by 2021, at a CAGR of 2.7% during the forecast period 2016-2021.
Rapid industrialization in BRIC nations and an increasing demand for automotive, globally, are factors driving the lubricants market. Moreover, stringent environmental regulations by governments regarding the use of lubricants for better efficiency, is another reason for an increase in demand for lubricants. However, the market faces a few restraints due to the volatility in raw material prices and high prices of synthetic & bio-based lubricants, among others.
The global lubricants market, by the base stock type, can be broadly segmented into - bio-based lubricants, mineral oil lubricants, synthetic lubricants, and greases. The mineral oil lubricants segment accounted for the highest share in the global lubricants market in 2015. However, it is expected to be the slowest-growing segment during the forecast period, due to shifting consumer preference towards synthetic and bio-based lubricants. The market has also been segmented according to the product type into - engine oil (light motor vehicle engine oil & heavy-duty motor vehicle engine oil), transmission & hydraulic fluids (industrial hydraulic fluids, automatic transmission fluids, and others), metalworking fluids (emulsifiable oil, straight oil, synthetic oil, semi-synthetic oil), general industrial oils (turbine oil, compressor & refrigeration oil, others), gear oil (vehicle & equipment gear oil, industrial gear oil), greases (vehicle & equipment greases, industrial greases), rubber process oil, white oil, electrical oil and others.
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Lubricants are being used increasingly in various commercial and industrial sectors due to their functions and advantages. The market is also segmented by end-user industry like power generation (industrial, municipal), transportation (passenger vehicles, commercial vehicles, aerospace, marine, and railways locomotives), construction, food & beverage, metallurgy & metalworking, mining, oil & gas, and others.
The market has been segmented geographically into Asia-Pacific (China, India, Japan, South Korea, ASEAN countries and Rest of Asia-Pacific), North America (the United States, Canada, Mexico, Rest of North America), Europe (Germany, the United Kingdom, Italy, France, the Nordic Countries, Russia, and Rest of Europe), South America (Brazil, Argentina, Venezuela, Colombia, and Rest of South America), and the Middle-East & Africa (Saudi Arabia, South Africa, Qatar, UAE, and Rest of the Middle-East & Africa). Asia-Pacific holds the highest share in the market and is expected to grow significantly, when compared to the North American & European countries, during the forecast period.
Industrial growth in the Middle East & African region, continuous developments in synthetic and bio-based lubricants, and a significant increase in the demand for re-refined lubricants are expected to offer major growth opportunities for the lubricant manufacturers, during the forecast period.
The major players for lubricants profiled in the report include: Royal Dutch Shell Plc., ExxonMobil Corp., BP plc., Chevron Corp., Total SA, PetroChina, Sinopec Corp., ConocoPhillips Co., Bharat Petroleum, etc. among others.
About Mordor Intelligence:
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SOURCE Mordor Intelligence