Lubricants Market to Reach US$16.8 Bn by 2024; Awareness to Improve Engine Life to Boost Market- TMR

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Dec 12, 2018, 06:30 ET

ALBANY, New York, December 12, 2018 /PRNewswire/ --

The global lubricants market for off-road sector is slated to see steady development in the years to come, according to a Transparency Market Research (TMR) report. The market's business landscape is characterized by the presence of a few established vendors asserting their dominance in the industry. Key market players are seen allocating resources towards research and development of efficient products. Driven by consumer demands, the vendors have a defined line of work, and a sustainable global market.

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Key vendors in the global lubricants market for off-road sector are involved in business expansion through strategic collaborations with regional players. A number of vendors are modifying their portfolio to suit the base oil supply chain, consolidations, and the production facilities.

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Leading vendors in the global lubricants market for off-road sector include ExxonMobil Corporation, Royal Dutch Shell Plc., and BP Global. These top vendors hold nearly 32% of the overall market share. Other prominent vendors in the market are Phillips 66, BRB International, Total S.A., and Topaz Energy Group Limited.

Engine Oil Segment Likely to Emerge Leading among Product Types

According to TMR's analysts, the global lubricants market for off-road sector was estimated to be at US$13.0 bn in 2015 and is prognosticated to reach US$16.8 bn by 2024. Over the forecast period 2016 to 2024, the global market is slated to rise at a 2.9% CAGR.

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Among the product types, the segment of engine oil is estimated to demonstrate high growth rate. This could be attributed to growing awareness regarding vehicle maintenance.

Geography-wise, lower cost of products in Asia Pacific is expected to bolster this regional market to the fore. The region is likely to exhibit a 3.6% CAGR over the forecast period.

Adoption of Fuel Efficient Solutions to Propel Market

Lubricants are broadly utilized in motor oils, medium-speed motor oils, and moderate speed marine motors. The product expands motor life and ensures segments at high temperatures. The U.S. Environment Protection Agency (EPA) has decided control methods and rules with respect to carbon discharges in vehicles, referenced in the Clean Air Act, successful from October 2008, which has additionally supported interest for eco-friendly vehicles. Other than this, various developments coordinated at decrease of harmful carbon outflows to upgrade vehicle execution are driving growth of the lubricants market for off-road sector.

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Bio-Based Lubricants to Remain Leading Trend

The demand of bio-based lubricants to diminish adverse impacts on the environment is the key trend advancing the lubricants for off-road sector market and is boosting the general development of the market. The need to upgrade eco-friendliness of vehicles has prompted supplanting of conventional materials with manufactured lubricants. This trend additionally affects the general market. The transportation business is progressively using manufactured and bio-based lubricants to supplant regular lubricants. The move is basically ascribed to the higher execution qualities of manufactured and bio-based lubricants and stringent vehicle discharge controls.

This review is based on TMR's report titled, "Lubricants Market for Off-road Sector (Source - Mineral Oil-based, Synthetic, and Bio-based; Grade - Single and Multi; Product - Engine Oil, Transmission Fluids, Hydraulic Fluids, Gear Oil, and Grease; End Use - Construction, Agriculture and Farming, Mining, and Material Handling) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."

Global Lubricants Market for Off-road Sector - Source Analysis

Mineral Oil-based
Synthetic
Bio-based

Global Lubricants Market for Off-road Sector - Grade Analysis

Single
Multi

Global Lubricants Market for Off-road Sector - Product Analysis

Engine oil
Transmission fluids
Hydraulic fluids
Gear oil
Grease
Others

Global Lubricants Market for Off-road Sector - End Use Analysis

Construction
Agriculture & Farming
Mining
Material Handling
Others

Global Lubricants Market for Off-road Sector - Regional Analysis

North America
- U.S.
- Canada
Europe
- UK
- Italy
- Spain
- France
- Germany
- Rest of EU
Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of APAC
Latin America
- Brazil
- Rest of Latin America (LATAM)
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa (MEA)

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