Specialty Lubricants Market to Cross $81 Billion by 2025: TechSci Research Report
NEW YORK, October 25, 2016 /PRNewswire/ --
Increasing construction activities, recovering automotive industry and growing industrialization to drive global specialty lubricants market through 2025
According to a recently released TechSci Research report, "Global Specialty Lubricants Market By Type, By End Use, By Region Competition Forecast and Opportunities, 2011 - 2025", the global specialty lubricants market is anticipated to cross $ 81 Billion by the end of 2025. Growing industrialization and expected revival of crude oil prices are expected to influence the demand for specialty lubricants across the world during 2016-2025. Moreover, improving economic scenario, widening base of small and mid-cap industries and growing adoption of advanced machineries are anticipated to positively influence the global specialty lubricants market during forecast period.
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Globally, automotive sector is the largest consumer of specialty lubricants due to increasing sales of passenger vehicles, expanding vehicle fleet and increasing awareness among automobile manufacturers about the benefits of using specialty lubricants. Globally, automobile production increased from 80 million units in 2011 to 91 million units in 2015. With increasing production of automobile, the demand for specialty lubricants is also expected to rise all across the globe over the next five years.
Browse 10 market data Tables and 170 Figures spread through 279 Pages and an in-depth TOC on "Global Specialty Lubricants Market"
The backbone of any economic progress is infrastructure development, which has become synonymous with economic and overall development. As per the American Society of Civil Engineers (ASCE), approximately $3.6 trillion is required by the end of the 2020 to develop the infrastructure of the United States. Similarly, Canadian government has proposed an investment of $852 million for public transit infrastructure by the end of 2016. With increasing government's focus on infrastructural development, construction activities across the world are expected to increase, thereby aiding the demand for cement, globally. Cement industry, being one of the major consumers of specialty lubricants, is anticipated to generate huge demand for specialty lubricants across the globe during forecast period.
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"With changing consumption patterns and increasing competitiveness in the market, the production process and end products are becoming technologically advanced. To meet the business needs and maintain the profitability of business processes, the technological advanced lubrication solutions have become the need of an hour. Specialty lubricants, which are formulated with superior raw materials, are becoming the most preferred type of lubricants across the world.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Specialty Lubricants Market By Type, By End Use, By Region Competition Forecast and Opportunities, 2011 - 2025" has evaluated the future growth potential of global specialty lubricants market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in global specialty lubricants market.
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