The global lubricants market size is projected to reach USD 166 billion by 2025
NEW YORK, June 17, 2019 /PRNewswire/ -- Lubricants Market Size, Share & Trends Analysis Report By Product (Industrial, Automotive, Marine, Aerospace), By Region, And Segment Forecast, 2019 - 2025
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The global lubricants market size is projected to reach USD 166 billion by 2025. It is expected to expand at a CAGR of 3.7% during the forecast period. Rapidly growing sales of automobiles, primarily in countries such as India, China, U.S., and Brazil is expected drive the growth.
Chemical, construction, textile, infrastructure, and energy sectors for engine oil, hydraulic oil, wire rope and bearings, are the key application areas where lubricants are utilized extensively.Constant research and development for biological counterparts of the product, to reduce the environmental effect is likely to boost the North America lubricants market.
Extensive inland shipping network of Europe and further development of inland waterways and their growing importance for trade and passenger travel is expected to drive the demand for marine lubricants.
Manufacturers use crude oil, Coal Bed Methane (CBM), and other additives for the formulation of different types of lubricants.Prominent companies such as Shell, Chevron, ExxonMobil, Total, BP, and Sinopec have integrated business operations across the globe.
Lubricant manufacturers are increasingly venturing into joint business operations with automotive manufacturers to keep steady profit margins for longer time period.
Variety of functions are performed by engine oil, one of which is to reduce friction.Efficiency increases significantly as lighter viscosity oils produce lesser frictions.
A few major players such as British Petroleum; Shell; Ashland, Inc.; and ConocoPhillips have established their own subsidiaries Castrol, Pennzoil, Valvoline, and Kendall with broader product portfolios. This allows these companies to mark their presence in the desired application markets.
Further key findings from the report suggest:
• Automotive lubricant accounted for the largest market share of nearly 57% in terms of volume in 2018. Growing sales of consumer automotive such as trucks, buses, and other forms of passenger transport is expected to drive the market over the forecast period
• Major players as well as new entrants are focusing on development of bio based lubricants. These bio derivatives have several limitations such as oxidative stability and temperature resistance hence companies are investing on R&D activities
• Rise in economic condition has led to better infrastructure and enhanced public transport system in regions such as Brazil, India, and China. Furthermore, investments in personal vehicles by regional consumers is on continuous rise, which is expected to boost growth
• The market has witnessed rapid rise in investments by various multinational companies over the past decade. Several initiatives such as expanding product portfolio and strengthening their supply chain efficiency have broadened their business presence globally, thereby catering to a broader market base
• Some of the key participants operating in the lubricants market are ExxonMobil, Royal Dutch Shell, Chevron Corporation, and Total among others
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