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Increased demand for high performance engines leading the lubricant industry to evolve and grow

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Increased demand for high performance engines leading the lubricant industry to evolve and grow

November 06
22:55 2020
Increased demand for high performance engines leading the lubricant industry to evolve and grow

Browse 399 market data Tables and 56 Figures spread through 324 Pages and in-depth TOC on “Lubricants Market”
Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Engine Oil, Hydraulic Fluid, Metalworking Fluid), Application (Transportation and Industrial lubricants), Region

The global lubricants market size is projected to reach USD 182.6 billion by 2025, at a CAGR of 3.0% from USD 157.6 billion in 2020. Lubricants are defined as various compounds like fluids, oils, and greases. Lubrication is an essential process for industrial processes, which helps to reduce the friction between moving parts or surfaces to enhance the efficiency of machines. Lubricants are manufactured using base oil, which is categorized as mineral oil, synthetic oil, and bio-based oil. Mineral oil and synthetic oil are sourced from petroleum crude, and bio-based oils are sourced from vegetable oil. The major factor that is driving the lubricants market is massive industrialization, the increasing disposable income & rapid urbanization in emerging countries.

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Since the first commercial car was developed by Ford in the early 20th century, the design of internal combustion engines has evolved significantly. The internal elements of the engine are now exposed to much more tension and heat due to engine improvement. This also has led to very high RPM engines which require better quality engine oil. Apart from this, the transmission system inside a vehicle has also improved with vehicle reaching up to 150 miles per hour. The gear system and bearing technology have also improved. All these improvements and evolution necessitates better lubricants. This has led the lubricants to evolve and expand.

Mineral oil was the largest segment in the global lubricants market in 2019.

Mineral oil was the largest segment in the lubricants industry, in terms of both value and volume, in 2019. Mineral oil-based lubricants are available in light and heavy grades, depending on the usage and requirement. They are produced via petroleum refineries in large quantities because of its high usage in various sectors, such as construction, metal & mining, and cement production, among others.

The engine oil segment accounts for the largest share of the lubricants industry in 2019.

The engine oil segment accounted for the largest share of the lubricants market in 2019, in terms of both volume and value. Engine oil is used mainly in ICEs, where its primary function includes lubrication and heat removal in the automobile and equipment engine. Engines are the most widely used machines, majorly used in vehicles and transport vessels. These engines form the basis of a vehicle function. It is the most common type of fluid being used in the industry.

Transportation accounts for the largest share of the lubricants industry in 2019.

Transportation accounted for the largest share of the lubricants market in 2019, in terms of both volume and value. This is due to the rise in vehicle count both in commercial and passenger segments, influenced by the increasing spending power in the developing nations. The growing emphasis on optimized supply chain and logistics will also have a positive impact on this market.

APAC led the lubricants market in 2019, in terms of both volume and value. The increasing population, the rising expenditure in the industrial sector, and the growing vehicle count in emerging markets of China, India, and ASEAN are some of the major factors projected to drive the demand for lubricants in the region. This increased demand is expected to consequently drive the growth of the lubricants market in the region. Furthermore, improved lifestyle, an increase in employment rate, a rise in disposable income of the people, and an increase in foreign investments in various sectors of the economy are some of the factors that make APAC an attractive market for lubricants manufacturers.

The key market players profiled in the report include Royal Dutch Shell Plc. (Netherlands), ExxonMobil Corporation (U.S.), Chevron Corporation (U.S.), BP p.l.c. (U.K.), Total S.A. (France), Petrochina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co. Ltd (Japan), among others.

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