Ongoing expansion of refineries coupled with the rising establishment of power generation system across developing countries will stimulate the global lubricants industry
The global lubricants market size is expected to expand over USD 21 billion by 2025. Lubricant is employed between the surfaces to reduce the friction when they come in contact with each other. It exhibits anti-wear and antifoaming properties, which in turn has contributed to its application across a wide range of industries including mining, agriculture, automotive, and manufacturing. Over the years, the consistent growth across these industries have upheld the product demand.
Rising power generation capacity across emerging nations which utilize heavy machinery including turbines, generators has significantly contributed in the product demand. Ongoing growth across the aircraft industry to develop a high performance engine is complementing the industry landscape. Furthermore, ongoing boost across automobile industry and chemical industry will further proliferate the business landscape in the coming years.
The report also throws light on various aspects of the global lubricants industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the Lubricants industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The lubricants market holds a strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
The lubricants market is categorized into heavy equipment, power generation, food & beverages, automotive, chemical, metallurgy, and others on the basis of application. The automotive segment is expected to expand at a growth rate of around 3% over the forecast period on account of its rising adoption. The shifting focus toward high performance vehicle is expected to catapult the segment growth over the forecast timeframe.
North America is expected to gain significant growth in the coming years. The region is characterized by escalated demand from end-user industries including healthcare, textiles, packaging, and household, which is contributing in the product demand. Furthermore, rising awareness to limit the negative impact on the environment along with the growing adoption of bio-fuels to run machinery will drive the industry share over the forecast timeline.
The major players operating across the global Lubricants market include ExxonMobil, Royal Dutch Shell, Chevron Corporation, BP PLC, Total S.A., Idemitsu Kosan Co. Ltd., Petrochina Company Limited, and Fuchs Petrolub AG, including others. The industry for lubricants is integrated with the participation of established global players across the globe. In addition, these companies are focusing on expanding their footprint through implementation of inorganic as well as organic strategies which in turn is proliferating the business outlook.
Segment overview of Lubricants market
- Base Oil Overview, 2018-2025, (USD Billion and kilotons)
- Mineral Oil
- Bio-Based Oil
- Synthetic Oil
- Product Type Overview, 2018-2025, (USD Billion and kilotons)
- Hydraulic Fluid
- Metalworking Fluid
- Engine Oil
- Process Oil
- Gear Oil
- End-Use Industry Overview, 2018-2025, (USD Billion and kilotons)
- Heavy Equipment
- Power Generation
- Food & Beverages
- Regional Overview, 2018-2025, (USD Billion and kilotons)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- North America