April 18, 2017, Tampa, Florida – Global lubricants market is expected to reach USD 180.4 billion by 2024, according to a new research study published by Ameri Research. Expansion of manufacturing sector in countries such as China, India, Brazil, Thailand, and South Africa is anticipated to boost industry growth in the coming years. Increasing application scope of industrial greases in mining activities is another key factor projected to uplift market growth.
Rising automotive production coupled with strong demand for high-performance products in emerging economies is anticipated to drive market growth. Countries including India, Mexico, and Thailand have marked their presence among top 15 automobile producing countries. Rising per capita disposable income coupled with better transport infrastructure is expected to drive lubricants demand in marine and automotive applications. Escalating defense budgets in the U.S. and UK is set to drive demand in relatively mature markets.
Synthetic lubricants accounted for over 20% of the overall market revenue in 2016 and are expected to grow at a steady CAGR of over 3% from 2017 to 2024. Stringent government regulations coupled with increasing awareness among consumers is driving the sale of synthetic lubricants across the globe.
Click the link below to view the report description: https://www.ameriresearch.com/product/lubricants-market-outlook-2024
Key findings from the study:-
- Transportation segment was the leading application segment and is expected to continue its dominance over the forecast period. Strong demand for lightweight passenger vehicles coupled with marine infrastructure development is anticipated to fuel application segment growth.
- North America lubricants market is expected to witness a CAGR of 2.6% from 2017 to 2024. The regional market is characterizedby thepresence of multi-national brands offering advanced and high-performance products. Increasing automobile production in Canada is set positively influence industry growth.
- Deregulation of petrol and diesel prices in India in 2015 attracted number of industry participants such as Malaysia’s Petronas and Spain’s Repsol. Strong economic growth of the country along with emerging middle class has resulted in robust growth of automotive industry.
- Key players operating in the global lubricants market include Chevron Corporation, Fuchs Lubricants, Lukoil, ExxonMobil Corp., Valvoline, Kluber Corporation, The Lubrizol Corporation, Total S.A., Pennzoil, BP PLC, SINOPEC, Idemitsu Kosan Co. Ltd., PetroChina, Pennzoil, Royal Dutch Shell PLC.
- Evolving emission standards, better engine technologies, and strict government regulations have compelled manufacturers to focus on thedevelopment of bio-based lubricants in order to reduce carbon footprints.
Market Segmentation
- Lubricants Market by Type (Volume, Kilo Tons; Revenue, USD Million)
- Synthetic Lubricants
- Mineral Oils
- Greases
- Bio-Based
- Lubricants Market by Application (Volume, Kilo Tons; Revenue, USD Million)
- Industrial
- Process Oils
- General Oils
- Metalworking Fluids
- Engine Oils
- Others
- Transportation
- By Mode
- Commercial Automotive
- Consumer Automotive
- Aviation
- Marine
- By Product
- Engine Oils
- Hydraulic & Transmission Fluid
- Automatic Transmission Fluid
- Gear Oil
- Lubricants Market by Region (Volume, Kilo Tons; Revenue, USD Million)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Turkey
- Asia Pacific
- China
- India
- Japan
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Colombia
- Middle East & Africa (MEA)
- Saudi Arabia
- UAE
- Iran
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