Gurugram, India, May 15, 2023 (GLOBE NEWSWIRE) — Global lubricants market is concentrated among the top 10 players. Major companies have been using competitive strategies and investments to retain and expand their stock. Players compete based on geographies covered, brand awareness, retention rate and product price. The major companies that dominate the global lubricants market for their products, services and continuous product developments are Exxon Mobil Corporation, Chevron Corporation, BP plc, Shell plc and Total Energies, among others.
1. “High expectations of the industrial sector:” Will it be leading the growth of the market in the coming years?
With the rising cost of feeding industrial activities, the industrial sector is making an effort to reduce energy consumption and energy costs. Engine parts that are not properly lubricated are more prone to friction and ultimately damage, which means they use more fuel, resulting in more pollution. The global industrial lubricants market recorded a demand generation of ~15,000 kilotons in 2015 and is expected to grow to ~20,000 kilotons by 2024. A good quality product helps reduce damage by reducing friction and improving the efficiency of the machine Rapid industrialization is expected to drive growth in the coming years.
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2. “Synthetic lubricants become a priority:” Growing demand for synthetic lubricants, especially in Europe, is expected to help the global market grow
The global demand for synthetic lubricants has been increasing and has picked up pace due to the growing awareness about alternatives to mineral oil lubricants. In addition, synthetic varieties have grown in popularity due to their better efficiency than natural mineral oil. They have largely begun to replace natural mineral oil as the preferred choice in various sectors that demand high levels of consistency. In addition, the segment is expected to register strong growth in the coming years, especially in Europe, where strict regulations on CO2 emissions have been implemented, thus serving as a catalyst for the market. Additionally, increased investment in synthetic lubricant blending plants in Russia and the Netherlands is also driving the market in Europe. The United States is another region where demand for synthetic lubricants is at an all-time high.
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Taxonomy of the market
By Application Type
- industrial
- automotive
- others
By type of lubricant (industrial lubricant)
- engine oil
- Turbine oil
- Hydraulic oil
- Compressor oil
- Transformer oil
- fats
- Industrial gear oil
- Fluids for working with metals
- others
By grade (industrial oil)
- Mineral oil
- Semi-synthetic oil
- synthetic oil
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By type of end use (industrial)
- Energy generation
- Construction and mining
- Transportation
- Metal production
- General manufacturing
- Food industry
- commercial
- others
For lubricant end use (automotive)
- Commercial Vehicle
- Passenger car
- motorcycle
- marine
- Others (aviation, railway)
By type (automotive)
- Passenger car engine oil
- Heavy duty diesel engine oil
- Hydraulic oil
- Gear oil
- fats
By degree (automotive)
- Mineral oil
- synthetic oil
- Semi-synthetic oil
By Geography
- Asia Pacific
- europe
- Latin America
- Africa
- Middle East
- North America
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Global lubricants market
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Nigeria Lubricants Market Outlook 2027F: Driven by Expanding Wind Power Sector Demand and Growing Demand for High Performance Lubricants
The future outlook for the lubricants industry is positive because as crude oil prices increase, Nigeria’s economy is expected to grow at a faster rate and hence the purchasing power of the people increase in the coming years. This would also boost Nigeria’s demand for synthetic lubricants, especially for modern cars. The market is expected to gravitate towards synthetic, specialty and better quality lubricants with increased end-user awareness of the importance of lubricant drains. This can be attributed primarily to pending government emissions legislation, improved engine technology and manufacturers’ requirements for fuel efficiency equipment. The grease market, which was previously dominated by sodium-based products, is gradually evolving to lithium-based greases in Nigeria.
Mexico lubricants market outlook to 2027F- Segmented by origin (mineral, synthetic and semi-synthetic), by lubricant type (automotive and industrial), by automotive lubricants (by product type, by end-users and by distribution channels distribution) and for industrial lubricants
Mexico’s lubricants market is expected to show significant growth, contributing MXN ~ Bn by 2027F with rising oil and gas exports and rising infrastructure projects. The growth rate is expected to increase during the period with the rise of more substitutes in the market along with government incentives and policies. The industry is expected to increase as a result of increased demand from the automotive sector as well as expanding end-user industries such as metallurgy, construction, manufacturing and plastics . The need for lubricants is also expected to increase in the future due to the adoption of better quality synthetic and semi-synthetic lubricants. The lubricants industry is expected to increase spending on R&D, marketing and strategic alliances and partnerships with other participants, OEMs and auto insurance in order to improve market penetration.
Oman Lubricants Market Outlook to 2027F: By Automotive Lubricant Type (Heavy Duty Diesel Engine Oil/Motorcycle Oil/Passenger Vehicle Engine Oil/Grease); By type of industrial lubricant (process oil / hydraulic oil / gear oil / grease); by end users and distribution channels
According to estimates by Ken Research, the lubricants market in Oman, which grew from approximately USD ~ billion in 2017 to approximately USD ~ billion in 2022, is projected to grow further in an opportunity of ~ billion dollars by 2027F, due to favorable government initiatives, increase in exports. of oil and gas and infrastructure projects on the rise. The market is expected to witness an increase in the consumption of lubricants due to rapid growth in industrialization and infrastructural developments, increased private and government investments; profitable manufacturing operations. The upstream sector has dominated the oil and gas market in Oman in recent years and is expected to continue to do so during the forecast period as well.
Australia Lubricant Market Outlook to 2027F- By Automotive Lubricant Type (Heavy Duty Diesel Engine Oil/Motorcycle Oil/Passenger Vehicle Engine Oil/Grease); By type of industrial lubricant (process oil / hydraulic oil / gear oil / grease); by type of end user, by type of distribution channel
According to Ken Research estimates, Australia’s lubricants market is growing at a steady pace with a CAGR of ~% due to the country’s high oil imports. The strong delivery network accompanied by authorized dealers to reach customers both online and offline led to an increase in overall lubricant sales in Australia. Rising manufacturing, scaling up construction, automotive, and marine industries are the major growth drivers for the lubricants market in Australia.
Philippines Lubricants Market Outlook to 2026F: Driven by Growth in Crude Oil Imports and Rising Commercial Vehicle Sales in the Country
According to Ken Research estimates, the lubricants market in the Philippines is growing at a steady pace with a CAGR of 9.4% due to the country’s high oil imports. The strong delivery network accompanied by authorized dealers to reach customers both online and offline led to an increase in overall lubricant sales in the Philippines. Rising manufacturing, scaling up construction, automotive, and marine industries are the major growth drivers of the Philippines lubricants market. Biolubricants and lubricants with reduced fuel consumption are the main trends among end users in the Philippine lubricants market.
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