Market Overview :
Lubricants are capable of decreasing heat, wear, and friction when introduced as a film between sold surfaces. They exhibit superior properties such as corrosion protection, smooth functioning of mechanical parts, and demulsibility, which make them suitable for use in a wide application such as construction, marine, industrial, automotive, and others. Moreover, they are used to achieve optimum efficiency, and always ensure that everything from the main engine to secondary equipment runs smoothly irrespective of the work environment.
Some of the prominent factors that positively influence the growth of the lubricants market are rising construction and building activities in developing countries, increasing consumer spending on passenger cars, and growing consumption of bio-based lubricants. Furthermore, growing consumer awareness regarding the harmful effects of synthetic lubricants has shifted the consumer influence towards bio-based lubricants. Hence, increasing consumption of bio-based lubricants is estimated to drive the overall lubricant market over the estimated period. Moreover, increasing population along with increasing building & construction activities are driving the consumption of lubricants, which is predicted to propel the growth of the market.
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The global lubricants market is segmented on the basis of type, application, and region. On the basis of the type, the market is classified as mineral oil, bio-based, and synthetic lubricants. Among these, mineral oil type segmented accounted for the largest market share and is predicted to retain its dominance on account of ease in availability and relatively low cost. The synthetic segment is estimated to register the highest growth due to their advanced properties. Bio-based type segment is predicted to register a healthy growth due to rising environmental concern along with the implementation of stringent regulations on the usage of synthetically derived lubricants in many developed countries. On the basis of the application, the market is categorized into industrial, automotive, marine, construction, and others. Industrial segment is further classified into metalworking fluids, general industrial oils, process oils, and industrial engine oils. Automotive segment is categorized into gear oil, passenger vehicle oils, heavy-duty engine oils, hydraulic & transmission fluids, and others. Among them, automotive accounted for the largest market share and is estimated to retain its dominance on account of rising automotive production and sales across the globe. Increasing per capita disposable income along with growing demand for a personal vehicle is estimated to drive automotive segment.
The Asia Pacific is estimated to be the largest lubricants market followed by Europe and North America on account of increasing demand from numerous end-use industries such as automotive and construction among others. In the Asia Pacific, some of the important factors resulted in the regional market growth are continued economic growth rate, competitive production costs, and ease of availability of raw material. North America is predicted to witness a moderate growth during the assessment period due to growing demand for onshore activities. Emerging economies of Latin America and the Middle East and Africa is estimated to witness above-average growth owing to growing end-use application.
Some of the major players operating in the global lubricants market are Royal Dutch Shell PLC. (the Netherlands), Exxonmobil Corporation (U.S.), Chevron Corporation (U.S.), Total S.A. (France), Sinopec Lubricant Company (China), Petrochina Company Limited (China), BP PLC (UK), JXTG Group (Japan), Idemitsu Kosan Co. Ltd (Japan), FUCHS (Germany), and PETRONAS (Malaysia).