Industry Insights
The ASEAN, G.C.C., Africa, and India lubricant market is on a steady rise and is anticipated to maintain its growth momentum throughout the forecast period. This growth is predominantly fueled by various industries such as chemicals, metals, energy, and manufacturing sectors, which continually rely on these lubricants for their operations.
These different industry segments collectively contributed to a substantial market worth of $22,940.1 million in 2017. Looking ahead, this market is projected to surge at a steady annual growth rate of 4.30%, poised to reach an estimated value of $29,532.9 million by the end of 2023. Notably, the energy and chemical manufacturing segments stand out as the primary drivers, expected to expand at impressive CAGR rates of 5.62% and 4.64%, respectively, every year.
Furthermore, within this landscape, bio-lubricants are emerging as the frontrunners in terms of growth potential. This segment is forecasted to exhibit the most rapid growth, clocking in at an impressive CAGR of 5.25% during the evaluation period from 2017 to 2023. The continuous surge in research and development efforts dedicated to enhancing bio-based lubricants, combined with the increasing usage of raw materials like soybean and palm oil, is set to open up numerous avenues for the growth of these bio-lubricants.
Expanding on this, bio-lubricants are gaining ground owing to their eco-friendly nature and the ongoing efforts to enhance their efficiency. Researchers are persistently exploring ways to improve these bio-based alternatives to traditional lubricants. This research not only aims to make these lubricants more effective but also to optimize the use of raw materials derived from soybean and palm oil, making them more accessible and cost-effective. These advancements create a favorable environment for the growth of bio-lubricants and offer promising prospects for this segment in the lubricant market.
Moreover, the increasing awareness and emphasis on sustainability have been instrumental in driving the shift towards bio-lubricants. Industries are becoming more conscious of their environmental impact and are actively seeking greener alternatives. This growing inclination towards environmentally friendly solutions has significantly contributed to the surging demand for bio-lubricants across various sectors.
In addition to the promising prospects of bio-lubricants, the robust growth of the energy and chemical manufacturing sectors plays a pivotal role in propelling the overall lubricant market forward. These industries, being the major consumers of lubricants, are driving the market dynamics due to their incessant need for these products in their day-to-day operations.
Furthermore, the escalating R&D endeavors focused on bio-lubricants highlight the industry's commitment to innovation. Researchers and manufacturers are continuously striving to improve the properties and performance of bio-based lubricants. This commitment to innovation not only ensures enhanced product efficiency but also expands the range of applications for bio-lubricants across diverse industries.
The escalating demand for bio-lubricants, attributed to their environmentally friendly nature and technological advancements, is poised to drive substantial growth in the lubricant market. This trend underscores a transformative shift towards sustainable solutions, reflecting a positive outlook for the market's future.
Overall, the lubricant market in the ASEAN, G.C.C., Africa, and India is witnessing steady growth, propelled by diverse industry segments and the burgeoning demand for bio-lubricants. This growth trajectory signifies a promising landscape characterized by evolving technological advancements and a rising focus on sustainability, shaping the future dynamics of the lubricant market.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | New product launches and R&D Amongst major key Players |
The ASEAN, GCC, India, Africa lubricants market is anticipated to touch USD 32,633.9 million by 2030, as per an insightful report by Market Research Future (MRFR). It is expected to exhibit a 4.40% CAGR during the assessment period (2021-2030). Increasing demand for lubricants from the automotive sector in the Association of Southeast Asian Nations (ASEAN) and South Africa regions is expected to drive market growth over the forecast period. Expansion of various industries is likely to induce demand for lubricants for the smooth functioning of machinery.
Lubricants are liquids designed to reduce the wear and tear of various parts during runtime. It can ensure smooth functioning of machines at peak speeds with reliability and efficiency. These lubricants cater to needs of automotive and industrial sectors. Investments by players from India and Africa to acquire oilfields to lower crude prices can facilitate market growth. Increasing demand for agricultural equipment in Africa can open up growth opportunities for the market.
Rising environmental concerns regarding the disposal and recycling of lubricants can act as a growth deterrent for the market. Prevalence of electric vehicles is another looming threat which can negatively affect the market.
Report Overview
This report allows the user to gain a deeper understanding of the ongoing events and trends in the ASEAN, GCC, India, Africa market for lubricants. By correlating the historical data with key market dynamics, our analysts were able to make highly accurate projections in the report. MRFR’s report includes a thorough segmental analysis of the ASEAN, GCC, India, Africa lubricants market segmented by base oil, application, end-user, and region with astute insights. This report has been prepared to assist industry participants in making informed decisions on growth strategies and operation management. Users will also come across drivers, trends, opportunities, and restraints which are likely to influence the growth of the market during the assessment period.
Segment Overview
By base oil, the ASEAN, GCC, India, Africa lubricants market has been segmented into mineral oil, synthetic oil, and bio-based oil. Â The mineral oil segment valuation is anticipated to touch USD 25,417.2 million by 2023. The role of mineral oil as a coolant in insulators and transformers can act as a catalyst to segment growth. This segment can display a 4.20% CAGR over the forecast period. The bio-based oil segment valuation can reach USD 953.1 million by 2023.
By application, the market is segmented into automotive and industrial. The former is sub-segmented into engine oil, gear oil, transmission fluids, coolants, break oil, and greases. The latter is similarly segmented into greases, compressor oil, general industrial oil, process oil, turbine oil, hydraulic oil, industrial engine oil, metalworking fluids, and others. The automotive application segment is touted to grow at a robust CAGR of 4.35% during the forecast period. Rise in trading, sales of motor vehicles, and increase in expendable income levels of consumers are factors likely to augur segment growth over the forecast period.
By end-user, the market is segmented into food processing, construction and mining, metal production, cement production, textile, general industrial manufacturing, chemical manufacturing, and energy. The energy segment accounted for 24.2% share of the market. It can reach a projected valuation of USD 7,277.9 million by 2023 by growing at a 4.64% CAGR over the forecast period.
The segments and sub-segments covered in the report are analyzed under four major regions – ASEAN, Gulf Cooperation Council (GCC), India, and Africa, with respective country-level market sizing. For the scope of research, the standard definition of the product/service “lubricant” is included in the report. The report discusses and interprets the current and future opportunities of the industry by delivering an unbiased growth assessment.
Players Covered
PetroChina Company Ltd., Morris Lubricants, Indian Oil Corporation Limited, Calumet Specialty Products Partners, L.P, Quaker Chemical Corporation, AMSOIL INC., Valvoline, Inc., Sinopec Corporation, Lucas Oil Products, Inc., Phillips 66 Company, Yushiro Chemical Industry, Chevron Corporation, BP Plc, Exxon Mobil Corporation, Lukoil, Petronas, Clariant, Fuchs Petrolub SE, Rock Valley Oil and Chemical Co., Gulf Oil India, Royal Dutch Shell Plc, Total S.A., and others are noteworthy players in the ASEAN, GCC, India, Africa lubricants market. Players in the market are focusing on strengthening their supply chain by acquiring oilfields and expanding their product offerings to cater to demands from various industrial sectors.
The report offers comprehensive profiles on these market players and assesses their current standing in the ASEAN, GCC, India, Africa lubricants market. Company history coupled with annual turnover, segmental share, SWOT analysis, growth strategies, new product launches, mergers and acquisitions (M&A) activities, and latest R&D initiatives are outlined in the report.
Research Methodology
Market Research Future (MRFR) uses a combination of primary and secondary research to compile market reports. Primary data is accumulated from interviewing industry stalwarts and secondary research is collated by studying white papers and annual reports of leading players. Our analysts use top-down and bottom-up approaches to validate the findings of the report. The report comprises news, current trends, and future prospects related to the market, all of which can provide a thorough understanding of the market to clients. Industry leaders can make accurate business decisions based on our insights.
Analysis Period
Intended Audience
For the scope of research, the report offers a comprehensive analysis of the ASEAN, GCC, India, Africa lubricants market.
Base Oil
Application
End-user
Region
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)