The lubricants market size is expected to reach USD 166.25 billion by 2025 with a CAGR of 3.8%. Lubricants imply substances used to reduce or control friction as well as wearing of surfaces coming in contact with dissimilar bodies in relative motion. They can be classified into solid, liquid, gaseous, and semi-liquid, based on state. These high-performance constituents are extensively used in numerous end-use industries such as corrosion inhibitors, anti-wear additives, friction modifiers, extreme pressure (EP) additives and viscosity index improvers. In addition, the continuous revolution in the automotive manufacturing, such as launching of innovative rubber products that decrease harmful influence of waste landfills on the environment is anticipated to drive the demand in the years to come.
Also, the rapid development of several manufacturing business in developing countries is one of the factors may propel the overall market growth in the years to come. On the other hand, the factor such as growing shift towards high drain intermission lubricants such as synthetic lubricants. The usage of synthetic lubricants raises the drain out time and as a result the lubricants consumption declines, hereafter the complete lubricants shrinks. Furthermore, high cost of bio-based and synthetic lubricants reduces its consumption, which in turn is likely to affect the demand of the market. The growing acceptance of hybrid electric vehicles could hamper the development of the market in the forecast period.
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Lubricants Market may be explored by type, applications, and geography. Market may be explored by type as Synthetic Lubricants, Mineral Oil Lubricants, Bio-based Lubricants, and Greases. Mineral oil lubricants segment is dominating the segment type due to its easy availability and cost-effectiveness. Although, growing strict government regulations and rising awareness among consumers are estimated to foster the market growth in the forecast period. Furthermore, Greases owing to its high usage in numerous manufacturing businesses recorded the highest CAGR during the forecast period.
Lubricants Market may be explored by Applications as Industrial, (Process oils, General industrial oils, Metalworking fluids, Industrial engine oils, Greases, Others), Automotive, (Engine oils, Gear oils, Transmission fluids, Brake fluids, Coolants, Greases), Marine, (Engine oil, Hydraulic oil, Gear oil, Turbine oil, Greases, Others), and Aerospace, (Gas turbine oils, Piston engine oils, Hydraulic fluids, Others). Automotive sector of lubricant is the dominant application of the market in 2016, covering 56.0% of the market share by volume. This is due to rapid increase in the demand for consumer vehicles as well commercial across numerous developing countries, comprising India and China.
Asia-Pacific has been at the forefront about Lubricant Market and will continue to dominate in the years to come. The Asia-Pacific region registered a robust growth for the Lubricants in 2016. This region accounted for 43.0% of the ******-volume. The region is estimated to continue to be a foremost user over the forthcoming period due to substantial increase in the demand from significant end-use businesses across China, India, Thailand and Indonesia. These developing countries have observed a robust financial progress in recent years and show ample chances for development.
The strict government regulations in Europe and U.S. is projected to drive the market growth across these regions. In diverse applications, the innovative products are likely to gain a higher demand in the forthcoming period and will have an optimistic impact on the development over the upcoming period. Moreover, severe rules pertaining to waste disposal are projected to initiate innovation in the rubber sector, consequently profiting the business.
Some of the key players that fuel the growth of the Lubricants Industry include Exxon Mobil Corporation, Idemitsu Kosan Co., Ltd., Royal Dutch Shell Plc., Sinopec Limited, Petrochina Company Limited, Total S.A., Lukoil, BP Plc., Fuchs Petrolub AG, Chevron Corporation, and others. The key players are focusing on inorganic growth to sustain themselves amidst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
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