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Global US$190.94 billion Growth of Lubricants Market 2018: Royal Dutch Shell, Exxon Mobil Corporation, Total, LUKOIL, Chevron Corporation and More
Press release from: Data Bridge Market Research
Global lubricants market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of lubricants market for global, Europe, North America, Asia Pacific and South America.
The Global Lubricants Market is expected to reach USD 190.94 billion by 2025, from USD 159.18 million in 2017, growing at a CAGR of 2.3% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2015 & 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Market Definition: Global Lubricants Market
This market report defines the market trends and forecast the upcoming opportunities and threats of the lubricants market in the next 8 years. Lubricant is an organic substance which reduces friction between the two surfaces in mutual contact. The functions of lubricant involve transmitting forces, transporting foreign particle and heating or cooling the surfaces. Lubricants are also used in ultrasound examination, medical examination etc. Lubricant has many applications in automobile sector.
As per article published by shell industry; India’s 55 per cent of lubricants are consumed by the automobile sector and the rest is being used by industrial and marine industries. One of the major drivers for the growth of lubricant market is strong demand from power generation, and higher investment in infrastructure division. As per article published by Gulf Oil Lubricant, there is 55% rise in Q3 net profit.and35 % growth in terms of volumes for motorcycle engine oil. As there is demand of gulf oil lubricant, it will increase demand of lubricant market in future.
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Major Market Drivers and Restraints:
• Growing automotive industry in Asia-pacific.
• Increased in massive industrial growth in Asia-pacific and Africa
• Increased consumer awareness coupled with stringent government regulations.
• High price of synthetic and bio-based lubricants
• Increasing popularity of hybrid electric vehicles expected to lead to decline in demand for lubricants.
• The global lubricants market is segmented based on type, application, and geographical segments.
• Based on type, the global lubricants market is segmented into mineral oil, synthetic lubricants, bio-based, and greases.
• On the basis of application, the global lubricants market segmented into transportation, industrial machinery & equipment and others.
• Based on geography, the global lubricants market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others.
Major Market Competitors/Players: Global Lubricants Market
Some of the major players operating in the global lubricants market are
Royal Dutch Shell Plc., Exxon Mobil Corporation, PetroChina Company Limited, China Petrochemical Corporation, Total, LUKOIL, BP p.l.c., Chevron Corporation., FUCHS 2018, Idemitsu Kosan Co., Ltd.. Aqua, among others.
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