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Sinopec, LUKOIL, Petrobras, Petronas, Quaker Chemical Corporation | Global Lubricants Market to reach US$ 75 bn, ExxonMobil, Shell, British Petroleum, Total, Chevron, Phillips 66, Valvoline Inc., Castrol
Global Market Insights, Inc.
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Increasing automotive sales should influence lubricant market industry growth positively during the foreseeable timeframe. Lubricants are used to reduce wear and tear of engines, shaft, rods and piston. The motor vehicle aftermarket is expected to show the largest share in global lubricant market.
Growing investment towards exploration and production of conventional and unconventional resources may result the oil field chemicals demand which will stimulate the lubricants market share. Positive outlook towards manufacturing sector including 3D printing and medical equipment will further complement the business landscape.
Shift from conventional to bio-based fuels owing to rising concern towards toxic nature may favor the lubricants market growth. Regulatory bodies including ECHA and REACH has introduced various regulation towards recyclability, toxicity and bioaccumulation which may hinder the industry growth.
Industrial application accounted for over 35% of global lubricants market volume share in 2014 and should witness significant growth over forecast period. Growing demand for industrial products along with capacity expansion in various industry including machinery, mining and metal forming will propel lubricants market share over forecast timeframe.
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Global Lubricants Market by Application
• Industrial
o Process oils
o General industrial oils
o Metal working fluids
o Industrial engine oils
• Automotive
o Heavy-duty engine oils
o Hydraulic & transmission fluids
o Gear oil
o Grease
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Asia pacific lubricants market is anticipated to grow at the highest rate of over 11% during forecast timeframe owing to increasing demand for automobiles and machinery maintenance industry. China and India leads the race with capability expansion in mining, plastics and metal forming industry. India is a major exporter for lubricants to other nations due to its high refining capacity.
Europe led by Germany, Spain and Italy should consume over 9 million tons of lubricants by 2022. This increase in demand can be attributed to rising automotive industry and stringent environment protection acts from automotive industry should drive regional industry growth.
The key players include are Chevron, Shell, Sinopec, Castrol, BP, PetroChina, ExxonMobil, Nippon Oil whereas, ExxonMobil, BP, Shell and Chevron contributed over 40% of global lubricants market share in 2015. Majority industry players are tied up with upstream companies to ensure uninterrupted supply of feedstock.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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