|03-15-2019 04:51 AM CET - Business, Economy, Finances, Banking & Insurance||
What are the Growth Drivers of Lubricants Market? Share and Forecast Analysis by Big Company Players Sinopec, Shell, BP, Total, Chevron, Phillips 66, Valvoline Inc., Quaker Chemical Corporation, LUKOIL, ExxonMobil, Castrol, Petrobras, Petronas, PetroChina
Press release from: Global Market Insights Inc.
The size of lubricants market was anticipated as 37.73 million tons in the year 2014 and is predicted to touch 47.75 million tons till 2022, rising with a CAGR of 2.9% between the years 2015 to 2022 as per the research done by Global Market Insights. Increase in demand in 3D printing along with medical appliances is likely to further fuel up the market.
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Talking about revenue collection, market touched USD 37 billion in the year 2014 and is likely to go beyond USD 74 billion till 2022, with an annual growth rate of 8.5%. The main purpose of lubricants is to reduce friction, thereby avoiding wear and tear in automotive parts like piston, connecting rods and shafts. Exponential growth in industrialization will definitely bring boom to lubricants market trend.
• Growing industrialization in emerging markets
• Favorable prospects for the automotive industry
Industry pitfalls & challenges
• Bio-based lubricants demand
• Regulatory scenario
Global Lubricants Market by Application
o Process oils
o General industrial oils
o Metal working fluids
o Industrial engine oils
o Heavy-duty engine oils
o Hydraulic & transmission fluids
o Gear oil
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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India along with Africa is the budding markets and India is likely to enjoy a huge growth. In 2015, Petronas Lubricants International (PLI) had come up with $50 million blending plant in Maharashtra, India. According to Giuseppe Pedretti, Asia head of PLI, India is a prominent market in Asia region and they are planning to expedite their business in India. This industry is constructed on 25 acre and a production of 110 million liters is expected in a year. The factory is likely to start their business till the end of 2017.
The key industry players involved in the business and contributing towards the growth, development & expansion of the global lubricants market are as follows:
• Chevron Corporation
• ExxonMobil Corporation
• Nippon Oil
• Idemitsu Oil & Gas Corporation Limited
• Sinopec Corporation Limited
• British Petroleum
• Buhmwoo Chemical India Company Limited
• Fuchs Group
• Amsoil Incorporation
• Quaker Chemical Corporation
• Fuchs Petrolub SE/AG
• PetroChina Company Limited
• Lukoil Oil Company
• PetroFer Chemie
• Blaser Swisslube AG
• Zeller + Gmelin Corporation
• BP p.l.c
• Idemitsu Kosan Company Limited
• Royal Dutch Shell Plc
• Total S.A.
Countries like India and China are noticing a significant expansion in sectors like metal forming, mining, machining and plastic industries and the demand of these sectors are likely to increase in near future. Indian market of lubricants is predicted to rise at a faster rate with an anticipated CAGR of beyond 11% between the years 2015 to 2022.
Market size of fluids is likely to rise with a CAGR of 8.6% between the years 2015 to2022. These process oils have a wide utility in technical and chemical sectors for lubrication. Booming demand of chemicals especially in Asia Pacific region is likely to increase the productivity of fluids.
Browse key industry insights from the report, “Lubricants Market” in detail along with the table of contents:
Prominent oil and gas industries like Shell, Sinopec, British Petroleum and Idemitsu are integrated lubricant producers which focus on adequate supply of raw material for steady manufacturing of oils. With integrations, it becomes easier for these companies to expand their business. Most of the manufacturers have a contract with oil and gas industries for efficient supply of raw material. Depletion in crude oil extraction has resulted in crisis of raw material and hence, many companies are emphasizing on refining techniques for uninterrupted raw material supply.
About Global Market Insights:
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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