Trends which are likely to fuel the lubricants market growth | Companies like ExxonMobil, Shell, British Petroleum, Total, Chevron, Fuchs Group, Pennzoil, Amsoil

Using lubricants leads to better fuel consumption, which is crucial at a time when light commercial vehicles are expected to be equipped with this feature. Increased product deployment in the automotive sector is likely to set trend in the lubricants market. Given that lubricants bolster durability and corrosion resistance, they are highly being preferred in automotive industry.

Some of the factors such as material compatibility and lifetime lubrication are driving the growth of lubricants among end-users. Lubricants are designed to secure contacting surfaces by ensuring the provision of a high strength lubricating film that ensures compatibility with engineering plastics and also possesses tremendous noise dampening attributes.

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With lubricants being used as a substance to reduce heat, friction and wear and boost the life of the motor engines, machinery and boxes, lubricants market is likely to witness a steady rise.

Profound use of lubricants for industrial and automotive sectors offers an unravelling opportunity for stakeholders eyeing to bolster their product portfolios.

Stakeholders see the opportunity in lubricants which can enable lowest amount of degradation to the parts and subsequently bolster engine life. Further, use of quality auto lubricants allowing the vehicle to increase fuel efficiency and performance has instilled confidence among stakeholders.
With global push to enhance efficiency as part of efforts to clean up air and reduce greenhouse gas emissions, upgrades in both the automotive and industrial sectors are likely to provide opportunities for lubricants market to come up with the sophisticated formulations.

With the global attention being focused on combating the COVID-19 pandemic and reducing the impact on the economy and curbing emissions, there lie opportunities and challenges abound for stakeholders.

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To put things in perspective, emission limits and fuel economy requirements in automotive sector are fueling new vehicle sales and providing opportunities for manufacturers to expand the production of lubricants. Even though the pandemic has derailed the growth of automotive sector, countries such as China are expected to rebound and bolster APAC lubricants market.

Endorsing a massive application spectrum, the global lubricants market is touted to soar high in the business landscape during 2015-2022. Apparently, the product is being extensively used across the automotive sector to ensure efficient functioning of the automobiles. An automotive lubricant is applied to reduce the friction between surfaces in mutual contact in an effort to lower the heat generated when the surfaces are in motion.
Moreover, surging automobile sales and rapid urbanization in various emerging economies across the globe have added to the growth of lubricants market. As a matter of fact, numerous reports have made claims that 2018 recorded outstanding sales of nearly 47 million vehicles in Asia Pacific, providing a thrust to the lubricants market across the region.

Considering the demand for lubricants across the region, various lubricant giants have made initiatives to extend their services in the burgeoning lubricant capital, APAC, to gain a competitive edge in the longer run. A vital instance testifying the aforementioned statement is provided by ExxonMobil’s strategy to set up lubes blending plant in the states of India.
One of the leading oil and gas companies, ExxonMobil, has considered its plans of establishing a lube blending plant in auto major, India, on the grounds of reducing the energy demands by 25 per cent over the next 20 years. This move would further bolster the company’s stance in the global market along with aiding the lubricants market expansion in APAC.

In line with this, the increase in automobile sales and declining sales tax in China would catalyze the market growth in the region, which once held a valuation of USD 6 billion, in 2014.
Apart from the ever expanding automotive industry, the mounting investments in exploration and production of unconventional and conventional resources have produced a considerable surge in the oil field chemicals demand, thereby stimulating the lubricants market share over the forecast period. What else has defined the growth of worldwide lubricants market is a positive outlook towards the manufacturing sector which encompasses an all new gamut of 3D printing and medic

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