Press release
Lubricants Market is Estimated to Expand at a CAGR of 1.72% from 2021 to 2031
According to the research report, the global lubricants market is primarily fueled by the growing automotives market. Lubricants refer to substances that are used for reducing friction between moving surfaces, thereby ensuring a smoother mechanical performance.
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The market for bio-based lubricants is witnessing robust growth due to government support that promotes the consumption of bio-based lubricants, which help in reducing the emission of greenhouse gases. Water separation characteristics, viscosity index, low volatility, thermal and oxidation stability, anti-corrosion, and low carbon formation are the different parameters in terms of which lubricants vary.
Some of the main contributors to the global lubricants market are heat transfer fluids, turbine oil, bearing oil, hydraulic oil, re-refined base oils and lubricants, compressor oil, nanomaterials-based lubrication, and gear oil.
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Turbine oil possesses excellent water separating properties and is a high-quality mineral oil. Due to these factors, turbine oil is mainly used in gas turbine lubrication for effective resistance from corrosion and oxidation. Hydraulic oil lubricant is mostly applied in marine applications, industrial machinery, aircraft, construction equipment, and automotives.
Lubricants Market: Prominent Regions
From the regional perspective, this research study has classified the global lubricants market into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Owing to high demand for lubricants from countries such as India and China, the maximum share of the global lubricants market is held by Asia Pacific.
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Other factors that drive the Asia Pacific lubricants market are rapid industrialization and growth in the sales of automobiles in the region. The Europe lubricants market is currently witnessing sluggish growth, as it has already reached a certain point of saturation. At present, the global lubricants market is primarily fueled by demand from emerging economies witnessing rapid industrialization such as Ukraine and Russia.
Lubricants Market: Key Players
Key market participants operating in the global lubricants market include The Lubrizol Corporation, China Petroleum & Chemical Corporation (Sinopec), Royal Dutch Shell plc, OAO Lukoil, InterOil Corporation, Hindustan Petroleum Corporation Limited, and Exxon Mobil Corporation (XOM).
Global lubricants Market: Segmentation
Lubricants Market, by Product
Mineral Lubricants
Synthetic Lubricants
Bio-based Lubricants
Lubricants Market, by Technology Trend
Turbine Oil Lubrication
Compressor Oil Lubrication
Gear Oil Lubrication
Hydraulic Oil Lubrication
Fire Resistant Hydraulic Fluid
Nuclear Resistant Lubricant
Bearing Oil Lubrication
Heat Transfer Fluid
Re-refined Base Oils And Lubricants
Nanomaterials-based Lubrication
Other Emerging Fields
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Lubricants Market, by Region
Europe
North America
Asia Pacific
Latin America
Middle East & Africa
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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Rohit Bhisey
Transparency Market Research Inc.
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