Press release
North America Lubricants Market Demand and Forecast by 2031
The global lubricants market was valued at US$ 142.7 Bn in 2021
It is estimated to grow at a CAGR of 2.9% from 2022 to 2031
The global lubricants market is expected to reach US$ 184.5 Bn by the end of 2031
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Analysts' Viewpoint on Lubricants Market Scenario
Lubricants play a major role in improving the energy-efficiency of automotive and industrial machinery. Lubricants are utilized to improve the performance and extend the operational life of internal combustion engines, gearboxes, compressors, motors, winches, and various machinery on ocean-going vessels. Uses of lubricants in the automotive and marine industries are increasing. A shift toward stringent emission norms and better fuel economy is estimated to propel the demand for better quality lubricant oil. This, in turn, is projected to fuel the demand for synthetic as well as semi-synthetic lubricants. Therefore, companies operating in the lubricants market around the world are expected to focus more on enhancing their manufacturing capacities in order to boost their revenue stream.
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Lubricants Market Introduction
Lubricants play a vital role in reducing friction and wear and tear in operating parts of different machines. The movement of certain mechanical parts is possible only in the presence of silicone grease. This property to reduce friction is known as lubricity. A good lubricant oil is manufactured to meet particular qualities that include high boiling point, high viscosity index, corrosion prevention, thermal stability, low freezing point, hydraulic stability, corrosion resistance, and resistance to oxidation, even at elevated temperatures. Mineral, semi-synthetic, and synthetic are the major types of lubricants. Lube oil extends the shelf-life of mechanical parts, thereby providing higher efficiency. Lithium grease is employed to facilitate the smooth operation of mechanical parts and to eliminate any residues deposited on these parts. Rise in applications of silicone lubricant spray and transformer oil in automotive components is expected to boost the lubricants market in the next few years.
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Analysis of Key Players in Global Lubricants Market
The global lubricants market is highly consolidated, with the presence of a few large-scale vendors that control majority of the share. Several companies are investing significantly in comprehensive research and development activities, primarily to develop environment-friendly products. Expansion of product portfolios and mergers and acquisitions are the strategies adopted by prominent players. Royal Dutch Shell Plc, ExxonMobil Corporation, BP Plc., Chevron Corporation, and Total S.A., are the key entities operating in the market.
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About Transparency Market Research
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.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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