Press release
Savvy Companies Bolster Distribution Channels to Gain Competitive Edge in Global Independent Lubricants Manufacturers Market
Independent Lubricant Manufacturers Market
The report by TMR forecasts the global market for independent lubricants manufacturers to clock a lackluster 3.8% CAGR from 2017 and 2025 to become worth US$9.454 bn by the end of 2025 from US$6.80 bn in 2016.
By what means are the players serving to stoke competition in the market?
The degree of competition is high in the market for independent lubricant manufacturers on account of companies trying to outgun one another on the basis of pricing and product quality. They are also adding to their product portfolio to entice more consumers. For example, many savvy manufacturers are focusing on bio-based lubricants which are eco-friendly.
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Another strategy leveraged by companies in the independent lubricants market is strengthening their distribution channels to increase their sales and revenues. Most of them are now seeking growth in the attractive emerging markets that are relatively under-tapped and spell opportunity because of the improving economy.
Asia Pacific is an attractive market. Which are the factors that will promote its growth in the near future?
From a geographical standpoint, Asia Pacific is the most attractive independent lubricants manufacturers market that is predicted to see its share in the market go up in the next couple of years. The growth in the market in will be mainly powered by the fast-expanding emerging economies and the explosive growth in the automotive industry in the region. Further, easy availability of raw materials to produce lubricants on account of the presence of prominent players that supply base oils as well as additives to the regional independent lubricant manufacturers and also cheap labor is providing a boost to the market in the region.
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What factors are promoting the market in North America?
North America, again is a mature independent lubricants manufacturers market on account of the presence of major companies and a developed economy. This has enabled independent lubricant manufacturers to establish their presence in local markets. In North America, the U.S. is a dominant market. Serving to bolster the market in North America is a robust civil aviation industry and defense sector.
The independent lubricants manufacturers market in Europe is powered mainly by France, Germany, U.K., and Russia. Even though the market in Western Europe is relatively mature than Eastern Europe, the latter is expected to exhibit more promise vis-à-vis growth.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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