Finished Lubricants Market - Global Industry Analysis and Forecast | 2024
Finished lubricants are considered to be high performance lubricants used in applications encountering high heat. The lubricants are expected to maintain their lubricating qualities at high working temperatures. Finished lubricants offer safety and performance advantages in hight temperature applications in order to reduce the risk of fire. Typical applications of finished lubricants include power generation units, hydraulic equipments and other industrial units employed in several industries. Finished lubricants form an important aspect of the lubricants industry across the globe. The energy industry is the largest consumer of finished lubricants across the globe.
Global Finished Lubricants Market: Drivers and Restraints
Finished lubricants are also used in automotive applications such as heavy duty diesel engine oil, transmission oils and passenger car motor oils. Finished lubricants are also used in several hydraulic applications. The demand for finished lubricants is expected to be mainly driven by the growing industrial activities and the growth in the demand for automobiles across the globe. Finished lubricants offer high heat resistance and are effective in high temperature environments. The use of finished lubricants considerably reduces the risk of fire in these applications. The growth of emerging economies and the growing industrial activities taking place in the Asia Pacific region is anticipated to drive the demand for finished lubricants across the globe. Growing population has led to an increase in the demand for electricity in several regions of the globe. The energy industry is one of the largest consumers of finished lubricants. With the growing demand for electricity, the demand for finished lubricants is also expected to increase on similar lines. Further, the growth in the construction industry is expected to propel the demand for heavy machinery, which consequently is expected to increase the demand for finished lubricants used in hydraulic circuits. Finished lubricants are extensively used in the hydraulic circuits of various equipments and machinery owing to its favorable properties. Increasing construction activities in Asia-Pacific, Middle East and Latin America is expected to fuel the growth for finished lubricants used in heavy machinery.
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The demand for finished lubricants is also anticipated to be high from the automotive industry. The recent revival of North America from economic downturn has led to an increase in the sales volume of automobiles. The growth in the automotive sales is expected to further spur the demand for finished lubricants across the globe. Asia Pacific is one of the largest automotive market and accounts for a larger chunk of automotive demand across the globe. The growth of the automobile industry in Asia Pacific and other emerging economies is further projected to bolster the demand for finished lubricants across the globe.
Global Finished Lubricants Market: Regional Analysis
In terms of demand Asia Pacific is the largest market for finished lubricants followed by North America, Europe and Rest of the World. In North America, U.S was the largest market followed by Canada and Mexico. The demand for finished lubricants used in automotive, energy and industrial applications is expected to be high in this region on account of growing automobile and construction industry in this region. In Europe the major markets for finished lubricants were Germany, France, U.K, and Italy. Other major European country for finished lubricants was Russia, where the recent economic growth has propelled the demand for lubricants employed in automobile and industrial applications. The growth for finished lubricants is also expected to witness strong growth from emerging economies from Asia Pacific such as India, China etc. and developing economies such Indonesia and other South Asian countries. Middle East, Latin America and Africa are also expected to contribute substantially in the demand for finished lubricant used in various applications.
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Global Finished Lubricants Market: Key Companies Mentioned in the Report
Some of the major companies operating in the global finished lubricants market are Shell, ExxonMobil, Chemtura, BP, Chevron and NexLube Operating LLC among others.
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