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Lubricants Market Size & Share | Industry Analysis Report, 2015-2020
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Geographically, the Asia-Pacific market accounted for the largest share in the global lubricants market in 2014. The lubricants market in Asia-Pacific is growing mainly due to increasing pressure of global warming, changing policies regarding emissions, which results in regulatory requirements for manufacturers to make superior quality engines compatible with high quality lubricants.
The automotive industry is one of the major application areas for the lubricants market. Automotive lubricants are generally used in the crankcase of a vehicle engine, which ensures efficient operation of the vehicle. Lubricants are used in vehicles to reduce friction, which leads to longer lifespan and reduced wear and tear of the vehicles.
However, the arrival of hybrid-electric vehicles is restraining the growth of the market. The consumers are shifting towards hybrid-electric vehicles, because it decreases the fuel consumption considerably as compared to conventional vehicles, CNG vehicles and diesel vehicles. Hybrid-electric vehicles are costlier than conventional vehicles, but the life cycle cost (including maintenance and fuel cost) of hybrid-electric vehicles is much less than that of conventional vehicles.
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The key companies operating in the global lubricants market include BP PLC, Chevron Corporation, China Petroleum & Chemical Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, Idemitsu Kosan Co. Ltd., LUKOIL Oil Company, PetroChina Co. Ltd., Royal Dutch Shell PLC, and TOTAL S.A.
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