Lubricants Market Size By Application (Automotive [Hydraulic & Transmission Fluid, Grease, Passenger Vehicle Engine Oils, Heavy-Duty Engine Oils, Automatic Transmission Fluid, Gear Oil], Industrial [Process Oils, Metal Working Fluids, General Industrial Oils, Industrial Engine Oils]), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2015 – 2022
Published Date: Mar 2016 | Report ID: GMI356 | Authors: Kunal Ahuja, Kritika Mamtani
Lubricants Market size was over 37 billion tons in 2014 with 2.9% CAGR estimation from 2015 to 2022.
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Rising automobile demand will stimulate lubricants market size in future. Lubricant is used to reduce friction and prevent wear and tear in automotive engine components including shaft, connecting rods and piston. Rapid industrialization in developing countries will further complement the industry growth.
Increasing demand from manufacturing sectors including medical devices and 3D printing will drive the lubricants market size growth during forecast period. Decline in crude oil price results into low base oil prices which will positively impact business growth. Base oils prices are downstream in nature so it is expected to improve from 2017.
Refining companies has backward integration to ensure raw material supply for petrochemicals manufacturing industries. Stringent environmental regulations coupled with declining crude oil output are expected to have negative impact on supply for downstream and refining and refining operations.
Increasing environmental concerns towards aqueous toxicity of conventional products and biodegradability has increased the importance of the bio-based lubricants market which will propel the business growth in future. Petrochemical price fluctuation will further complement the industry growth from 2015 to 2022.
|Base Year:||2014||Market Size in 2014:||37 Billion (USD)|
|Historical Data for:||2012 to 2014||Forecast Period:||2015 to 2022|
|Forecast Period 2015 to 2022 CAGR:||2.9%||2022 Value Projection:||74 Billion (USD)|
|Pages:||235||Tables, Charts & Figures:||145|
|Geographies covered (8):||U.S., Germany, UK, China, India, Japan, LATAM, MEA|
|Segments covered:||Application Automotive and Region|
|Companies covered (23):||ExxonMobil, Shell, British Petroleum, Total, Chevron, Fuchs Group, Pennzoil, Amsoil Inc., Kendall (Phillips , ), Valvoline, Castrol, PetroChina, Sinopec Corp., Idemitsu Oil & Gas Co. Ltd., Luk Oil, Nippon Oil, Petrobras, Petronas, Quaker Chemical Corporation, PetroFer Chemie, Zeller+Gmelin Corporation, Buhmwoo Chemical Ind. Co. Ltd., Blaser Swisslube AG,|
|Pitfalls & Challenges:||
Lubricants Market, By Application
Industrial lubricants market share contributed 40% in 2014 owing to high consumption and revenue generation of general industrial oils. It has wide application in chemicals, unconventional energy and mining sector and is expected to strengthen its demand in compressors, bearings, centrifuges, hydraulics and industrial engines in future.
Lubricants market demand from metal working fluids is expected to witness growth over 8% during forecast period. Process oil has wide application in technical and chemical industry to improve manufacturing process. Increasing chemicals demand mainly in Asia Pacific is expected to propel the industry growth from 2015 to 2022.
Lubricants Market, By Region
Increasing demand for machinery maintenance from manufacturing sector to minimize the operational cost will stimulate the business growth in future. Asia Pacific is expected to witness growth during forecast period subject to increasing demand from machining, mining, plastics and metal forming industry mainly in China and India which has resulted in capability expansions. India lubricants market size is expected to witness growth over 11%, in term of revenue during forecast timeframe owing to the strong domestic lubricant consumption demand through the automotive and manufacturing industries.
For instance, by April 2016, sales of passenger vehicles increased by over 10%, while scooters increased over 33%, and demand for motorcycle increased by over 15% which will positively encourage the industry outlook during forecast period.
Installation of large number of power plant is expected to positively influence China lubricants market size share in coming year. China was valued over 5 million tons in 2015. Regional manufacturers should be complied with Petroleum Act, Public Liability Insurance Act, Factories Act, Stockholm Convention on Persistent Organic Pollutants.
Sluggish industrial output in Europe will propel the demand for low cost products in the region. Increasing focus on fuel economy and carbon dioxide reduction will further stimulate the Europe lubricants market size in coming year. Germany contributed over 10% of regional volume share in 2015 and is expected to witness growth over 5% in term of revenue from 2015 to 2022. Increasing demand for consumer goods, capital goods and construction sector will complement the industry outlook.
U.S. lubricants market share was over 5 million tons and is expected to witness significant growth in future owing to increasing spending in infrastructure segment. American Society of civil engineers estimated that over USD 3.5 trillion investment is required to bring America’s infrastructure into good condition by 2020.
Competitive Market Share
Lubricants market players include British Petroleum, Sinopec, Idemitsu, Shell and Total are integrated lubricant manufacturer which ensure raw material supply to produce additive and mineral oil. Through integration, companies get benefitted in term of widening their operation scope and market expansion. Most of manufacturer are tied up with oil & gas companies to ensure supply of raw material. With crude oil reserve depletion, market has witness decline in raw material supply. Therefore to stabilize the scenario, O&G companies have started emphasizing on developing new refining techniques.
This industry is dominated by Shell, Chevron, ExxonMobil and BP which collectively accounted for over 40% of the overall demand in 2014.
Lubricants Industry Background
Lubricant is a substance used to reduce the friction between the surface when came into mutual contacts. It has antifoaming, anti-wear and antioxidant properties and has wide application in industrial, automobile, agriculture, mining, steel and manufacturing sectors. It is also used as cutting fluids such as, oil emulsion in several industries. Oil emulsion in water is widely used as cutting fluid. These fluids are used to cool or lubricate the surface. Increasing automobile sales will positively influence the lubricants market growth during forecast period.
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