Lubricants Market size set to exceed $74 billion by 2022
Published Date: January 30, 2017 Authors: Kunal Ahuja, Kritika Mamtani
According to a new research report by Global Market Insights, Inc., the Lubricants Market size is likely to exceed USD 74 billion by 2022. Increasing automobile sales coupled with rapid urbanization primarily in Asia Pacific region will propel the global market from 2015 to 2022.
Its property to improve overall engine efficiency by reducing friction may positively influence the lubricants market. In Asia Pacific, vehicle sales reached from 37.51 million units in 2014 to 38.40 million units in 2015.
Growing investment towards exploration and production of conventional and unconventional resources may result the oil field chemicals demand which will stimulate the lubricants market share. Positive outlook towards manufacturing sector including 3D printing and medical equipment will further complement the business landscape.
Shift from conventional to bio-based fuels owing to rising concern towards toxic nature may favor the lubricants market growth. Regulatory bodies including ECHA and REACH have introduced various regulation towards recyclability, toxicity, and bioaccumulation which may hinder the industry growth.
Industrial application accounted for over 35% of volume share in 2014 and should witness significant growth over forecast period. Growing demand for industrial products along with capacity expansion in various industry including machinery, mining and metal forming will propel the lubricants market share over the forecast timeframe.
Browse key industry insights spread across 235 pages with 130 market data tables & 15 figures & charts from the report, “Lubricants Market 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” in detail along with the table of contents:
Asia Pacific may witness considerable growth over forecast timeframe owing to increasing infrastructure demand from developing countries coupled with rapid expansion of automotive industry. China was valued over USD 6 billion in 2014 on account of increasing power plant installation. Increasing automobile sales with declining sale tax may further stimulate the lubricants market growth.
U.S. region was valued over $6 million in 2014. Aging infrastructure will propel the regional growth from 2015 to 2022. According to American Society of Civil Engineers, the infrastructure replacement and maintenance will cost over USD 3.3 trillion by 2020.
Abundant availability of base oil and low production cost will stimulate the Middle East and Africa lubricants market. Brazil will see considerable growth owing to rapid infrastructure development and booming automobile sector. Stringent government regulation to reduce air pollution will further influence the business landscape.
The key players include in the lubricants industry are Chevron, Shell, Sinopec, Castrol, BP, PetroChina, ExxonMobil, Nippon Oil whereas, ExxonMobil, BP, Shell and Chevron contributed over 40% of global share in 2015. Majority industry players are tied up with upstream companies to ensure uninterrupted supply of feedstock.