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"Global Lubricants Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 192.3 Bn by 2028, Likely to Grow with the CAGR of 2.8% During the Forecast Period."
The demand for lubricants is driven mainly by massive industrialization and rising demand for high-performance engines worldwide. The lubricant market is growing due to key strategic developments (such as product designing, e-commerce, marketing strategies, and others) by major market players around the globe. The development of battery-operated vehicles is on the rise, which will drastically change the face of the lubricant industry globally. Worldwide growth of the aerospace industry and automotive industry will also boost the market demand. Growing industries in developing nations such as China, India, Indonesia, and others will enhance market demand. The overall push in innovation and development has resulted in the need for industrial lubricants, such as process oils, metalworking fluids, greases and others needed for the smooth and efficient operation of machinery.
The growing demand for lubricants in the construction, automotive, and aerospace industry will increase the market growth in years to come. Rising GDP in Asia-pacific and Africa, expansion of refinery capacities, leveraging e-commerce and growing demand for renewable energy will positively impact the market growth during the forecast period.
The global lubricants market on the basis of the end-use segment is bifurcated into industrial, automotive, aerospace, marine and others. The geography segment is analyzed into Asia-pacific, North America, Latin America, Europe, Middle East and Africa (MEA).
As Per Product Type, Engine Oil Is Expected To Grow At The Fastest Rate Owing To Wide Usability.
By product type, engine oil is expected to witness the highest growth in the lubricants market across the globe. It is expected to hold XX% of the total market. In 2019, the engine oil segment has its dominance in the global lubricants market. The segment is dominant owing to the wide application of engine oil in automotive, aerospace and other industries. Growing demand from construction vehicles will also enhance segment growth. Rising demand for transportation across the globe will also boost the segment. Rising industrial production and stringent emission regulations are other factors driving the segment growth. As a result of the aforementioned factors, the engine oil segment will continue its dominance in the years to come.
By End-Use, Aerospace Industry Is Estimated To Witness The Fastest Growth In The Lubricants Market
The automotive segment led the lubricants market in 2019. The automotive segment is dominant owing to growing transportation demands in Asia-pacific and an increase in the on the road vehicles worldwide. Rising consumer automotive vehicles such as buses, trucks, cars and other passenger transport vehicles are expected to drive the segment growth in years to come. To increase the efficiency of vehicles, lubricants are mostly used owing to which the segment has the highest share.
The aerospace industry segment is expected to witness the fastest growth during the forecast period owing to the worldwide growth of the aerospace industry. The rapid shift of consumer apreferences towards saving time while traveling is the key growth factor for the growth of the aerospace industry. Increased investments by aircraft manufacturers for establishment of concurrent lubricants to achieve maximum fuel efficiency and reduction in fuel consumption, to increase the cost efficiency across the industry will also enhance the segment growth.
Asia Pacific Region To Dominate The Overall Lubricants Market In Terms Of Revenue Share.
Growing infrastructural development, increase automotive sales and growth of the manufacturing sector in the emerging countries of Asia Pacific including India, China, and Japan among others are driving the lubricant market in the region. The market is anticipated to register a CAGR of XX% throughout the forecast period. The lubricant market will hold substantial market share in North America due to the high demand from the aerospace and automotive industry. On the contrary, Asia Pacific is projected to witness the highest growth owing to the rapid growth of automotive and infrastructural development in the region.
Royal Dutch Shell Plc., ExxonMobil Corporation, Chevron Corporation, BP p.l.c., Total S.A., Petrochina Company Limited, Sinopec Limited, LUKOIL, Fuchs Petrolub AG, Idemitsu Kosan Co. Ltd are few of the key players in the global lubricants market.
Segmentation of Global Lubricants Market
Lubricants Market by Base Oil
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
Lubricants Market by Product Type
- Engine Oil
- Hydraulic fluid
- Metalworking fluid
- Gear Oil
- Compressor oil
- Turbine Oil
- Transformer Oil
- Refrigeration Oil
- Textile Machinery Lubricants
Lubricants Market by End-use
Lubricants Market by Region
- North America
- South America
- Middle East & Africa