Lubricants Market Size, Share & Industry Report


 

Lubricants Market

Lubricants Market is predicted to expand at a significant CAGR over the coming years, owing to the growing demand for high-performance lubricants.

Rising research and development activities and ongoing technological advancements to establish innovative lubricants to reduce the frictional losses will generate huge opportunities for lubricants market. Increasing inclination towards renewable energy, growing demand for superior engines, and expansion in the industrial sector will propel the Lubricants Market Size. Rapid urbanization has bolstered the demand for lubricants by proliferating the manufacturing industry

As per the Lubricants Market forecast, by base oil, the Synthetic Lubricants (Group Iv, V) segment is projected to hold a larger share during the forecast period owing to their growing use across several application areas and magnificent features like lower evaporative loss, higher viscosity index and chemical stability.

By end-use industry, the transportation segment is estimated to grow at CAGR over the forecast period owing to the increasing demand from transportation industry. Factors which include increasing urbanization and rising sales of passenger, and commercial vehicles will fuel the Lubricants Market Share.

By region, Asia-Pacific is predicted to grow at a faster CAGR over the coming years, owing to the rising demand for automotive industry and accelerating sales of commercial and passenger vehicles.

Leading players operating in the market include Royal Dutch Shell, Exxon Mobil Corporation, Chevron Corporation, bp p.l.c., Total, China Petrochemical Corporation, PetroChina Company Limited, Idemitsu Kosan Co., Ltd., JXTG Holdings, Inc., and FUCHS, among others.

Key Developments:

In 2019, Houghton International’s steel cold rolling oil, aluminium hot rolling oil, and tinplate rolling activities in the European and North American Economic area markets. Through this acquisition, the company planned to strengthen its presence in the industrial lubricants market and expand its presence.

In 2020, Exxon Mobil Corporation established a lube blending plant in India, with an intent to develop 500,000 barrels per year capacity.

Lubricants Market Segmentation:

Lubricants Market by Base Oil
  • Synthetic Lubricants (Group Iv, V)
  • Mineral Oil Lubricants (Group I, Ii, Iii)
  • Bio-Based Lubricants
Lubricants Market by Product Type
  • Hydraulic Oil
  • Engine Oil
  • Gear Oil/Transmission Fluid
  • Metal Working Fluid
  • Grease
  • Compressor Oil
  • Turbine Oil
  • Others
Lubricants Market by End-Use Industry
  • Industrial
    • Metal & Mining
    • Construction
    • Power Generation
    • Cement Production
    • Chemical
    • Automotive (Vehicle Manufacturing)
    • Textile
    • Oil & Gas
    • Food Processing
    • Others
  • Transportation
    • Passenger Vehicle
      • 2-Wheeler
      • 4-Wheeler
    • Commercial Vehicle
    • Marine
    • Aviation
    • Railway
Lubricants Market by Region:
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

Location: United States

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to inv
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B
Read more