Lubricants Market Analysis, Size, Share, Trends, Revenue, Value
The report “Lubricants Market by Type (Mineral Oil, Synthetic, Bio-Based, and Greases), by Application (Industrial and Transportation Machinery and Equipment), and by Region (APAC, EU, NA, MEA, and SA) – Global Forecast by 2021”, the market is estimated to have accounted for USD 144.45 billion in 2015 and is projected to reach USD 166.59 billion by 2021, registering a CAGR of 2.4% between 2016 and 2021.
Browse 182 tables and 53 figures spread over 180 pages and a detailed table of contents in the “Lubricant Market”
The market is driven by the growing automotive industry in the Asia-Pacific region. The growing demand for automobiles in emerging economies such as China, India, and Japan is driving market growth in the region. Another major factor contributing to the growth of lubricants is massive industrial growth in developing regions such as Asia-Pacific and the Middle East and Africa.
Mineral oil lubricants will account for the largest share of the lubricants market until 2021
The lubricants market is segmented by type, namely mineral oil lubricants, synthetic lubricants, bio-based lubricants, and greases. Mineral oil lubricants are the most preferred type of lubricant and account for a significant share of the global lubricant market. Low cost, easy availability and wider application in all sectors are driving the market for mineral oil lubricants.
Automotive industry growth in emerging regions to boost transportation application
The transport application is leading the market for lubricants. This is due to the rapid growth of the automotive, aviation and marine industries in the Asia-Pacific region. The increasing demand for automobiles can be attributed to the increase in disposable income of the people and industrial growth in this region. This growth in the automotive industry ultimately contributes to the growth of lubricants in the Asia-Pacific region.
Asia-Pacific will be the largest market during the forecast period
The lubricants market is broadly segmented into five regions, namely Asia-Pacific, Europe, North America, the Middle East and Africa, and South America. Asia-Pacific is the largest market for lubricants, followed by Europe. The Middle East and Africa is anticipated to be the fastest growing market during the forecast period. Increasing industrialization has offered a tremendous opportunity for the various manufacturing industries to use lubricants in the Middle East and Africa. In addition, the growing number of commercial and passenger vehicles in the region is driving the growth of the lubricants market.
Currently, the global market is dominated by various market players, such as Royal Dutch Shell Plc. (Netherlands), Exxon Mobil Corporation (USA), Petrochina Company Limited (China), Sinopec Limited (China), Total SA (France), Lukoil (Russia), BP Plc. (UK), Chevron Corporation (USA), Fuchs Petrolub AG (Germany), Idemitsu Kosan Co., Ltd. (Japan), and others.
The research study aims to identify emerging trends and opportunities in the Global Lubricants Market along with a detailed classification of the market, in terms of value and volume. It provides a comprehensive competitive landscape and identifies the key players in the global market. The research study also includes a detailed segmentation of the global market on the basis of application, type, and region.