The
global lubricants market will expand at a CAGR of 1.72% during the
forecast period from 2014 to 2020. In 2013, the global lubricants
market was noted at 39,140.12 kilo tons and is expected to reach
44,165.11 kilo tons by end of the forecast period.The global
lubricants market is driven by the accelerating industrialization in
the Asia Pacific region. Furthermore, the growing vehicle count will
also fuel the global lubricants market. On the contrary, factors such
as the longer engine oil drain interval coupled with the advent of
hybrid-electric vehicles will suppress the market growth. The global
electric vehicles market is expected to grow at a healthy 19.2% CAGR
during the forecast period from 2013 to 2019.
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By
product, the global lubricants market is divided into mineral oil,
bio-based, and synthetic lubricants. Mineral oil stood out as the
largest product sector in the global lubricants market in 2013 with a
massive 80% share. Bio-based lubricants sector is projected to be the
fastest-growing sector in the foreseeable future since these
lubricants are bio-degradable and disposing them does not raise any
environmental concerns.By application, the global lubricants market
is segmented into grease, metalworking fluids, industrial oils,
automotive oils, and others. In 2013, the segment of automotive oils
led the global lubricants market volume-wise and accounted for over
50% of the global market share. Automotive oils sector is further
segmented into hydraulic oil, engine oil, and gear oil. Improving GDP
in developing nations such as India and China has significantly
spurred the development of automotive industry in these nations. This
has resulted in elevated demand for lubricants from developing
nations. Moreover, the rapidly-expanding automotive industry is also
contributing to the growth of the metalworking fluids sector.
Metalworking fluids helps achieve better results when machining these
components.
By
region, the global lubricants market is segmented into Europe, North
America, Asia Pacific, and Rest of the World (RoW). In 2013, Asia
Pacific held the lion’s share in the global lubricants market in
terms of volume with over 40% share. The growing infrastructure
development and rising number of passenger cars in China have
contributed to the growth of the Asia Pacific lubricants market.A
handful of MNCs dominate the global lubricants market. This trend
makes it difficult for new entrants to penetrate the market.
Furthermore, the distribution network is another crucial factor
restricting the entry of a new company in the market. Most of the
lubricant manufacturing firms are presently expanding their
businesses to emerging markets of Africa and Asia Pacific. Companies
are penetrating the market by implementing strategies such as
increasing their retail center and expanding their production
capacities in emerging regions. The key players operating in the
global lubricants market are BP, ExxonMobil, Chevron, Lukoil Oil
Company, Idemitsu Kosan, Fuchs Petrolub, PetroChina, Total, Sinopec,
and Royal Dutch Shell.
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Lubricants
Market: Product Analysis
- Mineral oil
- Synthetic
- Bio-based
Lubricants
Market: Application Analysis
- Automotive oils
- Industrial oils
- Metalworking fluids
- Grease
- Others
Lubricants
Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East
- RoW (Rest of the world)
Browse
Press Release Of Lubricants Market
http://www.transparencymarketresearch.com/pressrelease/lubricants-market.htm
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