LONDON--(BUSINESS WIRE)--A new market research study by Technavio on the global lubricants market projects the market to grow at a CAGR of close to 3% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers, and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
Increasing demand from end-user industries
Although the automotive industry is a crucial end-user of lubricants, the market is also driven by end-users from agriculture, mining and oil drilling, construction, steel and cement, wind energy, and marine and aerospace industries. In the construction industry, lubricants are mainly used in earthmoving equipment owing to their anti-wear characteristics, excellent lubricity, and resistance to corrosion. Lubricants are used as hydraulic fluids in the steel industry for various equipment including blast furnaces, bearings, pulley cranes, lifts, and engines, among others. Furthermore, lubricants are used in heavy-duty engine oils, axle and transmission oils, and greases. Therefore, the widespread application of lubricants in various industries will propel its demand during the forecast period.
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Emergence of bio-based lubricants
Bio-based lubricants are gaining immense popularity as they produce a cleaner, less toxic work environment for the engine and hydraulic system workers. They also cost less over the product lifecycle owing to lower maintenance, storage, and disposal requirements. These environment-friendly lubricants offer better safety due to higher flashpoints, constant viscosity, and less oil mist and vapor emissions. As a result, the demand for bio-based lubricants is increasing, which is encouraging vendors to manufacture these biodegradable lubricants.
According to a senior analyst at Technavio, “Apart from the emergence of bio-based lubricants, other factors such as capacity expansions and product development, will have a significant impact on the growth of the lubricants market size during the forecast period.”
Environment impact of lubricants
Lubricants hurt the environment as they are released as toxic pollutants. Therefore, there is an increasing requirement for environmentally acceptable materials. Several vendors are focusing on the development of bio-based lubricants, which will fuel the growth of the lubricants market size during the forecast period.
Top players in the global lubricants market:
- Exxon Mobil
Some of the key topics covered in the global lubricants market include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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