LONDON--(BUSINESS WIRE)--The lubricants market size is expected to post a CAGR close to 3% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increasing demand from end-user industries is expected to boost the lubricants market growth during the forecast period. 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 also 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.
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As per Technavio, the emergence of bio-based lubricants will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Lubricants Market: 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.
“Apart from the emergence of bio-based lubricants, other factors such as capacity expansions and product development, and the rising need for the technological upgrade will have a significant impact on the growth of the lubricants market during the forecast period,” says a senior analyst at Technavio.
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Lubricants Market: Segmentation Analysis
This market research report segments the lubricants market by application (automotive oils, industrial oils, process oils, metalworking fluids, and greases), product (mineral-oil based lubricants, synthetic lubricants, and bio-based lubricants) and geography (APAC, EMEA, and the Americas).
The APAC region led the market in 2018, followed by EMEA, and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market due to the high consumption of lubricants in industries such as automotive, construction, and refining.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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