DUBLIN--(BUSINESS WIRE)--The "Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Engine Oil, Hydraulic Fluid, Metalworking Fluid), Application (Transportation and Industrial lubricants), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Lubricants Market Size is Projected to Reach USD 188.0 Billion by 2024 from USD 164.3 Billion in 2019, at a CAGR of 2.7%.
The growth is primarily due to the massive development in Asia Pacific and the Middle East & Africa, coupled with the rise in the Industrial sector. The factors restraining the growth of this market are the high cost of synthetic and bio-based lubricants.
Mineral oil was the largest segment of the lubricants market.
Mineral oil was the largest segment in the global lubricants market in 2018. The easy availability and low cost of mineral oil-based lubricants are expected to drive the market in the apparel application. Moreover, this segment is driven by the growing demand from Asia-Pacific and the Middle East & Africa. However, the mineral oil-based lubricants segment in North America and Europe will register low growth due to a change in demand patterns and government regulations.
Engine oil to be the largest type segment in the global lubricants market.
Engine oil was the largest segment in the global lubricants industry, by product type in 2018. Its wide usability coupled with the rising demand from the transportation industry, construction & mining industry, especially from construction & mining vehicles and equipment drives the growth of the segment. However, the metalworking fluid segment is projected to grow at the highest CAGR during the forecast period. This high growth is attributed majorly to the rising demand for the metal in various industrial sectors.
Transportation was the largest end-use industry in the global lubricants market.
The need for lubricants is high in the transportation sector. The rising number of on-road vehicles, especially in China, India, and ASEAN, are the major factors contributing to the growth of this segment. Another factor associated with this growth is the growing emphasis on logistics and supply chain requirements for various industrial units. Thus, the growth of the industrial sector will also drive the market for transportation lubricants, especially from the commercial vehicle segment.
APAC is expected to be the fastest-growing market during the forecast period, in terms of both volume and value.
APAC is the largest lubricant market. The high growth of the emerging economies and the increasing disposable income in the region make APAC an attractive market for lubricants. The tremendous growth of production and increased trade are primarily responsible for the high consumption of lubricants, thus, driving market growth.
- Growing Automotive Industry in APAC, and Middle East and Africa
- Growing GDP Led By Industrial Growth in APAC and Africa.
- Increased Demand for High-Performance Needs has Led the Lubricant Industry to Evolve and Grow.
- Growing Demand for Group 2 and Group 3 Base Oils Fueled By Refinery Expansion
- Shift Towards Synthetic Lubricants Causing Shrink in the Overall Demand for Lubricants
- Growth of Hybrid Vehicle and Increasing Battery Price Parity
- Performance Issues
- Leveraging E-Commerce Industry to Increase Customer Reach
- The Demand for Renewable Energy Will Put A Positive Impact on Lubricant Industry
- Bric to Drive Lubricant Market for Next Five Years.
- Volatile Crude Oil Prices Pose A Challenge for the Lubricant Industry
- Stringent Environmental Norms and Continuous Reforms By Governments Will Impact the Lubricant Market
The key players profiled in the report include as
- Royal Dutch Shell (Netherlands)
- ExxonMobil (U.S.)
- BP PLC (U.K.)
- Chevron Corporation (U.S.)
- Total S.A. (France)
- Petrochina Company Limited (China)
- Idemitsu Kosan Co. Ltd. (Japan)
- Sinopec Limited (China)
- Fuchs Petrolub AG (Germany)
- Valvoline (U.S.)
- Lukoil (Russia)
- Petronas (Malaysia)
- Gazprom Neft (Russia)
For more information about this report visit https://www.researchandmarkets.com/r/u06fah