The global lubricants
market size is expected to
reach USD 68.54 billion by 2022, according to a new study by Grand View
Research, Inc. Growth of automotive industry in emerging markets of Asia
Pacific and Latin America is expected to drive automotive lubricants demand.
The market is characterized by increasing demand for engine oils, transmission
fluids and hydraulic fluids in both commercial and consumer automotives.
Increasing sales of passenger cars and motorcycles is expected to further
strengthen the trend over the forecast period. Increasing industrial output in
China, India, Brazil and Russia is expected to drive the demand for industrial
lubricants.
Recycling of used lubricants is
another major issue that has attracted a lot of stern regulations from
agencies. The global market is regulated by policies from environmental
agencies such as U.S. EPA, REACH and ECHA. Lubricant products or chemicals that
are imported or manufactured in Europe need to be preregistered with REACH and
have to be compliant with ECHA regulations. Similar guidelines have been
established by EPA to ensure biodegradability, toxicity and labeling of
lubricant products in the U.S.
Global lubricants market
volume by product, 2012 - 2022 (Million Tons)
Browse full research report on
lubricants market
Further key findings from
the report suggest:
- Global
lubricants market was 36.36 million tons in 2014 and is expected to reach
43.87 million tons by 2022, growing at a CAGR of 2.4% from 2015 to 2022.
- Industrial
lubricants emerged as the largest product segment and accounted for over
39% of the total market volume in 2014. Increasing consumption of general
industrial lubricants and process oils in industrial machinery such as
centrifuges, rotary compressors, air compressors and machine bearings is
expected to drive industrial lubricants demand over the forecast period.
- Asia Pacific
was the largest lubricants market and accounted for over 40% of the total
market volume in 2014. High industrial production in China and India is
expected to drive industrial lubricants demand which in turn is expected
to complement regional market growth. Increasing automotive sales in the
region is expected to further complement the regional market growth.
- Global
lubricants market is fragmented with top four companies, Shell,
ExxonMobil, BP and Chevron accounting for over 42% of the total market
share. Companies are actively establishing strategic alliances with
end-users in order to secure their lubricants sales. Companies such as
Total, Shell, Amsoil and Castrol have entered into exclusive partnerships
with Tata Motors, BMW, Ford and Vestas Wind Systems to supply their
lubricant brands.
- Companies
such as Fuchs, Shell and Chevron are involved in acquisition of smaller
lubricants manufacturers in order to increase their market share. New
product launches and capacity expansions are generic strategies employed
by companies to increase their market presence.
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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