The
global lubricants market size is expected to reach USD
166.25 billion by 2025, according to a new report by Grand View Research, Inc.,
expanding at a 3.8% CAGR during the forecast period. Increasing demand for a
diverse, innovative grade of lubricants for industrial as well as automotive
applications is expected to drive growth.
With
the expansion of the passenger vehicles segment, there has been a rise in
demand for high-quality automotive lubricants with better fuel efficiency and
lower emissions. Government schemes in emerging economies, such as the “Make in
India” program initiated by the Indian government, have attracted high foreign
investments across the automotive industry. This has further boosted demand for
lubricants.
Stable
base oil production across regions has stimulated feedstock security among
blenders in the recent past. Stable supply would thereby address profitability
concerns of manufacturers, thereby positively influencing industry competition.
Moreover, recovering end-use industries are likely to drive sales of
lubricating oil, which is slated to provide equilibrium to the supply-demand
scenario.
In
addition, high growth in the base oil market, rapid industrialization,
burgeoning population and urbanization, and high growth in major end-use
industries such as textiles, chemicals, food processing, and metalworking are
some other factors driving industry growth.
Industrial
engine oils are being utilized in a wide array of applications owing to their
exceptional inherent characteristics. These oils are designed to offset rising
fuel and operating costs. They have a lower coefficient of friction, which
helps in saving fuel and at the same time, keeps the engine clean for maximum
combustion efficiency. These oils also help in keeping ports, piston,
crankcase, and filters clean for a longer duration.
Browse full
research report on Lubricants Market : www.grandviewresearch.com/industry-analysis/lubricants-market
Further
Key Findings From the Study Suggest:
- The global lubricants consumption was estimated
at over 40 million tons in 2016, and is projected to expand at a CAGR of
2.8% from 2017 to 2025
- The aerospace industry is projected to witness
a high growth rate owing to rapidly increasing air passenger traffic along
with rising defense spending across emerging economies
- Regulatory sanctions on conventional
lubricating oils on account of their detrimental environmental impact have
led to rapid utilization of bio-based alternatives in recent years
- Development of low-viscosity products for wind
turbines owing to increasing awareness regarding long-term benefits of
wind energy is another factor driving industry growth
- The industry is highly fragmented in nature
owing to presence of a large number of participants
- Several manufacturers such as Fuchs Group;
Valvoline; and Amsoil Inc. are strategically expanding their operations in
emerging nations. These companies have tie-ups with large oil and gas
multinationals to suffice their raw material requirements
- Lubricant manufacturers such as Total and
Castrol are venturing into exclusive agreements with Tata Motors and other
companies to expand their reach.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand View Research has segmented the global lubricants market on the
basis of application and region:
Lubricants
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- Industrial
- Process
oils
- General
industrial oils
- Metalworking
fluids
- Industrial
engine oils
- Greases
- Others
- Automotive
- Engine
oils
- Gear
oils
- Transmission
fluids
- Brake
fluids
- Coolants
- Greases
- Marine
- Engine
oil
- Hydraulic
oil
- Gear
oil
- Turbine
oil
- Greases
- Others
- Aerospace
- Gas
turbine oils
- Piston
engine oils
- Hydraulic
fluids
- Others
Lubricants
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Russia
- Asia
Pacific
- China
- India
- Japan
- Central
and South America
- Brazil
- Middle
East & Africa
- Saudi
Arabia
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-lubricants-market
About Grand
View Research:
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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