“Lubricants Market Size growing at a CAGR of 2.9% from 2015 to 2022.”
“The volume of the global lubricants market was 37.73 million tons during year 2014. It is predicted to reach 47.75 million tons by the year 2022. The market is predicted to expand at compound annual growth rate of about 2.9% during the estimated period of 2015-2022 in terms of volume.”
The global lubricants market was evaluated at 37000 million US dollars during year 2014 in terms of revenue. It is predicted to cross 74000 million US dollars by end of year 2022. The global industry is anticipated to grow at a CAGR growth rate of 8.5% during the estimated period in revenue terms.
The growth of the global lubricants market is promoted due to aspects like rapid industrialization in the APAC zone. Growing industrialization in the countries like Mexico, China, Brazil and India has also promoted the growth of the industry. Increasing construction activities in region of Latin America and APAC zone are the key factors driving the growth & expansion of the global market sector. Further, growing demand for oilfield chemicals due to enhanced exploration and drilling activities are anticipated to favourably affect the industry globally.
In addition to this, rise in research & development activities like growth of bio based equivalents to minimize the ecological hazards are predicted to contribute towards enhanced demand and growth of the global lubricants market. Also, the rise in the proportion of vehicles is predicted to propel the growth of the lubricants market globally. However, aspects like long engine oil drain interval along with the introduction of hybrid electric automobiles can hinder the growth of the industry.
Based on the products, the global lubricants market is bifurcated into mineral oil lubricants, bio based lubricants and synthetic lubricants.
Mineral oil lubricants section dominated the global lubricants market during year 2013 due to low cost & easy accessibility of mineral oils. The section is predicted to dominate the market even during the estimated span.
Bio based lubricants section is predicted to be rapidly growing section in future as these lubricants are eco-friendly as they are bio degradable and can be disposed without raising any ecological concerns. This section is expanding owing to government rules making it compulsory to use these lubricants in specific/particular applications.
Synthetic lubricants are high performing lubricants owing to controlled mixture of base oil and additives used in synthetic lubricants. Changing emission rules in APAC zone and Middle East regions are forcing original equipment manufacturers to offer good engine technology compatible with high quality lubricants. All these factors are predicted to fuel the demand for synthetic lubricants in APAC zone and Middle East regions during the estimated span.
Based on the applications, the global lubricants market is divided into industrial oils, transportation, industrial oils & machinery, greases, automotive oils and metalworking fluids.
Transportation includes passenger vehicle, marine vehicle, commercial vehicle and aviation. This section is projected to play a vital role in propelling the growth & expansion of the global lubricants market owing to the rise in the proportion of automobiles on road. It contributed to the biggest share of the global lubricants market during year 2015.
Automotive oils section is further divided into gear oil, hydraulic oil and engine oil.
But industrial oils & machinery section is predicted to be the rapidly growing section during the estimated span. During year 2013, automotive oils section dominated the global lubricants market in terms of size. The expansion of the automotive oils section can be attributed to the factors like growing demand from different construction automobiles and rise in sale of passenger automobiles.
Also, fast growing automobile sector is also adding towards the expansion of the metalworking fluids section as metal working fluids help in achieving best results when machining the parts of automobiles.
Depending upon the geographical locations, the global lubricants market is segmented into five geographical regions, namely, North American subcontinent, APAC zone, Middle East & Africa, Europe and rest of the world.
During year 2013, APAC zone contributed largest market share to the global lubricants market in terms of market size. It also led the global lubricants industry demand during year 2014 in terms of market size and revenue. The growth of the lubricants market in the APAC zone can be attributed to the factors like developing infrastructure growth and increasing amount of passenger cars in Southeast Asian countries like China due to rise in disposable incomes of the population.
Further, high amount of industrialization in countries like China and India along with consequently growing automobile sector, transportation sector and construction activities in these countries are predicted to positively affect the demand for lubricants and expansion of lubricants market in the APAC zone during the estimated period.
Many of the developed regions of European continent are experiencing moderate market development due to growing output from end use sectors. Also the Europe and North America are matured markets and so the demand for the lubricants in these areas is predicted to be slow in future.
The regions of the rest of the world like lubricants market of South America and Central America contributed less industry share to the global market in terms of volume. But it is predicted to experience substantial expansion during the estimated span owing to growing amount of construction activities carried out in these regions along with the growth of automobile industries in these regions.
Today most of the key production firms are setting up their businesses in the emerging economies of Middle East & Africa and Asia Pacific zone as the utility/utilization of best quality lubricants is less in APAC zone and regions of Middle East & Africa.
Today many of the key industry players are implementing new business strategies to grow their business and enhance their manufacturing capacities in developing regions. Hence these key market participants are involved in acquiring small firms to gain competitive advantage, expand their business, increase their profit margins and thus grow their total market share.
Technological breakthroughs, technological innovations & key business strategies like joint ventures, associations, partnerships, market penetration, product innovation, product differentiation and benchmarking adopted by the key industry players are predicted to be few key drivers stimulating the growth of the lubricants market in the potential regions. Successful implementation of these business strategies will also help the key market players to grow & expand their business all across the globe.
The key industry players involved in the business and contributing towards the growth, development & expansion of the global lubricants market are as follows:
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