The global lubricants market size is projected to reach USD 182.6 billion by 2025 from USD 157.6 billion in 2020, growing at a CAGR of 3.0%, in terms of value during the forecast period. The anticipated growth in emerging economies post COVID-19 are expected to help the lubricant demand growth. The demand for lubricants in countries such as China, India, Japan, Russia, ASEAN, and South Korea from both the transport and the industrial sector is expected to fuel the growth of lubricants market in the region.
The lubricants market is evolving, with major players playing a crucial role in the development of new and advanced products. Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (U.S.), BP P.L.C. (U.K.), and Total S.A. (France) are the major players in this market.
Royal Dutch Shell PLC (Netherlands) is focused on expansions, new product launches, and agreements to meet the growing demand in the lubricants market. In May 2019, the company opened its first lubricant laboratory in India. The laboratory will serve as a service provider for the increasing demand for innovative lubricant products both in automotive and industrial segments. In May 2019, the company launched e-fluids for electric vehicles. The products include e-transmission fluids, e-thermal fluids, and e-greases, which will help improve the performance of EVs and other battery-operated vehicles. In May 2018, Shell Lubricants and Aggreko renewed their supply contract, which helped Shell become the largest lubricant supplier to Aggreko in Russia, APAC, and Americas. The expansion helped the company to meet the growing demand for lubricants.
To know about the assumptions considered for the study download the pdf brochure
ExxonMobil (US) is focused on new product launches and expansions to meet the growing demand for lubricants. In June 2019, the company completed the expansion plans of its Singapore refinery. The facility will strengthen the supply for group II EHC base oil, which is used for manufacturing premium grade lubricants. In January 2019, the company launched and commercialized EHC50 and EHC120 grade products from its Rotterdam Refinery. This will help the company to improve its market position in the group II oil-based lubricant market, as the company manufactures base oil as well as finished products. In December 2018, the company completed the expansion of its Rotterdam refinery, which saw an increase in the production of Group II base oil for lubricants. This has helped the company to become the world’s largest producer of group I and group II base oils. ExxonMobil is also focusing on renewable power generation to expand its lubricant offerings.
BP PLC (UK) focuses on expansions and new product launches to strengthen its market position in the lubricants market. In December 2019, the company introduced its Castrol Edge Bio-synthetic into China. This is a synthetic base engine oil containing 25% plant-based base oil. This will help BP to strengthen its market position in the premium synthetic lubricants market in Asia Pacific. In January 2018, the company launched a new product called Castrol GTX ECO, which is manufactured from 50% re-refined base oil. This has helped the company to fulfill its sustainable development targets as well as diversified its portfolio. In December 2017, BP planned the largest new lubricant plant in China. It was BP’s third lubricant blending plant in China and, with an investment of around RMB1.5 billion (USD 230 million), representing BP’s single largest blending plant investment worldwide. The expansion helped the company to expand its product offerings.
Total S.A.(France) focuses on new product launch and expansions to strengthen its market position in the global lubricants market. In January 2019, the company launched a new PFPE-based PTFE Grease STATERMIC X400 for all textile applications, where the conventional mineral or synthetic greases are not satisfactory. In October 2018, the company inaugurated its new state-of-the-art lubricant oil blending plant, located in the Kaluga region of the Russian Federation. The plant has been designed to produce initially 40,000 tons of lubricants per year, with a scale-up option to bring this capacity up to 70,000 tons per year. With the launch of this plant, the company plans to become one of the top leaders in the segment of premium automotive and industrial lubricants in the Russian market and a significant player among competitors established locally. This will help the company in diversifying its product portfolio.
Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=182046896
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States