Lubricants Market - Overview
Lubricants are organic substances that are used to reduce friction and heat between moving surfaces that are in mutual contact. Lubricants prevent corrosion; reduce contamination; protect seal; transmit power; and control temperature. The lubricants are available in various forms such as liquid, solid, semi-solid, and gaseous. The global lubricants market has been segmented in terms of type, product, and application.
Based on product, the lubricants market has been classified into mineral, synthetic, and semi-synthetic. The mineral segment dominated the market in 2017. Mineral lubricants are employed to lubricate internal combustion engines of vehicles and other machines. They are made from naturally occurring crude oil, which is refined and processed to remove waxes and impurities. Mineral lubricants are composed of hydrocarbons and contain nitrogen, sulfur, and oxygen compounds that cause irregular lubricity in engines. Synthetic lubricants generally provide less friction and are more stable. They last longer than mineral-based lubricants. Synthetic lubricants maintain their viscosity at high temperatures and over a long period of time. This prevents engine wear, and allows lubricants to stick to engine parts more effectively. It also protects the engine from dry starts. Based on product, the market has been divided into automotive oils, industrial oils, hydraulic oils, process oils, metalworking fluids, and greases & others. The automotive oils segment can be further sub-segmented into engine oils and transmission oils. Synthetic-based automotive oils offer better oxidation, thermal stability, volatility, as well as higher saturation levels than that of mineral-based automotive oils.
Based on region, the global lubricants market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the global lubricants market in 2017. It was followed by Europe. Rise in production capacity of synthetic lubricants, especially in China, ASEAN, and South Korea, is a major factor expected to drive the lubricants market in Asia Pacific during the forecast period. Demand for lubricants in the U.S. is anticipated to rise moderately due to the increase in government spending to curtail emissions, increase in consumer preference of high-quality lubricants, and constant research on automation technologies in the field of blended lubricants in the country. Increase in demand for synthetic and semi-synthetic lubricants and rise in demand for food-grade industrial lubricants are likely to fuel the market in Europe during the forecast period. The market in Latin America and Middle East & Africa is estimated to expand significantly in the near future. Growth in investments by various automakers and strong investment in the industrial sector in Mexico, South Africa, and Brazil are driving the lubricants market in these countries.
The report analyzes and forecasts the lubricants market at the global and regional levels. The market has been projected in terms of volume (kilo tons) and value (US$ Mn) for the period from 2018 to 2026. The study includes drivers and restraints of the global lubricants market. It also covers the anticipated impact of these drivers and restraints on the demand for lubricants during the forecast period. The report highlights opportunities in the lubricants market at the global and regional levels.
The report comprises detailed value chain analysis, which provides a comprehensive view of the global lubricants market. The Porter’s Five Forces model for the lubricants market has also been included to help understand the competition landscape of the market. The study encompasses market attractiveness analysis, wherein type, product, and application segments have been benchmarked based on their market size, growth rate, and general attractiveness. These segments have been analyzed based on the present and future trends. Regional segmentation includes the current and forecast demand for lubricants in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers individual type, product, and application segments of the market in every region.
The study includes profiles of major companies operating in the global lubricants market. Key players profiled in the report are Royal Dutch Shell Plc., Calumet Specialty Products Partners, L.P., PetroChina Company Limited, Total Group, China Petrochemical Corporation (Sinopec Group), JXTG Nippon Oil & Energy Corporation, Idemitsu Kosan Co., Ltd., FUCHS, Gulf Oil Marine Ltd., BP plc., Petroliam Nasional Berhad (PETRONAS), Chevron Corporation, and ExxonMobil Corporation. These players account for major share of the global lubricants market. Brand promotions and launch of new products are likely to increase sales of lubricants in the next few years. Market leaders are striving to adopt measures such as strategic pricing and product improvement to increase their market share.
The report provides size (in terms of volume and value) of the global lubricants market for the base year 2017 and the forecast for the period between 2018 and 2026. Market numbers have been estimated based on type, product, application, and regional segments. Market size and forecast for each type, product, and application segment have been provided for the global and regional markets.
Global Lubricants Market, by Type
Global Lubricants Market, by Product
Global Lubricants Market, by Application
Global Lubricants Market, by Region
MRRSE offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.Get A Free Custom Research Quote