Global lubricants market research report- information by type (mineral oil, bio-based, and synthetic lubricants), application (industrial, automotive, marine, construction, and others) region – Forecast till 2027
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Lubricants Market Analysis
Lubricants are capable of decreasing heat, wear, and friction when introduced as a film between sold surfaces. They exhibit superior properties such as corrosion protection, smooth functioning of mechanical parts, and demulsibility, which make them suitable for use in a wide application such as construction, marine, industrial, automotive, and others. Moreover, they are used to achieve optimum efficiency, and always ensure that everything from the main engine to secondary equipment runs smoothly irrespective of the work environment.
Some of the prominent factors that positively influence the growth of the lubricants market are rising construction and building activities in developing countries, increasing consumer spending on passenger cars, and growing consumption of bio-based lubricants.
Furthermore, growing consumer awareness regarding the harmful effects of synthetic lubricants has shifted the consumer influence towards bio-based lubricants. Hence, increasing consumption of bio-based lubricants is estimated to drive the overall lubricant market over the estimated period. Moreover, increasing population along with increasing building & construction activities are driving the consumption of lubricants, which is predicted to propel the growth of the market.
Top Key Players
Some of the major players operating in the global lubricants market are Royal Dutch Shell PLC. (the Netherlands), Exxonmobil Corporation (U.S.), Chevron Corporation (U.S.), Total S.A. (France), Sinopec Lubricant Company (China), Petrochina Company Limited (China), BP PLC (UK), JXTG Group (Japan), Idemitsu Kosan Co. Ltd (Japan), FUCHS (Germany), and PETRONAS (Malaysia).
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The Asia Pacific is estimated to be the largest lubricants market followed by Europe and North America on account of increasing demand from numerous end-use industries such as automotive and construction among others.
In the Asia Pacific, some of the important factors resulted in the regional market growth are continued economic growth rate, competitive production costs, and ease of availability of raw material.
North America is predicted to witness a moderate growth during the assessment period due to growing demand for onshore activities. Emerging economies of Latin America and the Middle East and Africa is estimated to witness above-average growth owing to growing end-use application.
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Please note that the assessment period of report has been updated from 2016-2023 to 2020-2027. Cordially fill the sample
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Synopsis of Lubricants Market:
Lubricants are used to reduce heat and wear between contacting surfaces in relative motion. They are
indispensable to the proper functioning of machinery because reduce tear and wear between different moving
parts. In industrial machinery, they are used to reduce the downtime operations, hence improve the overall
productivity of the machine. They possess excellent properties such as rust and corrosion protection,
demulsibility, and extended equipment life, which make them suitable for use in numerous end-use application
such as marine, construction, industrial, automotive, and others.
As per our analysis, some of the important market factors and trends identified in the global lubricants market are
rising industrialization, increasing automotive production & sales, continuous growth of the construction sector.
Furthermore, rising mining and construction activities in the developing and developed countries are expected to give a
new momentum to the market growth. Increasing disposable income along with rising automotive production & sales
across the globe is estimated to fuel the growth of the market. Moreover, expansion of manufacturing units in order to
meet the growing demand for various goods are heavily dependent on the machinery and industrial equipment, which
are further utilized lubricants for better efficiency. With this aforementioned reason, the market is estimated to register
a healthy growth over the forecast period. Furthermore, increasing oilfield chemicals demand on account of rising
exploration and drilling activities are estimated to propel the growth of the market. Moreover, increased research and