As per the analysis by Market Research Future (MRFR), the Global Lubricants Market is expected to reach a significant valuation at a substantial CAGR over the forecast period.
Some of the primary factors and trends influencing the Global Lubricants Market are increasing industrialization, growing automotive production and demand, and the constant growth of the construction sector. Moreover, growing mining and construction activities in the emerging and developed countries are likely to drive market growth over the forecast period. Furthermore, the expansion of production units in order to meet the growing demand for various goods are heavily reliant on the machinery and industrial equipment, which further contribute to the need for lubricants for better efficiency.
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Thus, the market is estimated to record healthy growth over the forecast period. Furthermore, the growing demand for oilfield chemicals on account of the increasing exploration and drilling activities are likely to drive the growth of the Global Lubricants Market over the review period. Additionally, augmented research and development activities to reduce the hazardous effect of synthetic lubricants on the environment is likely to encourage the development of bio-based lubricants, which is further projected to drive the growth of the Lubricants Market over the assessment period.
Key Players:
The key players operating in the Global Lubricants Market are BP PLC (UK), Chevron Corporation (U.S.), ExxonMobil Corporation (U.S.), FUCHS (Germany), Idemitsu Kosan Co. Ltd (Japan), JXTG Group (Japan), PetroChina Company Limited (China), PETRONAS (Malaysia), Royal Dutch Shell PLC. (The Netherlands), Sinopec Lubricant Company (China), Total S.A. (France), among others.
Segmental Analysis:
The Global Lubricants Market is bifurcated based on the Type and Application.
Based on the Type, the Lubricants Market is segmented into bio-based, mineral oil, and synthetic lubricants.
Based on the Application, the Lubricants Market is segmented into automotive, construction, industrial, marine, and others. The industrial segment is further segmented into general industrial oils, industrial engine oils metalworking fluids, and process oils. The automotive segment is sub-segmented into gear oil, heavy-duty engine oils, hydraulic & transmission fluids, passenger vehicle oils, and others.
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Regional Analysis:
Based on the Region, the Global Lubricants Market is segmented into the Americas (North America, Latin America), Asia Pacific (APAC), Europe, and the Middle East & Africa.
Asia Pacific is likely to account for the largest region in the Global Lubricants Market and is predicted to grow at a robust CAGR. This growth is influencing due to the development of numerous end-use industries such as automotive, construction, and other transportation sectors, during the forecast period. The demand for Lubricants is projected to surge in several developing countries of the Asia Pacific such as Australia, Bangladesh, China, India, Japan, Malaysia, South Korea, Thailand, and Taiwan on account of the growing demand for passenger vehicles along with increasing automotive manufacturing base funded by international manufacturers. Moreover, the rising industrialization in these emerging economies, the presence of low-cost raw material, labor and land, and mildly stringent regulatory framework are some other favorable factors contributing to the growth of the lubricants market in this region over the assessment period.
Europe accounts for the second largest region in the Global Lubricants Market over the review period. In Europe, many countries such as Germany, Russia, Italy, Poland, U.K, and France have developed as the significant contributors to the regional lubricants market growth and is assessed to continue their lead over the forecast period. This is attributable to the wide-ranging utilization of lubricants in mining and quarry applications in the region.
The Americas are a significant region in the Global Lubricants Market. North America market is segmented into the U.S. and Canada. The U.S. contributes the largest market share based on the increasing onshore along with exploration activities. Additionally, the growing demand from oilfield chemicals is likely to fuel the market over the forecast period. Latin American countries such as Argentina, Brazil, Guatemala, Mexico, and Peru, are probable to record moderate growth due to growing automotive production and demand, along with increasing consumer expenditure on passenger vehicles.
The Middle Eastern and African region is countries such as Kuwait, Oman, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates (UAE) are projected to observe a robust demand from the thriving building and construction sector in this region. Moreover, growing tourism activities, coupled with rising commercial and residential construction, are assessed to drive regional market growth.
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