March 28, 2020
Lubricant

Target Market for Lubricants | US$ 75.6 Bn by 2025

The Global Lubricants Market is expected to reach US$ 75.6 Bn by 2025, expanding at a CAGR of 3.3% during the forecast period 2017 – 2025.

Market Insights

The market for lubricants is projected to witness significant growth with an increase in the demand for lubricants from the end-use sector. The transport sector must remain a key driver in the global market for lubricants. Rapid growth in the number of passenger vehicle sales due to the increase in disposable income of consumers around the globe is projected to fuel the demand for lubricants over the forecast period. Growing international trade fueling the demand for commercial vehicles, marine services and cargo aircraft. Growth in the number of commercial vehicles, cargo aircraft and marine vehicles used to transport goods is expected to drive demand for lubricants. In addition, population growth is driving demand for finished products, which, in turn, is fueling demand for lubricants over the forecast period. Increased investment in the expansion of manufacturing units, particularly in emerging economies, including China, India, Brazil and others, is expected to see high growth in demand for lubricants during the forecast period. However, high prices of synthetic and bio-based lubricants are expected to hinder the growth of the lubricants market during the forecast period (2017-2025).

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Competitive Insights:

Global lubricants market is segmented on the basis of product type, application and geography. By product type, mineral oil lubricants segment was estimated to be the largest segment among all the source segments and anticipated to maintain its position over the forecast period. Easy availability along with low prices are the factors anticipated to drive the growth of the segment during the forecast period. By application, in 2016 the transportation segment was the most dominant segment accounting for the largest revenue share in the global lubricants market. Growing sales of passenger and commercial vehicles, growth in number of air passengers along with increasing demand for marine and cargo air services due to growing international trade is projected to drive the growth of the segment during the forecast period (2017-2025). On the basis of geography, Asia Pacific was estimated to be the largest market for lubricants in 2016. Increasing sales of automobiles especially in China and India along with increasing trade from the region is projected to spur the demand for lubricants in the region during the forecast period.

Report originally published at Credence Research: https://www.credenceresearch.com/report/lubricants-market  

Segmentation  

Based on the product type, the global lubricants market is segmented as follows:

  • Mineral Oil Lubricants
  • Synthetic Lubricants
  • Bio-Based Lubricants
  • Greases

Based on the application, the global lubricants market is segmented as follows:

  • Transportation
  • Industrial
  • Others

For the purpose of this study, the global lubricants market is categorized into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America (LATAM)
  • Middle East and Africa (MEA)

Some of the major companies profiled in the report include

  • Royal Dutch Shell plc.
  • Exxon Mobil Corporation
  • BP P.L.C.
  • Chevron Corporation
  • Petrochina Company Limited
  • Lukoil
  • Sinopec Limited.
  • Kuwait Petroleum Corp.
  • Saudi Arabian Oil Company (Aramco)

Key Trends:

  • Merger & Acquisition
  • Production capacity expansion
  • Investment in research and development

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