Lubricants Market In-Depth Research On Basis By Application, Region And Forecast To 2030 : Grand View Research Inc.

San Francisco, 10 Jan 2023: The Report Lubricants Market Size, Share & Trends Analysis Report By Application (Automotive, Marine, Aerospace, Industrial), By Region (Asia Pacific, North America, Europe, MEA, CSA), And Segment Forecasts, 2022 – 2030

The global lubricants market size is estimated to reach USD 180.21 billion by 2030, registering a CAGR of 3.7% over the forecast years, according to a new report by Grand View Research, Inc. The product demand is expected to increase in the coming years due to an increase in the number of vehicles on the road and high-performance requirements in a vehicle. Furthermore, manufacturers are also moving and expanding their production facilities in developing countries due to several factors, including lower infrastructure and labor costs. This, in turn, is anticipated to accelerate industry growth during the projected period. Lubricant is a key product due to its high demand from application industries, especially industrial and automotive.

Key manufacturing companies produce various types of lubricants, such as engine oils, transmission fluids, gear oils, greases, compressor oils, brake fluids, and process oils. A few oil majors, such as British Petroleum, Shell, Ashland, Inc. & ConocoPhillips, have established their subsidiaries Castrol, Pennzoil, Valvoline & Kendall with broader product portfolios. This allows these companies to mark their presence in desired application markets.APAC has emerged as one of the largest consumers of lubricants owing to the rapidly growing automotive industry along with industrial development in the region. The most extensively used products in the Asian market include automotive engine oils, greases, and hydraulic fluids.

The government initiatives of various countries in the Asia Pacific to boost domestic manufacturing activities as an attempt to reduce the reliance on imports and improve the sustainability of the industrial sector in emerging economies, such as India, Vietnam, Indonesia, and Thailand, are expected to drive product consumption in the expanding industrial sector. The emergence of bio-based lubricants is the latest trend in the global industry. Major companies are investing in bio-lubricants since several regulations have been formulated by authorities, such as EPA, to reduce emissions from vehicle engines. Companies, such as Chevron & ExxonMobil, are directly involved in the manufacturing of products for specific applications.

Access Research Report of Lubricants Market @ https://www.grandviewresearch.com/industry-analysis/lubricants-market

Lubricants Market Report Highlights

• In 2021, processed oil emerged as the dominant type of industrial application segment owing to its diversified usage in various industries especially, in the tire industry
• Automotive & industrial are the major application segments. The demand for high-performance engines in the automotive industry is one of the key factors driving the product demand in the automotive sector
• Increasing industrial production in emerging markets of Asia Pacific and Latin America is anticipated to drive industrial lubricants demand over the forecast period
• Mining, unconventional energy, and chemicals industries are projected to be among the largest markets for industrial lubricants
• Asia Pacific is projected to grow at the highest CAGR over the forecast years owing to the presence of several car manufacturing companies in China, India, and Japan

List of Key Players of Lubricants Market

• ExxonMobil Corp.
• Royal Dutch Shell Co.
• BP PLC.
• Total Energies
• Chevron Corp.
• Fuchs
• Castrol India Ltd.
• Amsoil Inc.
• JX Nippon Oil & Gas Exploration Corp.
• Philips 66 Company
• Valvoline LLC
• PetroChina Company Ltd.
• China Petrochemical Corp.
• Idemitsu Kosan Co. Ltd.
• Lukoil
• Petrobras
• Petronas Lubricant International
• Quaker Chemical Corp.
• PetroFer Chemie
• Buhmwoo Chemical Co. Ltd.
• Zeller Gmelin Gmbh & Co. KG
• Blaser Swisslube Inc.

Access Press Release of Lubricants Market @ https://www.grandviewresearch.com/press-release/global-lubricants-market

Lubricants Market Expected To Witness A Substantial Growth Of USD 167.48 Billion By 2028: Grand View Research Inc.

San Francisco, 23 Aug 2021: The Report Lubricants Market Size, Share & Trends Analysis Report By Application (Industrial, Marine, Automotive, Aerospace), By Region (Asia Pacific, North America, Europe, MEA), And Segment Forecasts, 2021 – 2028

The global lubricants market size is expected to reach USD 167.48 billion by 2028, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 3.7% from 2021 to 2028. Growth in demand for biobased lubes, as they are eco-friendly, is estimated to augment the market growth over the coming years. Furthermore, the manufacturers are shifting and expanding their production units in developing nations owing to various factors, such as availability of raw material and reduced costs of infrastructure and labor. This, in turn, is anticipated to boost the market growth over the forecast period.

Typical oil manufacturers use crude oil, CBM, tight oil, and other additives to formulate all types of lubricants. Technological advancements have led to the reduction of combustion engine-based vehicles; and countries, such as Norway and the Netherlands, have imposed strict regulations against the approval of any combustion engine-based vehicles. Major companies, such as Shell, Total, Chevron, ExxonMobil, BP, and Sinopec, have integrated their business operations globally.

Increasing passenger car sales in emerging markets of Asia Pacific and Latin America is expected to be a major factor driving consumer automotive lubricants demand over the forecast period. Growing sales of consumer automotive, such as trucks, buses, and other forms of passenger transport, are expected to drive commercial automotive oil product demand. Economic growth in emerging markets, such as China, India, and Brazil, has led to betterment in public transportation in these regions. This trend is expected to further strengthen commercial automotive lubricant demand.

The Asia Pacific automotive industry is anticipated to witness a high growth rate over the forecast period owing to rapid economic development, mega construction projects, and introduction of various favorable policies by the government, such as 100% FDI and “Smart Cities”. The rapid industrial development and growing demand for high-performance luxurious passenger cars have also attracted heavy investments from international automobile companies.

Companies, such as ExxonMobil & Chevron, are directly involved in the production of lubricants for specific applications, these companies are further involved in supply agreements with major end-users to ensure steady product sales. Companies, such as Total, Shell, Amsoil, and Castrol, have entered into exclusive supply agreements with Tata Motors & Vestas Wind Systems to supply their products.

Access Research Report of Lubricants Market @ https://www.grandviewresearch.com/industry-analysis/lubricants-market

Lubricants Market Report Highlights

• Bio-based lube formulations are widely used since several regulations have been formulated by authorities, such as the EPA, to reduce the vehicular emissions
• These products have high price fluctuations as they depend on the costs of petroleum products, such as crude oil
• In terms of volume, the automotive application segment accounted for a prominent share in the market in 2020 and is further expected to witness steady growth over the forecast period
• Asia Pacific accounted for the highest revenue share in 2020 and will expand further at the fastest CAGR from 2021 to 2028
• An increasing number of consumers are demanding advanced technological products with superior performance characteristics, which are conducive to market growth
• Global as well as regional players are developing direct sales channels, especially for the automotive sector, at their local service centers
• Some companies also participate in annual events of their end-users and showcase their products at discounted prices

List of Key Players of Lubricants Market

• ExxonMobil Corp.
• Pennzoil
• Quaker Chemical Corp.
• Royal Dutch Shell Co.
• JX Nippon Oil & Energy Corp.
• British Petroleum
• Lukoil
• Total S.A
• Chevron Corp.
• Philips 66 Company
• Sinopec Corp.

Access Press Release of Lubricants Market @ https://www.grandviewresearch.com/press-release/global-lubricants-market