Lubricant Market Share, Overview, Trends and COVID-19 Analysis, Forecast to 2023
Lubricant Market Overview
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.
Lubricant Market Key Players and Competition Analysis
Some of the prominent players operating in the global COVID-19 analysis on lubricants
market report 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), PETRONAS (Malaysia)
among others.
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Lubricant Market Segmentation Analysis
The global lubricants market forecast is categorized on the basis of type, application, and
region. On the basis of the type, the market is classified into mineral oil, bio-based,
and synthetic lubricants. On the basis of the application, the lubricants
market is categorized into industrial, automotive, marine, construction, and
others. Industrial segment is further classified into metalworking fluids,
general industrial oils, process oils, and industrial engine oils. Automotive
segment is categorized into gear oil, passenger vehicle oils, heavy-duty engine
oils, hydraulic & transmission fluids, and others. On the basis of the
region, the market is classified into Latin America, North America, Asia
Pacific, Europe, and the Middle East & Africa.
Regional Analysis
The global lubricants industry is spanned across five regions, Asia Pacific, Europe, Latin
America, North America, and the Middle East & Africa. Among these, Asia Pacific
emerged as the largest lubricants market and is predicted to grow a healthy
CAGR due to the expansion of various end-use industries such as construction,
automotive, and other transportation sector, over the forecast period. The
demand for lubricants is estimated to surge in various countries of the Asia
Pacific such as India, South Korea, Japan, Thailand, Australia, Malaysia,
Bangladesh, China, and Taiwan on account of increasing passenger car sales
along with rising automotive manufacturing base from international
manufacturers. In addition, increasing industrialization in developing
countries, the presence of inexpensive raw material, labor & land, and
soberly stringent regulatory framework are some other factors for the regional
growth of lubricants market over the assessment period.
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NOTE: Our team of researchers are studying Covid19 and its impact
on various industry verticals and wherever required we will be considering
covid19 footprints for a better analysis of market and industries. Cordially
get in touch for more details.
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