Lubricant Market Overview, Demand, Global Industry Share, COVID-19 Analysis and Growth 2023
Lubricant Market
The global
lubricants market is profiled in great detail in the latest research report
from Market Research Future (MRFR), providing readers with a comprehensive
overview of the market through its historical growth trajectory, present
conditions, and future growth prospects. The historical stats of the lubricants
market are detailed in the report, in order to provide readers with a complete
overview of the market’s historical growth trajectory. The historical stats
provided in the report also give analysts a solid platform to base future
projections about the market. Based on this platform, future projections for
the lubricants market’s growth trajectory over the forecast period are provided
in the report. The leading players in the global lubricants market are also
profiled in the report in order to give readers a comprehensive analysis of the
leading players in the global lubricants market. The major drivers and
restraints affecting the global lubricants market are also profiled in the
report to provide readers a comprehensive overview of what’s making the market
tick and what is holding the market back.
Lubricants
are substances used to reduce the generation of heat through friction between
two work surfaces. Due to their benefits in reducing the wear and tear,
lubricants are widely used in a wide array of applications, including
industrial, automotive, marine, construction, and others. Lubricants also
protect work surfaces from rusting and other types of corrosion, making them
last longer than unlubricated work surfaces. Lubricants are mainly produced
from petroleum. As a result, the production of lubricants is dependent on the
availability of petroleum. The fluctuations in the price of petroleum are thus
likely to be a key restraint on the global lubricants market.
The
growing automotive industry is likely to be a major driver for the global
lubricants market over the forecast period. The automotive industry has grown
spectacularly in the last few decades due to the growing demand for passenger
vehicles from emerging regions. This has driven the demand for a number of
substances used in automotive industry operations, including lubricants. The
growing construction industry is also likely to be a major driver for the
global lubricants market over the forecast period.
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Competitive Leaderboard:
Leading
players in the global lubricants market include PETRONAS, Fuchs, Idemitsu Kosan
Co. Ltd., JXTG Group, BP plc, Petrochina Company Ltd., Sinopec Lubricant
Company, Total SA, Chevron Corporation, ExxonMobil Corporation, and Royal Dutch
Shell plc. Advertising is likely to be a major competitive strategy for players
in the global lubricants market over the forecast period. Merger and
acquisition activity is also likely to be high in the market over the forecast
period.
Lubricant Market
Segmentation:
The global
lubricants market is segmented on the basis of type, application, and region.
By type,
the global lubricants market is segmented into mineral oil, biobased, and
synthetic lubricants. The biobased segment is expected to grow at a rapid
growth rate over the forecast period due to the growing demand for biobased
industrial products, including lubricants. Biobased lubricants pose no threat
to the environment, as they can biodegrade naturally. This has made biobased
lubricants a key part of the global lubricants market.
By
application, the global lubricants market is segmented into automotive, marine,
construction, industrial, and others. The industrial segment is further
classified as metalworking fluids, general industrial oils, process oils, and
industrial engine oils. The automotive segment is further classified as gear
oil, passenger vehicle oils, heavy duty engine oils, hydraulic and transmission
fluids, and others. The automotive segment is likely to dominate the global
lubricants market over the forecast period due to the growing automotive
industry.
Regional Analysis:
Asia
Pacific dominates the global lubricants market and is likely to remain the
leading revenue generator over the forecast period. The growing automotive
industry in Asia Pacific is the major driver for the global lubricants market,
as the automotive industry is the major consumer of lubricants. The
construction and marine industries are also growing in Asia Pacific, leading to
a growing demand for lubricants.
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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.
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