Lubricants Market

Lubricants Market worth 166.59 Billion USD by 2021

The report "Lubricants Market by Type (Mineral Oil, Synthetic Lubricants, Bio-Based, and Greases), by Application (Transportation and Industrial Machinery & Equipment), and by Region (APAC, EU, NA, MEA, AND SA) - Global Forecast to 2021" The lubricants market is projected to reach USD 166.5 billion by 2021, at a CAGR of 2.4% from USD 147.9 billion in 2016. Lubricants are materials that help reduce the friction between moving parts or surfaces to enhance the efficiency of machines. They are used in different applications ranging from automobiles to large multitudes of industries. The increasing number of industrial investments and the growing automotive sector is projected to fuel the growth of the lubricants market in the Middle East & Africa region.

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Transportation was the largest application segment of the lubricants market in 2016

The transportation application is estimated to account for the largest share of the lubricants market during the forecast period, in terms of value. Smooth running of vehicles and long engine life entail consistent use of lubricants. Passenger vehicles, commercial vehicles, aviation, and marine are the sub segments of transportation. Passenger and commercial vehicles are the major consumers of lubricants. This is due to the rising vehicle production and improving standard of living in the developing nations.

Low price of mineral oil to drive the market for lubricants during the forecast period.

The dominance of the mineral oil segment is projected to continue during the forecast period, owing to its low cost and easy availability. They are produced in large quantities because of its high usage in different sectors such as transportation and industrial machinery and equipment. In spite of the gradual shift from mineral oil lubricants to synthetic and bio-based lubricant, the bulk lubricant users, which mainly includes off road vehicles, marine, defense, and aviation sectors, will continue to utilize high volumes of mineral oil lubricants because of its low cost.

APAC is estimated to be the largest market for lubricants in 2016.

APAC is the largest lubricants market during the forecast period due to the high growth of the manufacturing and construction industries in emerging countries such as China, India, Japan, and South Korea. The domestic and foreign investments in the construction industry have been consistently growing over the past decade in this region. Moreover, the rising investment for infrastructure development in the developing countries of APAC is fueling the lubricant market in the region.

Key players profiled in the report include Royal Dutch Shell PLC (The Netherlands), ExxonMobil Corporation (US), British Petroleum Plc ((UK), Chevron Corporation (US), Total SA (France), Petrochina Company Limited (China), Sinopec Limited (China), Lukoil (Russia), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co. Ltd. (Japan).

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Report Code
CH 2730
PR Published ON
3/4/2016
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