The global lubricants market size is expected to reach USD 68.54 billion
by 2022, according to a new study by Grand View Research, Inc. Growth of
automotive industry in emerging markets of Asia Pacific and Latin America is
expected to drive automotive lubricants demand. The market is characterized by
increasing demand for engine oils, transmission fluids and hydraulic fluids in
both commercial and consumer automotives. Increasing sales of passenger cars
and motorcycles is expected to further strengthen the trend over the forecast
period. Increasing industrial output in China, India, Brazil and Russia is
expected to drive the demand for industrial lubricants.
 |
Global lubricants
market volume by product, 2012 - 2022 (Million Tons)
|
Recycling of used lubricants is another major issue that has attracted a
lot of stern regulations from agencies. The global market is regulated by
policies from environmental agencies such as U.S. EPA, REACH and ECHA.
Lubricant products or chemicals that are imported or manufactured in Europe
need to be preregistered with REACH and have to be compliant with ECHA
regulations. Similar guidelines have been established by EPA to ensure
biodegradability, toxicity and labeling of lubricant products in the U.S.
In depth research report on Lubricants Market
Further key findings from the study suggest:
·
Global lubricants market was 36.36 million tons in 2014
and is expected to reach 43.87 million tons by 2022, growing at a CAGR of 2.4%
from 2015 to 2022.
·
Industrial lubricants emerged as the largest product
segment and accounted for over 39% of the total market volume in 2014.
Increasing consumption of general industrial lubricants and process oils in
industrial machinery such as centrifuges, rotary compressors, air compressors
and machine bearings is expected to drive industrial lubricants demand over the
forecast period.
·
Asia Pacific was the largest lubricants market and
accounted for over 40% of the total market volume in 2014. High industrial
production in China and India is expected to drive industrial lubricants demand
which in turn is expected to complement regional market growth. Increasing
automotive sales in the region is expected to further complement the regional
market growth.
·
Global lubricants market is fragmented with top four companies,
Shell, ExxonMobil, BP and Chevron accounting for over 42% of the total market
share. Companies are actively establishing strategic alliances with end-users
in order to secure their lubricants sales. Companies such as Total, Shell,
Amsoil and Castrol have entered into exclusive partnerships with Tata Motors,
BMW, Ford and Vestas Wind Systems to supply their lubricant brands.
·
Companies such as Fuchs, Shell and Chevron are involved in
acquisition of smaller lubricants manufacturers in order to increase their
market share. New product launches and capacity expansions are generic
strategies employed by companies to increase their market presence.
For the purpose of this study, Grand View Research has segmented the
global lubricants market on the basis of product and region:
Global Lubricants Product
Outlook (Volume, Million Tons; Revenue, USD Million, 2012 - 2022)
·
Industrial
o
Process Oils
o
General Industrial Oils
o
Metal Working Fluids
o
Industrial Engine Oils
o
Others
·
Commercial Automotive
o
Heavy-duty Engine Oils
o
Hydraulic & Transmission Fluid
o
Gear Oil
o
Grease
·
Consumer Automotive
o
Passenger Vehicle Engine & Motor Oil
o
Automatic Transmission Fluid
o
Gear Oil
o
Grease
Global Lubricants Regional
Outlook (Volume, Million Tons; Revenue, USD Million, 2012 - 2022)
·
North America
o
U.S.
·
Europe
o
UK
o
Germany
·
Asia Pacific
o
China
o
India
o
Japan
·
Central & South America
·
Middle East & Africa
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About Grand View Research
Grand View
Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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