The global lubricants market is extremely consolidated in nature as it is dominated by a few prominent players operating in the market, states Transparency Market Research (TMR). In 2013, the leading 10 players operating in the market held a share of 65.78%. Among these, Royal Dutch Shell Plc, ExxonMobil Corporation, and Chevron Corporation are considered as the top players. These players are making notable efforts to create a brand name and enhance their distribution network. The large investments required to start a production facility is making it difficult for new players to enter the market.
According to the research study by TMR, in 2015, the global lubricants market was valued at US$137.18 bn and is estimated to reach a value of US$157.68 bn by the end of 2020.
Robust Industrialization to Offer Growth Opportunities in Asia Pacific Lubricants Market
From a geographical perspective, the growth of the lubricants market has become stagnant in several developed nations in North America and Europe. On the other hand, the high rate of industrialization in Asia Pacific is encouraging the lubricants market. “This region is estimated to account for a massive share of 44.80% in the global lubricants market by the end of 2020,” says a TMR analyst. The high growth of the Asia Pacific lubricants market can be attributed to the developing automotive industry in this region. Furthermore, the Middle East is expected to witness substantial growth throughout the forecast period.
In terms of application, currently, the automotive oils segment leads the global lubricants market and is estimated to witness high growth throughout the next few years. According to a TMR analyst, this segment is projected to account for a share of 54.65% in the global market by the end of 2020. A significant rise in the sale of passenger vehicles across the globe is the primary factor accelerating the growth of the automotive oils segment in the overall market.
Increasing R&D Activities to Widen Scope of Global Lubricants Market
The growing awareness among consumers regarding the benefits of using lubricants is one of the crucial factors augmenting the global lubricants market. In addition, rigid government regulations regarding the sale of synthetic lubricants are expected to drive the market in the next few years, says a TMR analyst.
Furthermore, the introduction of bio-based lubricants is expected to generate promising opportunities for key players in the global lubricants market. The growing emphasis on research and developments activities and the rising number of manufacturing units being setup in developing economies are also anticipated to boost the global market in the forecast period.
High Cost of Synthetic Lubricants to Curtail Market Growth
On the flip side, the advent of hybrid electric vehicles is one of the vital factors restricting the growth of the market. Moreover, a longer engine oil drain interval is a crucial challenge faced by the players in the market. The high price of bio-based and synthetic lubricants is also hampering the market.
Nevertheless, the industrial growth in the Middle East and Africa and the lucrative opportunities being offered by BRIC nations are expected to encourage the overall market in the near future.
This information is based on the findings of a report published by Transparency Market Research (TMR), titled “Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020.”
The global lubricants market has been segmented as follows:
Global Lubricants Market, by Product Type
- Mineral oil
Global Lubricants Market, by Application
- Automotive oils
- Industrial oils
- Metalworking fluids
Global Lubricants Market, by Geography
- North America
- Asia Pacific
- Middle East
- RoW (Rest of the World)
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