High Performance Lubricants
- Lubricant is a substance used to decrease the friction between surfaces in contact with each other. This property of reducing friction is known as lubricity. Lubricant helps reduce heat generation and wear & tear of a device.
- The appropriate type of lubricant is selected depending on the lubricity and operational temperature. In case of high temperature or specialized operations, the usual lubricants are not feasible, as they may adversely affect the process or instrument. In such cases, high performance lubricants are used depending upon the working conditions and required performance.
- High performance lubricants are designed for high and low temperatures; and dusty and damp environmental conditions. They also help optimize the maintenance and servicing cycle of the equipment by using the right oils and greases. This enables manufacturing processes to become more cost effective.
- High performance lubricants offer long lasting performance capabilities, thus minimizing the risk of failures. They also increase efficiency of machines.
Key Drivers of Global High Performance Lubricants Market
- Demand for high performance lubricants has been increasing owing to the rise in industrialization and automation across the globe. Advantages of high performance lubricants and their improved properties, such as reduced gear wear, reduced flammability, and increased service life, are the major factors driving the global high performance lubricants market.
- Rise in demand for automobiles across the globe is also anticipated to boost the demand for high performance lubricants in the next few years
- In 2019, Indian Oil Corporation Ltd launched high performance lubricants for new generation cars. The company launched two new high performance grades of its engine oils: SERVO SuperMile Plus and SERVO SuperMile. SERVO SuperMile Plus is a high quality synthetic engine oil suited for new generation petrol and diesel cars. It offers up to 2% rise in fuel economy.
North America to Hold Major Share of Global High Performance Lubricants Market
- Based on region, the global high performance lubricants market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global high performance lubricants market in 2019, owing to rise in investment in technological advancements in the industrial sector. The region is among the major producers of high performance lubricants, led by the presence of major petrochemical companies, primarily in the U.S.
- Europe is anticipated to account for vital share of the global high performance lubricants market during the forecast period. High performance lubricants perform well in extremely cold conditions and have no effect on the lubricity of lubricants. This is anticipated to drive the market in Europe in the near future.
- Asia Pacific is anticipated to be a highly attractive region of the global high performance lubricants market during the forecast period. Growth in the industrial sector and increase in demand for automobiles in the region are likely to boost the market in Asia Pacific.
- The market in Middle East & Africa is estimated to expand at a healthy pace, owing to expansion in automotive and industrial sectors in the region. Middle East & Africa has well established oil refineries that are focusing on the production of high performance lubricants.
- The market in Latin America is likely to expand at a sluggish pace during the forecast period
Key Players Operating in Market
Major companies operating in the global high performance lubricants market are:
- Royal Dutch Shell plc.
- Exxon Mobil Corporation
- BP plc.
- Chevron Corporation
- Indian Oil Corporation Ltd
- Total Lubricants
- High Performance Lubricants
- Telko Ltd
- Gulf Oil Corporation Limited
- Idemitsu Kosan Co. Ltd.
Global High Performance Lubricants Market: Research Scope
Global High Performance Lubricants Market, by Source
Global High Performance Lubricants Market, by Type
- Engine Oil
- Hydraulic & Transmission Fluids
- Metalworking Fluids
- General Industrial Oil
- Process Oil
Global High Performance Lubricants Market, by End-use
- Automotive & Transportation
- Heavy Machinery & Equipment
- Food & Beverages
- Power Generation
- Chemical Manufacturing
Global High Performance Lubricants Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.