Global Lubricants Market for Off-road Sector: Snapshot
Lubricants are used for maintaining the performance and efficiency of vehicles over a longer period of time. They protect vehicles against rust and corrosion, transmission of power, and transfer of heat. The advancements in vehicle design and increasing wear and tear of vehicles due to their usage in tough terrains has upped the demand for lubricants in recent years. Owing to these reasons, the global lubricants market for off-road sector is expected to be worth US$16.8 bn by the end of 2024 as compared to US$13.0 bn in 2015. Between the forecast years of 2016 and 2024, the global market is expected to expand at a CAGR of 2.9%.
Industrialization and Transportation Fuels Global Market
The increasing usage of vehicles for transportation purposes as industrialization and commerce is regaining momentum it is expected to propel the demand for lubricants market for off-road sector. Furthermore, need to maintain old vehicles continuously has also increased the consumption of lubricants market in recent years. The booming automotive industry, rising sales of vehicles, and product development by lubricant manufacturers are collectively expected to drive the growth of the global market. Additionally, the market is also expected to benefit with the continuous vehicle design and persistent changes in fuel quality. Lubricant manufacturers will strive to develop high-end formulations as vehicle owners and manufacturers are striving to reduce carbon dioxide emissions by improving fuel efficiency.
On the basis of grade, the global lubricant market for off-road sector is segmented into single grade and multi grade. The single grade, which is also known as mono grade oils, operates efficiently in a specified temperature range. Thus, they are used for engines that operate in a reasonably ambient or operating temperature for longer period. Fixed engines powering generators that are used in an enclosed premise or in a consistent or controlled temperature and speed use single grade oils. On the other hand, multi-grade oil is used for engines that undergo varying temperature differences. These oils include viscosity modifier additives that keeps ensures proper flow under cold and hot conditions. Multi-grade oil is developed to be thin, so that it can easily flow into cold temperatures. This protects the engine in cold conditions.
North America to Show Dominance throughout Forecast Period
In term of geography, the global lubricants market for off-road sector is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, North America held a dominant share in the global market in 2015. In terms of volume, North America held a share of 38% in the overall market in 2015. However, Asia Pacific is expected to show remarkable growth rate in the coming years. Emerging economy of China is expected to fuel this growth in the coming years. The flourishing mining activities in Asia Pacific are expected to propel the usage of off-road vehicles, thereby increasing the uptake of lubricants for the same.
The key players operating in the global lubricants market for off-road sector are Topaz Energy Group Limited, Royal Dutch Shell plc, BP Global, Total S.A., ExxonMobil Corporation, Phillips 66, Indian Oil Corporation Limited, Halron Lubricants Inc., Chevron USA Inc, Castrol Limited, Fuchs Petrolub SE, BRB International and Lukoil Lubricants Company.
Global Lubricants Market for Off-road Sector: Overview
Lubricants diminish friction because they eliminate the contact resistance between two solid surfaces or objects. Examples of lubricants are engine oil, gear oil, transmission fluid, greases, coolants, bearing oil, brake fluid, etc. North America is anticipated to be a major consumer of lubricants due to presence of large number of off road vehicles in the region. Growing demand for lubricants in the construction and mining industry in Asia Pacific is anticipated to affect the lubricants market in terms of lubricant consumption. Engine oil, as the name suggests, is used to avoid friction and corrosion in engine of a vehicle. Gear oil and transmission fluid are used by gear box and axles of a vehicle. In some types of vehicles, separate gear oil and transmission fluid are not required. Single lubricant is used in gear box of the vehicle in place of them.
Global Lubricants Market for Off-road Sector: Scope of the Report
This study analyzes, estimates, and forecasts the global lubricants market for off-road sector in terms of volume (kilo tons) and revenue (US$ Mn) from 2015 to 2024. Market numbers given in the report describe the demand for global lubricants, but not production or supply. The global lubricants report also analyzes several driving and restraining factors and their impact on the market during the forecast period.
The report provides comprehensive analysis of the global lubricants by key source, grade, product and end use. It segments the market into key source that include mineral oil, synthetic and biobased. It further segments the market into key grades that include single grade and multi grade. Additionally, the report segments the market into key products (engine oil, transmission fluids, hydraulic fluids, gear oil, grease and others and key end users (construction, agriculture & farming, mining, material handling and others). The report also segments the lubricants market for off-road sector based on major geographies into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Besides the report comprises 12 unique country-specific analysis.
Global Lubricants Market for Off-road Sector: Research Methodology
Based on source and grade, the report analyzes the attractiveness of each segment with the help of an attractiveness tool. The study consist of value chain analysis, which offers a better understanding of key companies in the supply chain from raw material manufacturers to end-users. Additionally, the study examines market competition through Porter’s Five Forces Analysis.
Primary research represents the majority of our research efforts, complemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of technical writing, recent trade, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most consistent, effective, and productive approach for procuring precise market data, recognizing business opportunities, and understanding industry participants’ perceptions.
Secondary research sources that are typically referred to include broker reports, corporation websites, external patented databases, financial reports, stockholder presentations, Securities & Exchange Commission filings, proprietary databases and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market. Secondary sources referred for this study include Chemical Week Magazine, ICIS Chemical Business Magazine, Hoover’s, Factiva, and company presentations.
Key Players Mentioned in this Report are:
The report includes an overview of the market share of key companies in the global lubricants market for off-road sector. Market share of companies has been derived on the basis of production by manufacturers of lubricants. Key market players profiled in the study include Royal Dutch Shell plc, ExxonMobil Corporation, BP Global, Total S.A., Phillips 66, Indian Oil Corporation Limited, Halron Lubricants Inc., Topaz Energy Group Limited, Chevron USA Inc, Fuchs Petrolub SE, Castrol Limited, BRB International and Lukoil Lubricants Company.
The report segments the global lubricants market for off-road sector as follows:
Global Lubricants Market for Off-road Sector – Source Analysis
- Mineral Oil-based
Global Lubricants Market for Off-road Sector – Grade Analysis
Global Lubricants Market for Off-road Sector – Product Analysis
- Engine oil
- Transmission fluids
- Hydraulic fluids
- Gear oil
Global Lubricants Market for Off-road Sector – End Use Analysis
- Agriculture & Farming
- Material Handling
Global Lubricants Market for Off-road Sector – Regional Analysis
- North America
- Rest of EU
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of Latin America (LATAM)
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa (MEA)