Lubricants Market: Snapshot
Interest for nourishment grade modern lubricants in the sustenance preparing industry is evaluated to rise essentially amid the conjecture time frame. This can be fundamentally attributed to the move sought after toward programmed grease frameworks and robotized plants.
A few financial components, for example, overproduction of unrefined petroleum, changing vitality standards of nations, and monetary emergency crosswise over Europe and North America have prompted a precarious decrease in oil costs. These elements have made unpredictability sought after at lubricants and their costs. In this manner, oil organizations need to embrace adaptable methodologies in the consistently changing market conditions in the midst of serious challenge.
Nonetheless, the benefits such as lower volatility, better thermal, higher viscosity index, and oxidative stability are anticipated to enhance this demand for automotive oils in the coming years. Furthermore, demand for hydraulic oils is estimated to gain momentum in the forecast period.
Ascend in family salaries, urbanization, and outside direct interests in different end-client businesses, for example, car and sustenance and drinks, is driving the interest for lubricants in Asia Pacific.
The global lubricants market collected revenue of US$125.66 bn in 2017 and is expected to attain a value of US$163.37 bn by 2026-end. The market is swelling is expected to expand at a CAGR of 2.9% over the forecast period from 2018 to 2026.
Automotive Oils Segment Accounted for the Leading Share in the Global Lubricants Market
Based on the product, the lubricants market is segmented into automotive oils, metalworking fluids, industrial oils, hydraulic oils, marine oils, process oils, and grease & others. Among these, automotive oils segment accounted for the leading share in the global lubricants market in 2017. Substantially growing demand for engine oils for preventing metal-to-metal contact coupled with reduced friction of an engine and by providing wear protection.
In terms of product, the market is segmented into synthetic, mineral, and semi-synthetic. Of these, mineral held leading share in the market in 2017 owing to its availability at lower cost. Synthetic and semi-synthetic lubricants are especially available at low cost.
Based on the application, the global lubricants market is segregated into industrial, automotive, and marine. Of these, industrial sectors dominated the overall market in 2017. This is ascribed to the rapid industrialization globally and especially across developing countries. Additionally, expansion of industries including automotive, industrial machinery, and energy in developing economies such as India, China, Brazil, and South Africa are driving growth of the market in these regions.
Asia Pacific to be Leading Region in Lubricants Market
On the geographical front, the lubricants market are segmented into North America, Latin America, Europe, Asia Pacific, And the Middle East & Africa. Of these, Asia Pacific held the dominant share of the global lubricants market in 2017. This growth of the market is attributable to the booming and expanding automotive industry coupled with rising usage of lubricants in the industries. Thanks to these factors, the region is estimated to be dominant over the forecast period. China and India are offering tremendous growth opportunities to the key players in the lubricants market in Asia Pacific. However, the lubricants market across Europe and North America is predictable to expand at a moderate pace during the forecast period being the mature markets for the lubricants.
Some of the key players operating in the global lubricants market include Royal Dutch Shell Plc., PetroChina Company Limited, Calumet Specialty Products Partners, L.P, Total Group, and China Petrochemical Corporation (Sinopec Group).
Lubricants Market - Overview
Lubricants are organic substances that are used to reduce friction and heat between moving surfaces that are in mutual contact. Lubricants prevent corrosion; reduce contamination; protect seal; transmit power; and control temperature. The lubricants are available in various forms such as liquid, solid, semi-solid, and gaseous. The global lubricants market has been segmented in terms of type, product, and application.
Based on product, the lubricants market has been classified into mineral, synthetic, and semi-synthetic. The mineral segment dominated the market in 2017. Mineral lubricants are employed to lubricate internal combustion engines of vehicles and other machines. They are made from naturally occurring crude oil, which is refined and processed to remove waxes and impurities. Mineral lubricants are composed of hydrocarbons and contain nitrogen, sulfur, and oxygen compounds that cause irregular lubricity in engines. Synthetic lubricants generally provide less friction and are more stable. They last longer than mineral-based lubricants. Synthetic lubricants maintain their viscosity at high temperatures and over a long period of time. This prevents engine wear, and allows lubricants to stick to engine parts more effectively. It also protects the engine from dry starts. Based on product, the market has been divided into automotive oils, industrial oils, hydraulic oils, process oils, metalworking fluids, and greases & others. The automotive oils segment can be further sub-segmented into engine oils and transmission oils. Synthetic-based automotive oils offer better oxidation, thermal stability, volatility, as well as higher saturation levels than that of mineral-based automotive oils.
Based on region, the global lubricants market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the global lubricants market in 2017. It was followed by Europe. Rise in production capacity of synthetic lubricants, especially in China, ASEAN, and South Korea, is a major factor expected to drive the lubricants market in Asia Pacific during the forecast period. Demand for lubricants in the U.S. is anticipated to rise moderately due to the increase in government spending to curtail emissions, increase in consumer preference of high-quality lubricants, and constant research on automation technologies in the field of blended lubricants in the country. Increase in demand for synthetic and semi-synthetic lubricants and rise in demand for food-grade industrial lubricants are likely to fuel the market in Europe during the forecast period. The market in Latin America and Middle East & Africa is estimated to expand significantly in the near future. Growth in investments by various automakers and strong investment in the industrial sector in Mexico, South Africa, and Brazil are driving the lubricants market in these countries.
The report analyzes and forecasts the lubricants market at the global and regional levels. The market has been projected in terms of volume (kilo tons) and value (US$ Mn) for the period from 2018 to 2026. The study includes drivers and restraints of the global lubricants market. It also covers the anticipated impact of these drivers and restraints on the demand for lubricants during the forecast period. The report highlights opportunities in the lubricants market at the global and regional levels.
The report comprises detailed value chain analysis, which provides a comprehensive view of the global lubricants market. The Porter’s Five Forces model for the lubricants market has also been included to help understand the competition landscape of the market. The study encompasses market attractiveness analysis, wherein type, product, and application segments have been benchmarked based on their market size, growth rate, and general attractiveness. These segments have been analyzed based on the present and future trends. Regional segmentation includes the current and forecast demand for lubricants in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers individual type, product, and application segments of the market in every region.
The study includes profiles of major companies operating in the global lubricants market. Key players profiled in the report are Royal Dutch Shell Plc., Calumet Specialty Products Partners, L.P., PetroChina Company Limited, Total Group, China Petrochemical Corporation (Sinopec Group), JXTG Nippon Oil & Energy Corporation, Idemitsu Kosan Co., Ltd., FUCHS, Gulf Oil Marine Ltd., BP plc., Petroliam Nasional Berhad (PETRONAS), Chevron Corporation, and ExxonMobil Corporation. These players account for major share of the global lubricants market. Brand promotions and launch of new products are likely to increase sales of lubricants in the next few years. Market leaders are striving to adopt measures such as strategic pricing and product improvement to increase their market share.
The report provides size (in terms of volume and value) of the global lubricants market for the base year 2017 and the forecast for the period between 2018 and 2026. Market numbers have been estimated based on type, product, application, and regional segments. Market size and forecast for each type, product, and application segment have been provided for the global and regional markets.
Global Lubricants Market, by Type
Global Lubricants Market, by Product
- Automotive Oils
- Engine Oils
- Transmission Oils
- Industrial Oils
- Metalworking Fluids
- Hydraulic Oils
- Process Oils
- Marine Oils
- Grease & Others
Global Lubricants Market, by Application
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Global Lubricants Market, by Region
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- South Korea
- ASEAN (excluding Indonesia and Thailand)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Extensive analysis of market trends from 2017 to 2026 to identify growth opportunities and market developments
- Comparative analysis of various types, products, and applications where lubricants are utilized
- Identification of key factors useful to build a roadmap of growth opportunities for the lubricants market at the global, regional, and country levels
- Comprehensive analysis with respect to investments and regulatory scenario that would subsequently impact the outlook and forecast for the global lubricants market between 2018 and 2026
- Detailed competition landscape of key players operating in the market to help understand the competition level
- Detailed pricing analysis based on regional and product segments
- Porter’s Five Forces analysis that highlights the bargaining power of buyers and suppliers