Lubricant is a substance used for lubricating an engine or component, such as oil or grease. It is used to control friction and wear and tear of the bodies in relative motion. Lubricants are used in various industries such as automotive, aircraft, marine, and others due to its function of controlling friction and wear and tear. Lubricants are widely used due to their unique properties namely, high viscosity index, high boiling point, corrosion prevention, thermal stability, and low freezing point. Lubricants provide high efficiency to the mechanical parts and increase their shelf life. Furthermore, they ensure smooth functioning of the mechanical parts. The aforementioned factors are boosting the demand for lubricants in automotive, aircraft, and marine industries. Thus, the lubricants market is augmented to show promising growth during the forecast period of 2018-2026.
Demand for Synthetic Oil Lubricants to Drive Growth of Lubricants Market
Lubricants are available in the market in product forms such as transformer oil, process oil, metalworking fluids, and industrial oils. The demand for synthetic oil lubricants is increasing because of its wide application in passenger car motor oil across countries such as the U.S and Europe. The production of premium top-end vehicles is on rise in these countries. In addition, the compatibility provided by synthetic oil lubricants and high demand due to their properties like lower emissions from vehicles are fueling the growth of lubricants market across the globe.
Aerospace Lubricants and Lubricants for Marine Applications to Contribute Prominent Share
Aerospace lubricants are in high demand in defense sector due to their efficiency to operate effectively in extreme temperatures. Owing to the regulatory standards for aerospace components, they need high maintenance. All these factors have contributed toward the growth of lubricants market. In addition, lubricants have multiple functions and applications in marine industry. They help in smooth functioning of engineering operations and in maintenance of marine equipment. These benefits will prove to be growth accelerators for the lubricants market during the forecast period.
The use of OEM is being encouraged by the government bodies of several countries such as North America and Europe. The awareness regarding the environment has promoted the use of energy conserving equipment and devices has inspired OEMs in creation of technologically advanced designs with government initiatives. They are in the process of developing light weight engines with power trains. These power trains will have different speed ranges according to the requirements.. The OEMs are structuring the lubricants and working with manufacturers to develop new custom-made designs. The aforementioned factors are playing a vital role in growth of lubricants market.
High Demand for Lubricants in Several Industries Propels Growth of Lubricants Market
Rapid industrialization has widened the scope of manufacturers. The manufacturing sector has increased the production owing to the high demand and consumer ability to purchase more products. Major players in the market are investing in small start-ups. Mergers and acquisitions, partnerships, and joint ventures are key strategies being adopted to establish their market presence. The players are scaling up the quality of their products by innovating new technologies and techniques to increase the production to cater to the growing demand for lubricants.
New developments in the food sector have given rise to need of high-grade lubricants for food processing sector. Taking into consideration the growth aspect, R&D activities strengthen the product portfolio and enhance the quality of the products. The lubricants market is predicted to show a promising growth in the coming years due to the contribution of competitors and players towards catering to the consumer needs.
The key market players in the global lubricants market are, Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell PLC, ExxonMobil Corporation, Chevron Corporation, and others.
The Market Segmentation is as follows:
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