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Global Lubricants Market InsightFebruary 11, 2022 Comments
The lubricants are forecast to moderate growth over the next few years. According to the WK-chem Research “Global Lubricants Professional Survey Report 2022, Forecast to 2027”, With the increasing automation of processes in most industries and the gradual increase in the number of vehicles on the road, the Lubricants industry is developing at an incredible speed. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 3.12% base on WK-chem Research regression analysis model.
The global market is highly competitive with a large number of regionally diversified, independent small and large manufacturers and suppliers, said Amy, Senior analyst, Chemical & Material Market Research Center in WK-chem Research. With current concerns about the future of energy security for petroleum products, both major players and new entrants should focus on the development of bio-lubricants. However, bio lubricants in their immature stage have certain limitations, such as temperature resistance and oxidative stability. Therefore, companies need to increase their investment in R&D activities for these products.
With the ever-increasing cost of energy required for industrial operations, the industrial sector is taking necessary steps to conserve energy in order to reduce the overall cost of operations. Engine parts that lack lubrication are more prone to friction, so they consume more fuel, leading to emissions and pollution. This in turn puts pressure on manufacturers to reduce their environmental impact and significantly reduce operating costs. The maintenance department is more focused on reducing maintenance costs by increasing machine utilization and reliability. In this process, high-quality lubricants play an important role in reducing friction between parts while increasing machine efficiency. Gears lubricated with synthetic oils have less friction due to excellent viscosity, density and higher molecular weight. Gear oils based on PAO and PAG can also reduce maintenance costs for spur gears due to less churning losses and gear wear at lower temperatures. Even a small reduction in energy consumption can result in significant savings due to higher energy costs. The energy saving potential of different operating machines may vary. With significant improvements in lubrication, the company’s overall earnings can be increased. Hence, rapid industrialization and stringent environmental regulations imposed on the manufacturing industry are expected to drive the global lubricants market growth over the forecast period.
This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Lubricants companies that include Royal Dutch Shell, TotalEnergies, ExxonMobil, BP, Chevron, Sinopec, Quepet, Lukoil, Gulf Oil.
Segmentation of Lubricants Market:
Based on type lubricant industry can be segmented into mineral oil lubricant, semi-synthetic lubricant, synthetic lubricant and bio-based lubricant. Mineral oil lubricant is the most commonly used product and it is cost effective. Furthermore, they are derived from crude oil and are produced in large quantities in various industries such as metals and mining, petroleum, etc. Mineral grades are divided into light and heavy grades, and the use depends entirely on end-use requirements. Synthetic lubricant consists of base oils, thickeners and additives. They offer several advantages over mineral-based products. They provide additional weather protection, improve fuel economy, reduce oxidation, and provide a considerable increase in engine power. Owing to these growing advantages, the segment is expected to grow exponentially over the forecast period.
Lubricants can be widely used in automotive, industrial and others. The automotive industry is expected to hold the largest lubricant oil market share owing to increasing demand from the automotive industry. Economic growth in developing countries is further increasing car ownership, which will stimulate demand. However, the overall segment is expected to rise steadily in developed countries such as the US and Japan. Due to the rapid industrialization of developing countries, the industrial sector holds a significant share in the global market. Industrial oils are used in a variety of equipment to improve the performance levels of components. They are mainly used in gears, compressors, turbines and other processing equipment.
Lubricants Market: Regional Analysis
In terms of geography, the global lubricants market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Asia Pacific is expected to dominate the global market during the forecast period. This is due to growing demand from the industrial and automotive sectors. Factors such as population growth and increasing investment in several industrial sectors are driving the demand for advanced lubrication in the region. The growing population is creating higher demand for vehicles, which in turn creates a subsequent demand for motor oil. China, Japan and India are the major countries contributing to the market growth in the region owing to the growing demand from the automotive industry. ASEAN is an exciting market because of its economic diversity, progressive business prospects, rising household income levels and, perhaps most importantly, the region’s potential to grow into one of the world’s leading economies in the future. ASEAN is one of the most attractive investment destinations for lubricant companies. The diversity of manufacturing in the various ASEAN countries and their different growth trajectories has created an interesting and ever-changing market, offering potentially lucrative niche opportunities for lubricants businesses that can capitalize on this trend.
Largest share area：Asia Pacific
Largest share country：China
Product Type：Mineral Oil Lubricant, Semi-synthetic Lubricant, Synthetic Lubricant and Bio-based Lubricant
Application：Automotive, Industrial and Others
Leading Company：Royal Dutch Shell, TotalEnergies, ExxonMobil, BP, Chevron