Overview:

The global lubricants market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. Lubricants play an important role by reducing the friction and heat in various equipment and machines while they are running. Lubricants are also used to transport foreign particles, transmit the force, and for heating or cooling of surfaces. Lubricants are synthetic hydrocarbon products and broadly classified as internal and external lubricants.

Market Dynamics:

Flourishing automotive sector, increasing passenger vehicle sale in emerging countries, and players focus on innovative marketing strategy in order to optimize sales performance are major factors expected to drive growth of the global market. In addition, rapid industrialization in developing economies and increasing number of manufacturing units is resulting in demand for engine oil, hydraulic fluid, and grease. This is another major factor expected to further support growth of the target market.

Major players approach towards increasing the business presence and enhance the product portfolio through strategic merger and acquisition is another factor expected to further augment growth of the global market.

However, factors such as rising preference for synthetic lubricants and stringent government regulations are expected to hamper growth of the global market. In addition, consumer’s inclination towards adoption electric vehicles is anther factors expected to further challenge the growth of target market to a certain extent.

Key Trends:

Rising focus of major players on E-commerce channel for product supply and service delivery is a key trend expected to support growth of the market. For example, in 2019, Shell Lubricants launched a consolidated portfolio of its next-generation services for B2B sectors. The B2B services are focused on facilitating predictive maintenance and optimize cost efficacy to maximizing savings.

Regional Analysis:

For detailed understanding of market dynamics, the global market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific lubricants market is expected to hold significant revenue share in the global market due to rapid industrialization and growing manufacturing units in countries in the region. In addition, favorable business policies and low labor cost is attracting major players towards developing countries in order to increase the profit ratio this is another factor expected to further fuel growth of the target market in this region. The Europe holds second largest market share in the target market.

Scope of the Report:

Detailed Segmentation:

Global Lubricants Market, By Base Oil:

• Mineral Oil
• Synthetic Oil
• Bio-based Oil

Global Lubricants Market, By Product Type

• Engine Oil
• Hydraulic Fluid
• Metalworking Fluid
• Gear Oil
• Compressor Oil
• Grease
• Turbine Oil
• Others

Global Lubricants Market, By Application

• Transportation
  • Automotive
  • Aviation
  • Railway
  • Marine
• Industrial

Key Players Covered:

Key players operating in the global market includes, Royal Dutch Shell Plc., ExxonMobil Corporation, Chevron Corporation, BP p.l.c., Total S.A., Petrochina Company Limited, Sinopec Limited, LUKOIL, Fuchs Petrolub AG, and Idemitsu Kosan Co. Ltd.

Key features of the study:

Foresight Market Research provides detailed analysis on global market in our report- Global Lubricants Market by base oil, product type, application, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global lubricants market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, ongoing trends, market expansion, and marketing tactics used overall the globe.