According to a report by Grand View Research, Inc.; the worldwide lubricants market is predicted to attain a valuation of USD 68.54 billion through 2022. Lubricant is a substance used for reducing friction between two surfaces.
Increasing demand from construction, automotive, and industrial machinery can propel demand for lubricants during the forecast period (2012 to 2022). In addition, growing Research and development (R&D) initiatives like development of bio-based products to reduce harmful environmental effects are also expected to further boost market growth. Also, growing demand for oilfield chemicals due to increasing drilling and exploration activities are likely to make positive impact on the market.
Growing sales of motorcycles, high demand for heavy-duty trucks and other commercial vehicles and lightweight passenger cars has increased production in the automotive sector on the global scale, which is considered favorable for the development of lubricants market. In addition, increasing use of polyamide resins has boosted the requirement for lubricants like stearic acid derivatives, montanic waxes, and modified ethylene waxes.
Full Research Report On Lubricants Market Analysis:
Global lubricants market volume by product, 2012 – 2022 (Million Tons)
Recycling used lubricants is a major issue that has contributed to enforcement of strict regulations from various agencies worldwide. The international market is controlled by policies from several environmental agencies like the United States Environmental Protection Agency (U.S. EPA), the European Chemicals Agency (ECHA), and Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH). For example, in Europe, lubricant products manufactured or imported are necessary to be preregistered with REACH and comply with the ECHA rules. Similarly in the US, guidelines are set by EPA for ensuring toxicity, biodegradability, and labeling of lubricants.
The global lubricants market can be fragmented on the basis of products and regions. Based on products, the market is trifurcated into commercial automotive, consumer automotive, and industrial. The industrial products can be further classified into general industrial oils, process oils, industrial engine oils, metal working fluids, and others. In 2014, industrial lubricants emerged as the major segment with a volume of around 14.40 million tons. Commercial automotive can be further classified into hydraulic and transmission fluid, gear oil, heavy-duty engine oil, and grease. Consumer automotive can be further categorized into passenger vehicle and motor oil, gear oil, automatic transmission fluid, and grease.
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Geographically, the market for lubricants can be divided into North America, Europe, Asia Pacific, Central and South America, and Middle East and Africa. In 2014, Asia Pacific was estimated as the largest market with over 40% of the total market share in terms of volume. The region is expected to grow at a CAGR of 3.0% over the forecast period. Rising automotive sales is expected to boost the market growth in the region. Growing industrial production in China and India is projected to drive the industrial lubricants demand. Rising construction spending in the region is also considered as one of the key drivers for the market. These products are widely used in construction as well as infrastructure sectors for various purposes such as engine oil, hydraulic oil, wire rope, and bearings.
Europe is anticipated to generate considerable growth on account of increasing demand from end use application sectors. Central & South America, on the other hand, may attain low volume share, but is likely to display momentous growth during the forecast period. This expansion is attributed to escalating automotive and construction industries in the region.
Some of the leading companies working in the global lubricants market include ExxonMobil, Shell, Chevron, and BP. Many market players are involved in acquiring small companies for expansion of their worldwide reach and for easy access to local markets and hefty global share. Technological developments, business sell-offs and collaboration agreements are also considered as some other key activities taking place in the competitive segment of the market.
To put this in perspective, on May 16, 2017; Bel-Ray, manufacturer of total performance lubricants launched a new mining product called Molylube Open Gear and Rope Lubricant. It is a heavy-duty multiservice aerosol spray. This aerosol lubricant can offer water resistance, anti-wear, and protection against rust and corrosion associated with mining applications. This mining lubricant can provide resistance to gear teeth and can be used in rack and pinions, girth gears, and open gear, which are present in different types of equipment including shovels, draglines, kilns, mills, and stationary as well as mobile cranes. This product can also be utilized in pins and bushings, chains, general industrial open gears, wire ropes, drive chains, cables, and sliding surfaces.
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