Lubricants Market – Overview
Lubricants find usage in various end use application such as construction, industrial, marine, automotive, and others. The market is anticipated to witness strong growth due to their superior properties along with excellent usage in numerous end use industries specifically in industrial, automotive, and others. Among the end use industries segment, automotive is predicted to grow significantly followed by industrial. The factors attributed to the segmental growth are increasing automotive production and sales in emerging economies and robust industrialization. In addition, rising transportation sector base in emerged and emerging economies combined with growing need for high quality lubricants is predicted to drive the growth of the market over the forecast period.
Geographically, Asia Pacific accounted for the largest market share for lubricants in 2016, followed by Europe which is further trailed by North America. In North America the lubricants market is estimated to exhibit moderate growth over the assessment period due to substantial growth of repair and renovation construction industry in this region. Asia Pacific is estimated to witness tremendous growth during the review period in Lubricants Market owing to rising application of lubricants in various end use industries. In Asia Pacific, the demand for lubricants is estimated to improve in several countries such as China, South Korea, Taiwan, India, Japan, Indonesia, and the Philippines owing to enhancing population coupled with shifting of manufacturing units for most of the developed market players in this region. In Europe, Lubricants Market is expected to register above average growth on account of shifting consumer preference towards the lubricants combined with high adoption rate in industrial and automotive & other transportation specifically in Spain, France, Italy, Germany, Poland, Belgium, UK, and Russia. Moreover, numerous countries of Latin America and the Middle East & Africa are expected to witness significant growth in lubricants on account of increasing disposable income along with sales of lubricants based product specifically in Chile, Argentina, Brazil, Guatemala, Mexico, Peru, and Venezuela along with expanding automotive production unit and construction sector specifically in UAE, Qatar, Kuwait, Oman, Israel, Saudi Arabia, and Turkey.
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Industry/ Innovation/ Related News:
March 2018– Fuchs Petrolub SE announced to invest in China and the U.S. The new Fuchs lubricants manufacturing unit is predicted to become operational in 2019. With this expansion the company will strengthen their position among the lubricants manufacturer across the globe.
August 2017- Indian Oil Corporation Ltd. (IOC) announced to explore new business opportunity in North America and Canada for their lubricant brand Servo. The company is set to increase their lubricant export to nearly ten percent in the next five years. This strategic move will help company to increase their global presence among the lubricants manufacturers.
April 2017- Petronas announced to invest around USD 150 million to expand their presence in India’s lubricant market. Moreover, the company is expected to invest in China to meet the increasing demand for premium lubricant products and high quality services.
October 2017- Eterna Oil Plc., announced to invest around USD 8.34 million to expand their lubricant oil plants in Nigeria. This capacity expansion will help company to meet the rising demand for lubricants across the globe.
The Lubricants Report has analysed the degree of competition among the key manufacturers in lubricants market as well as sector growth and market scenario. The global lubricants market consist of extensive range of producers operating in the market which includes moderate scale and small scale manufacturers. The important players of lubricants and large level manufacturers which has strong hold in the market have shifted their focus towards growth association specifically by Asia Pacific as moderate level and high level suppliers belongs to this province specifically from Australia, China, India, South Korea, the Philippines, Taiwan, Japan, Malaysia, and Thailand. Furthermore, the major operating players of lubricants are observed to follow various strategic plans to enhance their product portfolio such as distribution agreements, strategic acquisition, joint ventures, product launches, and mergers, and exclusive agreements. Important producers in this market are estimated to improve their manufacturing capacity of lubricants to meet the rising demand for Lubricants Worldwide.
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