According to a report published by Grand View Research, Inc.; the lubricants market is expected to reach a valuation of around USD 166.25 billion by 2025.
Growing demand for an innovative grade of lubricants for automotive and industrial applications can propel the market growth during the forecast period (2014 to 2025). Additionally, rapid industrialization, growing base oil market, growing population and urbanization, and growing several end-use industries including metalworking, textiles, food processing, and chemicals can boost the product demand.
Frequent innovations in automotive industry such as introduction of innovative rubber products, which can reduce harmful impact of waste landfills on the environment can have positive outlook for the market. Increasing production of passenger vehicles has increased the demand for high quality products, which can offer grater fuel efficiency with lesser emissions. Strict regulation regarding the use of conventional products due to their hostile effects on the environment have increased the demand for bio-based alternatives in recent years. Development of low-viscosity products for wind turbines due to growing awareness about long-term benefits of wind energy is also considered as the major driving factor for the market. Additionally, stringent guidelines regarding waste disposal are expected to boost innovation in the rubber sector. This is also likely to benefit the market.
Full Research Report On Lubricants Market Analysis: https://www.grandviewresearch.com/industry-analysis/lubricants-market
Worldwide lubricant market can be segmented on the basis of application and region. As per application, the market can be bifurcated into industrial, automotive, marine, and aerospace.
In 2016, automotive segment dominated the market with over 56.0% market share of total volume. This growth can be attributed to increasing demand for commercial and consumer vehicles across developing countries such as India and china. In addition, satisfactory government rules in the U.S. and Europe are leading the growth of automotive sector across these regions. Growing sales of passenger cars in developing economies of Latin America is also expected to increase demand for consumer automotive lubricants during the forecast period. The U.S. Environment Protection Agency (EPA) has provided the guidelines and controlling techniques about carbon emissions in vehicles, stated in the Clean Air Act, which has also fuel the demand for fuel-efficient cars.
The aerospace segment is anticipated to show rapid growth due to rise in air passenger traffic coupled with growing expenditure for defense across developing countries.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America.
In 2016, Asia Pacific estimated for over 43.0% of the total volume. This region is expected to retain top position during the forecast period due to increasing demand from various end-use industries across countries including China, India, Thailand, and Indonesia. Improving economic growth in these emerging countries is expected to provide huge opportunities in the coming years.
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The Central and South America market is expected to expand on account of increasing manufacturing of rubber, polymer, chemical along with supportive business environment in Argentina, Chile, and Brazil. These countries have also planned effective trade strategies to attract Foreign Direct Investment (FDI) for infrastructure development. Several policies to encourage investment and alliance with the private sector have also initiated to create many port and transportation opportunities across the region. This is expected to increase marine business.
Europe is expected to expand steadily in the coming years on account of growing aerospace and marine industries across the region. Establishment of eco-labeling norms has increased the demand for ecofriendly oils in marine sector. Restoration of industrial activities with modernization of machinery is expected to boost the product demand in this region in the coming years. In addition, rising demand for low-viscosity fluids and grease in modern machinery is likely to support the overall market growth.
Some of the leading companies in the market include British Petroleum, ExxonMobil Corporation, Royal Dutch Shell, Total SA.; and Amsoil Inc.
Players in the market are taking several initiatives to expand their presence across the regions by expanding product range and establishment of efficient supply chain.
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