The global lubricants market manufacturing sector has a direct impact on the demand for lubricants since it is widely used across numerous domain within the manufacturing sector. Apart, the commercial use encompass food and beverages, foundry, mining, paper and mill, metal forming, and machining.
Growing consumption in the aerospace industry is expected to augment its demand widely. Increase in demand for maintenance for commercial aircraft is anticipated to grow in the coming years. Apart, the rise in use of heavy and commercial automobiles is likely to encourage a significant market growth in the following years. Rise in maintenance budgets, cost of advertising and emergence of eco-friendly products is expected to augment the market growth in the forecast period.
Environment regulations and norms have been effective in the past few years and this has encouraged the production of zero emission vehicles. This has also led in the the manufacturer recommendation for mineral oil with zero dispersants in the past few years.
Lubricants Market Report Highlights:
Aerospace led the market in terms of growth due to the rise in production of commercial aircraft. The production of aircraft is growing due to the increase in lavish lifestyles among middle class population across the globe.
Gas turbine oils are the most widely consumed aerospace lubricants with a share of 42.2% in terms of value in 2019. The oil allows faster piston ring seating and allows the accumulation of some advantageous deposits which lead to better oil loss control. These factors are expected to further boost product demand over the forecast period.
The global trade of lubricants is divided into three major blocks comprising of European chemical trade, ASEAN trade, and North America free trade area. The European and North American blocks account for around 40.0% of the overall trade.
Latin America is projected to formulate several trade strategies in order to attract Foreign Direct Investment (FDI) for the infrastructure development and is thus expected to witness a CAGR of 3.5% from 2020 to 2027.
Royal Dutch Shell leads the market with an overall share of 11.0% followed by Exxon Mobil Corporation with 9.7% market share. Currently, Royal Dutch Shell operates 5 base oil facilities, 40 blending facilities, and 10 grease plants.
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Grand View Research has segmented the global lubricants market on the basis of application and region.
Lubricants Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 － 2027)
General Industrial Oils
Industrial Engine Oils
Gas turbine oils
Piston engine oils
Lubricants Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 － 2027)
Middle East & Africa
List of Key Players of Lubricants Market
Royal Dutch Shell Co.
Philips 66 Company
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Industrial Lubricants Market – https://www.grandviewresearch.com/industry-analysis/industrial-lubricants-market
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