The global lubricants market size is projected to reach USD 182.6 billion by 2025, at a CAGR of 3.0% from USD 157.6 billion in 2020.
Lubricants are defined as various compounds like fluids, oils, and greases. Lubrication is an essential process for industrial processes, which helps to reduce the friction between moving parts or surfaces to enhance the efficiency of machines. Lubricants are manufactured using base oil, which is categorized as mineral oil, synthetic oil, and bio-based oil. Mineral oil and synthetic oil are sourced from petroleum crude, and bio-based oils are sourced from vegetable oil. The major factor that is driving the lubricants market is massive industrialization, the increasing disposable income & rapid urbanization in emerging countries.
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The power industry is a large consumer of industrial lubricants, ranging from turbine oil to transformer oil. Lubricants are used in various operations. The renewable energy industry is a prospective sub-segment of the power generation industry. Currently, wind power generation accounts for a very small share in the overall energy mix, but the sector is growing at a rate of 10% and has reached a capacity of 596,556 megawatts in 2018, as per world wind energy association. Wind turbines require lubricants for optimum operability.
APAC to account for the largest share of the global lubricants market during the forecast period.
APAC is expected to account for the largest share in the global lubricants industry during the forecast period, in terms of both volume and value. The increasing population in the region, accompanied by rising spending in the industrial sector and infrastructural developments in the developing markets of China, India, and Indonesia, is projected to make this region an ideal destination for the lubricants industry
Europe to account for the second largest share of the global lubricants market during the forecast period.
Europe is expected to account for the second largest share in the global lubricants industry during the forecast period, in terms of both volume and value. The major factor for this is the growth of various industrial sectors, coupled with the growing number of automobiles in the countries. However, Russia is expected to register the highest growth rate among the European nations due to policy differences. Russia is not a part of the EU and, thus, does not abide by the stringent auto regulations and norms.
Key Market Players
The key market players profiled in the report include Royal Dutch Shell Plc. (Netherlands), ExxonMobil Corporation (U.S.), Chevron Corporation (U.S.), BP p.l.c. (U.K.), Total S.A. (France), Petrochina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co. Ltd (Japan).
Royal Dutch Shell is one of the leading producers of lubricants. The company has undertaken expansion as its growth strategy in the lubricants market. For instance, in May 2019, the company opened its first lubricant laboratory in India. The laboratory will serve as a service provider for the growing demand for innovative lubricant products both in automotive and segments.
ExxonMobil is ranked at the second position in the lubricant market. The company offers hydraulic fluid, compressor oil, metalworking fluid, gear oil, and other lubricants such as turbine oil. The company focuses on new product launches and agreements to remain competitive in the lubricants market.
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