NEW YORK, June 05, 2018 (GLOBE NEWSWIRE) -- The global lubricants market is projected to witness a CAGR of 3.5% over the forecast period. The industry is likely to expand from USD 126.5 billion in 2017 to USD 161.4 billion by 2024. The growth can be primarily attributed to the expanding automotive industry across the globe along with a considerable increase in the passenger vehicles. Also, rapid industrialization, particularly in the regions of Asia Pacific and the Middle East and Africa, has fueled the market demand over the years to come.
Furthermore, the presence of several stringent regulations in light of environmental concerns has augmented the demand for bio-based lubricants. Biopreferred program, created by Farm Security and Rural Investment Act (FSRIA), has expanded the use and procurement of bio-based products through the creation of labeling program. This has enabled the marketing of bio-based products and procurement preference program for federal agencies and their contractors.
Mineral oil segment is expected to account for a largest share of the market owing to its wide application
Among the major types of lubricants, mineral oil is the most widely used across the globe. Mineral lubricants are based on mineral oils and are derived from refining crude oil. Mineral lubricants can be paraffinic, naphthenic or aromatic. The segment was the largest segment in 2017 due to its easy availability, low cost as well as expanding applications. However, with the increasing environmental concerns bio-based lubricants have picked up pace in the industry.
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Lubricants Market - Regional insight
Asia Pacific emerged as the leading regional market owing to the rapid industrialization along with the growing automotive industry across the region. Also, the growing demand from countries such as China, Indonesia and India has significantly contributed to the market growth in the region. Additionally, the improved living standards primarily due to increasing disposable income have increased per capita vehicle ownership in this region. Moreover, initiation of various stringent regulations in U.S. and Europe so as to address the rising environmental concerns has led to the demand expansion.
Key findings from the report:
- The global lubricants market is likely to reach USD 161.4 billion by 2024
- Mineral oil lubricant segment held the largest share of the market due to its low cost advantages over synthetic as well as bio-based lubricants.
- Automotive segment emerged as the leading application and is expected to depict considerable growth from 2018 to 2024.
- Asia Pacific is anticipated to emerge as the leading region, on account of increasing industrial as well as automotive industries in the region.
- Some of the key companies operating in the industry include BP p.l.c.; Royal Dutch Shell PLC; Chevron Corporation; Exxon Mobil Corporation; Total; PetroChina Company Limited; China Petrochemical Corporation; FUCHS; Amsoil Inc.; Lukoil; Valvoline LLC and JXTG Nippon Oil & Energy Corporation; among others.
- As of March 2018, Exxon Mobil introduced novel high performance synthetic motor oil, namely Mobil 1 Extended Performance High Mileage. The new oil has been specifically designed for high mileage vehicles with more than 75,000 miles on their engines and guarantees long lasting engine protection for 15,000 miles between changes.
The report segments lubricants market on the basis of type, application, and region.
By Type
- Mineral oil lubricants
- Solid lubricants
- Synthetic lubricants
- Bio-based lubricants
- Others
By Application
- Automotive
- Industrial
- Aerospace
- Marine
- Construction
- Oil & Gas
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Central & South America (CSA)
- Middle East & Africa (MEA)
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