Pune, May 25, 2020 (GLOBE NEWSWIRE) -- The global lubricants market is set to gain traction from their rising adoption for industrial and automotive applications. They aid in lowering the friction between the operating parts. Lubricants also help in preventing these parts from oxidation, thermal stability, and corrosion. Fortune Business Insights™ put forward this information in a published report, titled, “Lubricants Market Size, Share & Industry Analysis, By Type (Automotive, Industrial, Marine Oil and Process Oils), By Grade (Mineral, Synthetic and Semi-synthetic), By Application (Automotive, Industrial and Others), and Regional Forecast 2019-2026” The report further mentions that the lubricants market size stood at USD 120.67 billion in 2018, and is projected to reach USD 152.95 billion by 2026, thereby exhibiting a CAGR of 3.03% during the forecast period between 2019 to 2026.
COVID-19 Impact Analysis on Lubricants Industry:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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This Report Answers the Following Questions:
- What are the market trends, challenges, opportunities, growth drivers, and barriers?
- How will the market be affected in the near future?
- Which company would generate the highest revenue by surging the sales of lubricants?
- Which segment is set to dominate the market in terms of share?
- Which important strategies are being adopted by key players to intensify competition?
Drivers & Restraints:
Rising Government Initiatives to Develop Environmentally-friendly Products will Drive Growth
In several countries worldwide, the governments are taking various initiatives to encourage the original equipment manufacturers (OEMS) for using lubricants. The main aim behind this is to develop more energy-saving engines, as well as to create environment-friendly products. The parts of an engine that lack lubrication utilize more fuel as they are prone to frictions. Hence, it results in pollution and emission of carbon in the atmosphere.
Many lubricant manufacturers are thus, entering into agreements with the OEMs to support the government initiatives. In addition to this, the ongoing technological advancements, as well as rapid industrialization would affect the lubricants market growth positively in the near future. Also, lubricants are extensively used to surge the efficiency of the machinery and equipment. Therefore, they are experiencing high demand for a large number of industries.
Segment:
Rising Possession of Vehicles to Favor Growth of Automotive Segment
Based on application, the market is fragmented into industrial, automotive, and others. Amongst these, the industrial segment generated 36.30% lubricants market share in 2018. This growth is attributable to the higher demand for industrial lubricants backed by rising industrialization across the globe. These are specially designed to gain maximum efficiency by keeping the equipment running at top speed. They are mainly used in food processing, oil & gas, as well as manufacturing industries.
The automotive segment, on the other hand, is set to hold the largest share in the coming years on account of the rising possession of vehicles by the masses.
Browse Summary of This Research Report with Detailed Table of Content:
https://www.fortunebusinessinsights.com/industry-reports/lubricants-market-101771
Regional Analysis:
Asia Pacific to Remain at the Forefront Owing to High Expenditure in Various Industrial Sectors
In terms of region, North America procured USD 26.62 billion revenue in 2018. Asia Pacific is likely to be a key region in the market throughout the forecast period backed by the increasing demand for lubricants from the automotive and industrial applications. Rising expenditure in numerous industrial sectors, as well as the ever-increasing population would contribute to the growth of the market in this region. Additionally, the automotive sector in the countries, such as India, Japan, and China would demand more for lubricants. Europe is anticipated to showcase considerable growth during the forthcoming years as there is persistent development of high-end equipment and machinery for industrial usage. Coupled with this, the increasing need for surging the efficiency of vehicles, as well as the rising demand for equipment flexibility would propel growth in this region.
Competitive Landscape:
Key Players Engage in Acquisitions to Strengthen Their Positions
The market consists of numerous manufacturers that are currently striving to gain a competitive edge. To do so, they are adopting the strategy of mergers and acquisitions. It is aiding them in strengthening their position, as well as in broadening their geographic footprint. Below are two of the latest industry developments:
- November 2019: The Fuchs Group, an independent supplier of lubricants based in Germany, announced the successful acquisition of Nye Lubricants Inc., a manufacturer of synthetic lubricants. This latest acquisition would enable the former in broadening its specialty lubricants product offerings. It would now provide engineered solutions to a large number of markets by creating new opportunities to better sever the critical and high-end applications.
- February 2019: Amalie Oil Company headqurtered in Florida acquired Lubricating Specialties Co. (LSC), a prominent lubricant manufacturer. The latter possesses three production facilities in Los Angeles. This acquisition would enable the combined businesses to sell and service consumers both internationally and domestically.
Fortune Business Insights™ lists out the names of all the lubricants manufacturers present in the global market. They are as follows:
- Chevron Corporation
- Petro China Company Limited
- The FUCHS Group
- ExxonMobil Corporation
- JXTG Nippon Oil & Energy Corporation
- Royal Dutch Shell Plc.
- AMALIE Oil Co.
- Total Group
- Shield Lubricants
- British Petroleum
- Global Lubricant Industry LLC
- Castrol
- BP plc.
- Valvoline LLC
- Other key market players
Quick Buy – Lubricants Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101771
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Trends
- Overview of Global Lubricants Production
- Global Lubricants Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Automotive lubricants
- Industrial lubricants
- Hydraulic oils
- Industrial gear oils
- Metalworking fluids
- Greases
- Other industrial oils
- Marine oils
- Process oils
- Market Analysis, Insights and Forecast – By Grade
- Mineral
- Synthetic
- Semi-synthetic
- Market Analysis, Insights and Forecast – By Application
- Automotive
- Industrial
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
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Have a Look at Related Research Insight:
Marine Lubricants Market Size, Share & Industry Analysis, By Product (Marine Cylinder Oil, Piston Engine Oil, System Oil and Others; By Ship Type (Bulk Carrier, Oil Tankers, General Cargo, Container Ships, Others), and Regional Forecast, 2019-2026
Metalworking Fluids Market Size, Share & Industry Analysis, By Function (Neat Cutting Oils, Water Cutting Oils, Corrosion Preventive Oils and Others), By Type (Mineral, Synthetic and Bio-based), By Application (Construction, Electrical & Power, Agriculture, Automotive & Transportation, Telecommunication and Healthcare), and by End-use Industry (Metal Fabrication, Transportation Equipment, Machinery and Others) and Regional Forecast, 2019-2026
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