Global Lubricants Market - 2019-2026
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The global Lubricants market was worth $XX billion in 2018 and is forecasted to reach $XX billion by 2026, at a CAGR of 2.48% during the forecast period.
A lubricant is a substance, usually organic, introduced to reduce friction between surfaces in mutual contact, which ultimately reduces the heat generated when the surfaces move. It may also have the function of transmitting forces, transporting foreign particles, or heating or cooling the surfaces. The property of reducing friction is known as lubricity.
Increasing demand for transportation is driving the sales of light, medium and heavy-duty vehicles globally is driving the growth in lubricants market. Global vehicle fleet is expected to be double by 2030, of which Asia pacific region is expected to lead the growth. China is the leading market in this region. Chinese car market is expected to grow by 35 times by 2020, compared to 2000.
Also, increasing demand for transportation is driving the sales of light, medium and heavy-duty vehicles globally is driving the growth in lubricants market. According to OICA estimates global light, medium, and heavy-duty vehicle sales will reach 98 million units in 2020.
High prices of synthetic and bio-based lubricants are hindering the market growth. Synthetic oils are 2 to 3 times costlier than conventional oils, however the life of synthetic oil is 2 to 3 times better than normal or conventional lubricants. Bio-based lubricants are 1.5 to 2 times costlier than that of conventional mineral oil-based lubricants. Volatility in the prices of oil is also affecting the prices of Synthetic and biobased lubricants.
Based on group the global lubricants market is broadly segmented as group I, group II, group III, group IV and group V. Among all these group II occupied the dominant market share. In the forecast period it is predicted to grow at a higher CAGR owing to better antioxidation properties, cost-effectiveness and clearer color in comparison to Group I base oils. In addition, they are cost- effective compared to other base oils.
Based on product type the global lubricants market is classified into transmissions and hydraulic fluids, process oils, greases, engine oil, metal working fluids, gear oil, general industrial oil and others. Among all these engine oil occupied the major market share owing to the growing automobiles sales and rising demand for passenger cars in developing countries, such as China and India.
Based on end users the global lubricants market is segmented into power generation, heavy equipment, food and beverage, chemical manufacturing, automotive and transportation, metal working and others. The automotive and transportation is leading the lubricants market due to growing aviation, automotive, and marine industries. Automotive lubricants are used in crankcase of a vehicle engine to smooth ensure smooth operation. The demand for synthetic and bio-based lubricants over conventional lubricants in increasing in transportation industry. The shift is mainly due to the stringent vehicle emission regulations and higher performance characteristics of synthetic and bio-based.
Global lubricants market is segmented by geographic region which includes North America, South America, Europe, Asia-Pacific, and Middle East & Africa. The Asia Pacific occupies the dominant share in the lubricants market and is expected to grow at a CAGR of XX% in the forecast period owing to increase in the disposable income of people and industrial growth. Also, increasing automobile, aviation and marine industries is leading to growth of the lubricants market in this region. China accounted for the largest market share due to increasing number of automobile users. Increasing demand from the automotive sector is growing the Chinese lubricant market. However, the high prices of synthetic and bio-based lubricants are expected to restrain the growth of the market.
The global lubricants market is a fairly consolidated market and is predominated by selected key players. The market in North America and Europe is highly consolidated compared to other regions. The established as well as emerging companies are increasingly focusing on the launch advanced products to expand their market share. The vendors are increasingly focusing on implementing inorganic growth strategies to expand their presence in the market. Though many companies enter the global lubricants market to tap the large customer base, only a few players gain market dominance through strong sales and distribution channels. The companies need to maintain high working capital survive and continue operations and maintain market sustainability.
In April 2018, Royal Dutch Shell subsidiary Shell Lubricants' Indian arm has launched fully synthetic engine oil - Shell Helix HX8 for cars including SUVs, hatchbacks, sedans and MUVs.
In April 2018, Total Oil India has recently launched the Hi-Perf lubricant range in the domestic market for two-wheeler.
In April 2018, Champion Brands, LLC is in plans to launch COLD BLUE® Racing Coolant Additive, a robust formulated chemical wetting agent that improves the heat transfer of racing and performance cooling systems, that runs up to 25 degrees F cooler and prevent unwanted overheating.
In November 2017, German Mirror Lubricants and Greases has launched Mirr Oils in India for automotive, marine and industrial application under the partnership with AN Corp for import and distribution of Mirr Oils products.