Lubricants Market 2022 Global Market Size, Status, Analysis and Forecast 2030
The Global Lubricants Market is profiled in great detail in the latest research report from Market Research Future (MRFR), providing readers with a comprehensive overview of the market through its historical growth trajectory, present conditions, and future growth prospects. The historical stats of the lubricants market are detailed in the report, in order to provide readers with a complete overview of the market’s historical growth trajectory. The historical stats provided in the report also give analysts a solid platform to base future projections about the market. Based on this platform, future projections for the lubricants market’s growth trajectory over the forecast period are provided in the report. The leading players in the global lubricants market are also profiled in the report in order to give readers a comprehensive analysis of the leading players in the global lubricants market. The major drivers and restraints affecting the global lubricants market are also profiled in the report to provide readers a comprehensive overview of what’s making the market tick and what is holding the market back.
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Lubricants are
substances used to reduce the generation of heat through friction between two
work surfaces. Due to their benefits in reducing the wear and tear, lubricants
are widely used in a wide array of applications, including industrial,
automotive, marine, construction, and others. Lubricants also protect work
surfaces from rusting and other types of corrosion, making them last longer
than unlubricated work surfaces. Lubricants are mainly produced from petroleum.
As a result, the production of lubricants is dependent on the availability of
petroleum. The fluctuations in the price of petroleum are thus likely to be a
key restraint on the global lubricants market.
The growing
automotive industry is likely to be a major driver for the global lubricants
market over the forecast period. The automotive industry has grown
spectacularly in the last few decades due to the growing demand for passenger
vehicles from emerging regions. This has driven the demand for a number of
substances used in automotive industry operations, including lubricants. The
growing construction industry is also likely to be a major driver for the
global lubricants market over the forecast period.
Competitive Leaderboard:
Leading players
in the global lubricants market include PETRONAS, Fuchs, Idemitsu Kosan Co.
Ltd., JXTG Group, BP plc, Petrochina Company Ltd., Sinopec Lubricant Company,
Total SA, Chevron Corporation, ExxonMobil Corporation, and Royal Dutch Shell
plc. Advertising is likely to be a major competitive strategy for players in
the global lubricants market over the forecast period. Merger and acquisition
activity is also likely to be high in the market over the forecast period.
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Segmentation:
The global lubricants
market is segmented on the basis of type, application, and region.
By type, the
global lubricants market is segmented into mineral oil, biobased, and synthetic
lubricants. The biobased segment is expected to grow at a rapid growth rate
over the forecast period due to the growing demand for biobased industrial
products, including lubricants. Biobased lubricants pose no threat to the
environment, as they can biodegrade naturally. This has made biobased
lubricants a key part of the global lubricants market.
By application,
the global lubricants market is segmented into automotive, marine,
construction, industrial, and others. The industrial segment is further
classified as metalworking fluids, general industrial oils, process oils, and
industrial engine oils. The automotive segment is further classified as gear
oil, passenger vehicle oils, heavy duty engine oils, hydraulic and transmission
fluids, and others. The automotive segment is likely to dominate the global lubricants
market over the forecast period due to the growing automotive industry.
Regional Analysis:
Asia Pacific
dominates the global lubricants market and is likely to remain the leading
revenue generator over the forecast period. The growing automotive industry in
Asia Pacific is the major driver for the global lubricants market, as the
automotive industry is the major consumer of lubricants. The construction and
marine industries are also growing in Asia Pacific, leading to a growing demand
for lubricants.
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