The rapidly growing automotive industry is expected to drive the lubricants market
The market size of lubricants is estimated to have accounted for USD 144.45 billion in 2015 and is projected to reach USD 166.59 billion by 2021, registering a CAGR of 2.4% between 2016 and 2021.
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The report includes analysis of the lubricants market with respect to type, application, and region. The applications are divided into transportation (passenger vehicle, commercial vehicle, aviation, and marine) and industrial machinery & equipment. The transportation application is the leading segment, contributing over 61.4% to the overall lubricants market in 2015. The growth in the end-use industries such as automotive, manufacturing, aviation, and marine is driving the transportation application. This would in turn drive the demand for lubricants.
Lubricants are materials that help to reduce the friction between moving parts or surfaces, enhancing the efficiency of machines. They are used in different applications ranging from automobiles to large multitudes of industries. There are four types of lubricants that are commercially used. The major type of lubricant is mineral oil lubricants that accounted for over 70% of the global lubricants market in 2015. This is due to the low cost, easy availability, and high use of mineral oil lubricants in all the sectors.
Asia-Pacific accounts for the largest share of the global lubricants market in 2015. The rapid growth of the automotive industry and massive industrialization in Asia-Pacific are the key drivers of the global lubricants market in the region. However, the Middle East & Africa is expected to witness the highest growth rate between 2016 and 2021. This high growth is attributed to growth in the major sectors, which include petroleum, mining, agriculture, and industrial manufacturing & processing.
Some of the major players operating in the global lubricants market are Royal Dutch Shell Plc. (Netherlands), Exxon Mobil Corporation (U.S.), Petrochina Company Limited (China), Sinopec Limited (China), Total S.A. (France), Lukoil (Russia), BP Plc. (U.K.), Chevron Corporation (U.S.), Fuchs Petrolub AG (Germany), Idemitsu Kosan Co., Ltd. (Japan), and others. Most of the companies have adopted expansions and contracts & agreements as their development strategies to sustain in the global lubricants market.