Global Lubricant Market – Overview
The global lubricant market is estimated to expand at ~3.50% CAGR during the forecast period.
Lubricants are the substances which are used to reduce the force of friction between two sliding surfaces. Also, lubricants perform various functions displaying its versatility. For instance, when the frictional heat generated at the point of contact between the rubbing parts is localized at the surface peaks, lubricant or lubricating oil absorbs the heat and act as a coolant. It also reduces the frictional resistance in order to reduce the frictional resistance. Moreover, it provides protection against corrosion and cover the metal surface while preventing the attack of atmospheric corrosive environment on metal surface. It also improves the efficiency of the machine since its use minimizes the liberation of frictional heat and reduces the expansion of metal.
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The key players of global Lubricant market are Idemitsu Kosan Co. Ltd, Fuchs Petrolub AG, Lukoil, Sinopec Limited, Petrochina Company Limited, Total S.A, Chevron Corporation, BP PLC., Exxonmobil Corporation, and Royal Dutch Shell PLC, among others.
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global Lubricant Market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis.
The global lubricant market is set to witness moderate growth due to technological advancements in several industries in countries such as China, India, and Japan, among others will drive the market for lubricants. Also, growing activities in industries such as oil & gas, automotive, construction, and other engineering departments, will eventually contribute towards the growth of lubricant market.
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The lubricant market has been segmented based on type into mineral oil lubricants, synthetic lubricants, bio-based lubricants, and greases. Synthetic lubricant segment is expected to dominate the market during the forecast period rate due to its wide application in the automotive industries. Moreover, rising dependency on private vehicles and increasing consumer affordability are some of the factors which are boosting the use of these lubricants in the automotive industry as well as other industries due to increasing focus on energy efficiency and cleanliness.
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