Lubricants Market will exhibit a CAGR of 3.92% and reach USD 126.29 billion by 2027, and the market value as per 2019 was USD 124.14 billion.
Fortune Business Insights™ in a recently 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, 2020-2027.”
Lubricants Market Drivers and Restraint :
The governments of several countries are persistently trying to promote the usage of lubricants to create energy saving engines and to develop environment friendly products. This is because the parts of the engine that lack lubricants require more fuel for operation as they are prone to friction. This further causes pollution and emission in the atmosphere. Many OEMs have started entering into agreements with other prominent lubricant manufacturers to act in accordance with the government policies. These factors are expected to augment the lubricants market growth in the near future.
The outbreak of the COVID-19 pandemic is causing huge losses for numerous industries worldwide. Until and unless a vaccine is invented, we don’t know till when the situation would stabilize. Social distancing and sanitation practices are being followed by the companies to prevent the infection. Our reports are specially developed to help our clients get a glimpse of the effects of this pandemic on every market.
List of Significant Manufacturers Lubricants Market are:
• Petro China Company Limited
• Chevron Corporation
• ExxonMobil Corporation
• Royal Dutch Shell Plc.
• Total Group
• BP plc
• Castrol
• Valvoline LLC
• Global Lubricant Industry LLC
• Shield Lubricants
• JXTG Nippon Oil & Energy Corporation
• The FUCHS Group
• AMALIE Oil Co.
• Other key companies
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Some of the key industry developments in the Lubricants Market Include:
November 2020: The FUCHS Group successfully acquired Nye Lubricants Inc. to broaden its portfolio of synthetic lubricants and thereby create an opportunity to better serve its consumers and multiple markets.