The Global Lubricants Market is estimated to reach USD 196.2 Billion by 2027 at a CAGR of 2.2%, states forencis research (FSR).
Lubricant is a substance that is used to reduce friction and wear between surfaces in mutual contact and in relative motion, which directly help to reduce the heat generation when surface move. It also uses to eliminate heat and wear debris, transmitting power, supply additives into contact, protect, and seal. Lubricants can be classified based on the base oil to Mineral oil, synthetic oil, and others. Most of the lubricants contain 5 to 30% of additives to improve their performance. Lubricants can be used in a variety of applications such as automotive, industrial, mining, hydraulic and many others. The selection of lubricants is depending on various factors such as exposure to harsh chemicals and temperature.
Lubricants Market: Drivers & Restraints
Constant Demand Form Automotive Sector
Increasing preference for vehicles for personal mobility and public transportation is increasing sales of automobiles globally. Moreover, a continuously growing replacement market due to growing awareness among consumers is anticipated to boost the demand for lubricants in the automotive sector. Thus the demand for lubricants in the automotive sector is showing considerable growth during the forecast period.
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Increasing Demand for Electric Vehicles
The increasing automotive sector is one of the major driver behind the growth of the lubricant market. The electrical vehicle is the major development of the automotive sector. On the other hand, the consumption of the automotive lubricants is more in IC vehicles as compared with EVs. Thus increasing demand for electrical vehicles is expected to hamper the market growth during the forecast period.
Lubricants Market: Key Segments
- Key Segments by Base Oil Covers: Mineral Oil, Synthetic Oil, and Others
- Key Segments by Product Type Covers: Grease, Engine Oil, Hydraulic Oil, Gear Oil, Coolant Liquids, Compressor Oil, and Others
- Key Segments by Fit Application: Automotive and Industrial
- Key Regions Covers: North America, Europe, Asia-Pacific, Middle East & Africa, and South America, with individual country-level analysis.
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List of the leading companies operating in the Lubricants Market include:
- Royal Dutch Shell plc (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Exxon Mobil Corporation.
- BP p.l.c.
- Chevron Corporation.
- PetroChina Company Limited
- China Petrochemical Corporation. (Sinopec Corp.)
- PETRONAS Lubricants International
- Indian Oil Corporation Ltd
- Other Key Companies
Lubricants Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Lubricants Market, by Base Oil
- Mineral Oil
- Synthetic Oil
Lubricants Market, by Product Type
- Engine Oil
- Hydraulic Oil
- Gear Oil
- Coolant Liquids
- Compressor Oil
Lubricants Market, by Application
- Commercial Vehicle
- Passenger Vehicle
- Metal & Mining
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Lubricants Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
Key Questions answered by the report
- What are the major developments impacting the global market and its growth?
- What will be the effects of the developments in the global market on the industry and on the market players in the near and far future?
- What are the evolving types of the global market?
- What are the evolving applications of global market?
- What are the major characteristics that will affect the global market growth during the study period?
- Who are the key players operating in the global market?
- How are the major players leveraging in the existing market conditions?
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