The report, “Lubricants Market by Type and Application”, defines & segments the global market with analysis and forecasting in terms of volume.
The global lubricants market is estimated to be worth of $140.5 billion in 2013 and is projected to reach $162.3 billion by 2019; growing with a CAGR of 2.5% between 2014 and 2019.
The transportation segment accounts for largest share of around 57.0% of the total lubricants market in terms of volume. The transportation industry is increasingly utilizing synthetic and bio-based lubricants to replace conventional lubricants. The shift is primarily attributed to the higher performance characteristics of synthetic and bio-based lubricants and stringent vehicle emission regulations.
Asia-Pacific is the fastest growing lubricants market, at a CAGR of 3.0% between 2014 and 2019. Asia-Pacific and The Middle East & Africa regions are expected to drive the lubricants materials market. These markets together accounted for around 51.0% of the total market in 2013. The growing automotive sector and industrial production have led to an enhanced demand for lubricants. The transportation industry in these regions has a high share in the lubricants market.
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The synthetic lubricants significantly increase the drain interval that helps reduce the frequent change of lubricants. The high viscosity index and thermal stability of the synthetic lubricants make them suitable for extreme condition in industries. This lubricant type has huge demand from high-end vehicle users as well. The synthetic lubricants demand is gradually eating into the market share of mineral oil lubricants. The synthetic oil lubricants market is the second largest lubricants market. However, the high price of synthetic lubricants is hindering its market growth.
The Chinese market is the largest lubricants market comprising more than 56.0% of the total Asia-Pacific market in 2013. The market in China for lubricants is estimated to grow at a high rate in the next five years due to increasing industrial activities in the country. It surpassed the top lubricants market the United States in the recent past and is projected to continue to dominate the lubricants market. The North American market has reached its mature stage, and hence, will register a sluggish growth.
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The growth of the end-user industries in key countries such as China, India, South Africa, Brazil, and Iran is driving the growth of the lubricants market. The lubricants market is estimated to reach 42,780.7 KT by 2019, witnessing a CAGR of 2.1% between 2014 and 2019.
The adoption of bio-based lubricants to reduce harmful environmental effects is the current trend in the lubricants market and is boosting the overall growth of the market. The need to enhance fuel efficiency of vehicles has led to replacement of traditional materials with synthetic lubricants. This trend also has a high influence on the overall market.
Scope of the Report
The global lubricants market is analyzed in terms of volume (KT) by the classifications mentioned below:
- Mineral Oil Lubricants
- Synthetic Lubricants
- Bio-based Lubricants
- Passenger Vehicles
- Commercial Vehicles
- Industrial Machinery & Equipment
- North America
- The Middle East & Africa
- South America
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The top companies in the lubricants market include Royal Dutch Shell plc (The Netherlands), Lukoil (Russia), Exxon Mobil Corporation (U.S.), BP plc (U.K.), Total S.A. (France) among others. The lubricants market has witnessed number of expansions and new product launches in the recent past.
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