Reportstack has announced a new market research report on the Global Lubricants Market 2015-2019. One of the major trends upcoming in this market is the development of environmentally friendly lubricants. Bio-based lubricants leave minimal trace in the environment, thus preventing toxicity and bioaccumulation. The overall market is expected to post a CAGR of 2.3 percent during the forecast period of 2014-2019.
Mineral oil-based lubricants dominate the market currently, with bio-based lubricants being the fastest growing market. There is huge demand for lubricants from developing countries including China and India, which can be attributed to the increased growth of the automotive and manufacturing sectors in these countries.
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“Companies such as Exxon Mobil, and Royal Dutch Shell have been investing in R&D involving formulation, testing, and research of new additives to alter the properties of lubricants,”. “Lubricants are tested on gas engines, gearboxes, hydraulic equipment, gas, and solar turbines before mass manufacture. This improves energy efficiency and minimizes downtime and emission.”
To define the market conditions in the next 3-4 years, The analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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