Lubricants are essential to several industries across the globe. They play the crucial role of smoothening a machine’s function by reducing friction. The global lubricant market has achieved consistent growth due to the resurgence of the global automobile industry thanks to recovering economies. During the global recession, the dropping sales of automobiles impacted the sale of lubricants as well.

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Besides ensuring that the machines run properly, lubricants also help in reducing the wear and tear of machines caused due to friction. Additionally, lubricants protect machines from the negative impact of sludge and residual deposition. Lubricants are also used for sealing gases, transferring heat, transmitting power, preventing rust, and corrosion. They are derived from base oils and their properties are later customized with additives such as detergents, viscosity index improvers, and dispersants. The additives help in enhancing the functioning and extending the lifespan of lubricants. Here’s a look at the five important trends in the global lubricants market that are likely to decide its fate in the coming five years.

Components of Lubricants Market

The global lubricants market is segmented on the basis of product, application, and region. The product segment of the global lubricants market includes mineral oil, synthetic, and bio-based. The application segment includes automotive oils, industrial oil, metalworking fluids, grease, and others. Geographically, the global lubricants market is divided into North America, Europe, Asia Pacific, Middle East, and Rest of the World.

Booming Automobile Sector Drives Lubricants’ Sales

The primary growth driver for the global lubricant market is the growing automobile sector. The increase in use of passenger cars and the rapid infrastructural developments in emerging economies have had a direct impact on the expansion of global lubricants market.

Europe and North America to Remain Sluggish Markets

Analysts predict Europe and North America regions will be rather sluggish in the lubricants market in the next few years. However, as both regions demand a superior quality of lubricants due to strict environmental regulations and technologically advanced engines provided by manufacturers, North America and Europe will remain strong markets for high-grade lubricants. The other factor that will majorly contribute to the lubricants market in this region is the fuel economy. This will sustain the demand for superior quality of lubricants.

Changing Regulations Drive Demand for Lubricants in Asia Pacific Region

In the recent times and in the coming future, high quality of lubricants will also be demanded in great proportions in Middle Eastern countries and Asia Pacific. As rules regarding emissions are changing with the increasing pressure of global warming, it is compelling manufacturers to make superior quality engines, which are only compatible with high-quality lubricants. Owing to these reasons, Asia Pacific and Middle East is expected to witness a rise in the demand of synthetic lubricants.

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Mineral Oil Remains Dominant Segment of Lubricants Market

In 2013, mineral oil held the biggest market share in the global lubricants market. If projections by market analysts are considered to be true, this segment will remain in the top position at the end of the next five years. The factors contributing to this success are its lower pricing as compared to bio-based and synthetic lubricants. The bio-based lubricants segment is also witnessing tremendous growth as government regulations are encouraging its use in several applications.

The global lubricants market is oligopolistic in nature. With just a few players, the market still demands heavy investment in setting up manufacturing units and better research and development activities. Some of the key players in the global lubricants market are Exxon Mobil Corporation, Total S.A., BP p.l.c., Royal Dutch Shell plc., Chevron Corporation, PetroChina Company Limited, and Sinopec Limited. Several players in the global lubricant market are looking at increasing their production capacities and expanding their distribution network in emerging economies, where lubricants are expected to be in great demand due to the rising number of vehicles.

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