According to a new market report published by BlueWeave Consulting, the global lubricants market was valued at US$ 138.45 Bn in 2017 and is expected to expand at a CAGR of 3.65% from 2018 to 2025, reaching US$ 185.15 Bn by the end of the forecast period. According to the report, Asia Pacific was the largest contributor in terms of revenue to the lubricants market in 2017.
Expansion in the automotive and general industry is driving the global lubricants market.
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Lubricants are basically substances that are used to control or diminish friction along with wearing of surfaces that are coming in contact with various bodies in relative motion. Lubricants are generally classified into liquid, semi-liquid, solid, and gaseous on the basis of their state. These high-performance substances are extensively used in several end-user industries as corrosion inhibitors, anti-wear additives, friction modifiers, viscosity index improvers, and extreme pressure (EP) additives.
The passenger car demand has been rising over the years, according to OICA. Passenger car usage has increased by 4.4% from 2014-2015. Emerging economies like China, India, Africa, and Mexico has witnessed exponential growth in terms of passenger car usage for instance in China the passenger car used has increase from 1,17,482 in 2014 to 1,35,805 in 2015. Rise in number of passenger cars are influencing the demand for lubricants, as the main purpose of lubricants in passenger car is to smoothen the moving parts of automobile reducing vehicles friction and wear & tear, providing trouble free performance for a longer span of time. Thus, rise in demand for passenger car will promulgate application of lubricants.
Lubricants Market: Scope of the Report
The global Lubricants market is segmented on the basis of type, application, and additives. On the basis of type, the market is segmented into Mineral Oil, Synthetic Lubricants, Greases, and Bio-Based Lubricants. Mineral oil was the largest segment in the global lubricants market in 2017 and is estimated to witness the highest growth during 2018-2025. On the application basis, the market is segmented into Engine oils, Gear oil, Transmission and Hydraulic Fluid, General Industrial oils, Process Oils, Metal Working Fluids, and Others. Engine oils accounted for the largest segment in the global lubricants market in 2017. On the basis of additives, the market is segmented into Dispersants, Viscosity Index Improvers, Detergents, Anti-Wear Additives, Antioxidants, Friction Modifiers, and Others. Dispersants accounted for the highest segment regarding revenue during 2017 and are estimated to grow significantly during 2018-2025.
On the basis of region, the market is segmented into five parts namely North America, Europe, Asia Pacific, Middle-East & Africa, and Latin America. Asia-Pacific was the largest region in the global lubricants market in 2017 with a market share of 39.60% and it is estimated to grow over a CAGR of 3.42% during 2018-2025.
Lubricants Market: Competitive Dynamics
Companies, such as Exxon Mobil Corporation, British Petroleum, Royal Dutch Shell, Chevron Corporation, and Total S.A. are the key players in manufacturing lubricants. In terms of product offerings, Exxon Mobil Corporation and British Petroleum are the major players in the market, providing various products of lubricants.
Market Segmentation: Global Lubricants Market
By Type
By Application
By Additives
By Geographic Segments
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