Analyst Commentary
One of the major purpose of lubricants is to diminish the friction as well as offer protection against wear & tear in order to increase the runtimes of machine and thus safeguards the raw materials. However, sometimes, movement of 2 bearing surfaces can only be made if it has lubricant. On the other hand, as per the current scenario, when sustainability is becoming a major driving force in the market, preservation of energy as well as resources and lessening emissions has grown into essential environmental concerns. Hence, the insufficiency of resources along with the accountability towards future generations are also a major point of focus for any corporate action.
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Moreover, lubricants are continuously attracting people’s awareness at a rapid pace, as it supports sustainability goals of economic, green and social regions. Lubricants make a contribution to the sparing use of resources and thereby to sustainability.
As per the scientific research, it was founded that around 1 percent of gross domestic product can be hoarded in terms of energy in industrialized economies in western region, if the present tribological data, specifically science of friction, wear & lubrication, remained applied to lubricated procedures. Besides, other than certain key applications including inner combustion engines, turbines or hydraulic structures, compressors, vehicle & industrialized gearboxes, there are a huge number of additional applications that mostly necessitates specifically tailor-made lubricants. This is exemplified by the large number of different types of greases or else different lubricants that are meant for chip-forming as well as chip-free metalworking processes. Approximately 5000–10 000 unlike lubricant preparations are required to fulfill more than 90 percent of the entire lubricant applications.
Report Description
The global lubricants market growth is also driven rapidly by the stringent rules and regulations standardized by the governments across the world. The guidelines standardized by the U.S. Environment Protection Agency (EPA) have drastically reduced the carbon emissions from vehicles as per the Clean Air Act, applied from October 2008 and has increased the value and demand for fuel-efficient cars. The new age of digitalization has promoted the sales of intelligent and connected cars with joint electronic systems which imply safety and control for purchasers. The global lubricants market size is predicted to benefit from this development and the consumer demand for upgraded passenger cars with efficient functioning will be on a rise.
The global lubricants market size is predicted to grow to a value of $ xx billion by 2025, rising at a CAGR of xx% over the forecast period.
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Market Segments Analyzed in Upcoming Report on global lubricants market
On the basis of products, the global lubricants market has been generating the maximum revenue from mineral oil lubricants which accounted for more than 80% followed by synthetic, bio-based lubricants. As per the market analysis, the bio based lubricants section is predicted to grow with the highest CAGR over the forecast period due to the increasing number of supporting regulations.
On the basis of applications lubricants markets has been sub-segmented into automotive sector held the largest market share in 2017 and is anticipated to grow with a CAGR of xx% in the coming years. The demand for bio based lubricants amongst consumers is increasing given to their renewable and bio degradable nature thus making them stay in the environment for a shorter period of time. They can also be consumed in lessor quantities compared to traditional lubricants. In BRIC countries, fast growth in demand for energy is anticipated to drive the lubricants industry over the forecast period.
Key players profiled in the upcoming global lubricants market report include ConocoPhillips, Pemex, PetroChina, Kuwait Petroleum Corporation, Royal Dutch Shell, Castrol, British Petroleum, Valvoline, Petronas, Pertamina, Caltex Australia Group, Chemtura Corporation, ExxonMobil Corporation and many more.
Highlights on key segments in upcoming ‘Global Lubricants Market’ report:
Application segment
Industrial
Automotive
Marine
Product Segment
Mineral oil lubricants
Synthetic lubricants
Bio-based lubricants
Geographical Segments
North America
U.S.
Mexico
Canada
Europe
Germany
U.K.
Russia
Asia-Pacific
China
Japan
India
Central & South America
Brazil
Middle East & Africa
Saudi Arabia
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