The global lubricants market size
is expected to reach USD 68.54 billion by 2022, according to a new study by
Grand View Research, Inc. Growth of automotive industry in emerging markets of
Asia Pacific and Latin America is expected to drive automotive lubricants
demand. The market is characterized by increasing demand for engine oils,
transmission fluids and hydraulic fluids in both commercial and consumer
automotives. Increasing sales of passenger cars and motorcycles is expected to
further strengthen the trend over the forecast period. Increasing industrial
output in China, India, Brazil and Russia is expected to drive the demand for
industrial lubricants.
Recycling of
used lubricants is another major issue that has attracted a lot of stern
regulations from agencies. The global market is regulated by policies from
environmental agencies such as U.S. EPA, REACH and ECHA. Lubricant products or
chemicals that are imported or manufactured in Europe need to be preregistered
with REACH and have to be compliant with ECHA regulations. Similar guidelines
have been established by EPA to ensure biodegradability, toxicity and labeling
of lubricant products in the U.S.
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Further key findings from the study suggest:
Global
lubricants market was 36.36 million tons in 2014 and is expected to reach 43.87
million tons by 2022, growing at a CAGR of 2.4% from 2015 to 2022.
Industrial
lubricants emerged as the largest product segment and accounted for over 39% of
the total market volume in 2014. Increasing consumption of general industrial
lubricants and process oils in industrial machinery such as centrifuges, rotary
compressors, air compressors and machine bearings is expected to drive
industrial lubricants demand over the forecast period.
Asia Pacific
was the largest lubricants market and accounted for over 40% of the total
market volume in 2014. High industrial production in China and India is
expected to drive industrial lubricants demand which in turn is expected to
complement regional market growth. Increasing automotive sales in the region is
expected to further complement the regional market growth.
Global
lubricants market is fragmented with top four companies, Shell, ExxonMobil, BP
and Chevron accounting for over 42% of the total market share. Companies are
actively establishing strategic alliances with end-users in order to secure
their lubricants sales. Companies such as Total, Shell, Amsoil and Castrol have
entered into exclusive partnerships with Tata Motors, BMW, Ford and Vestas Wind
Systems to supply their lubricant brands.
Companies
such as Fuchs, Shell and Chevron are involved in acquisition of smaller
lubricants manufacturers in order to increase their market share. New product
launches and capacity expansions are generic strategies employed by companies
to increase their market presence.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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