Favorable Foreign Investment Norms Propels the Growth of Lubricants Industry Outlook: Ken Research

A lubricant may be a substance offered to scale back friction within the surfaces in mutual contact, which eventually decreases the warmth created when the surfaces move. It may even have the function of transmitting forces, conveying foreign particles, or heating or cooling the surfaces.

The industry dynamics are transforming, in terms of raw material, due to the growingrequirement for bio-based lubricants. The increasing trade of vehicles and their spare parts is projected to fuel the requirement for automotive oils and greases. The foremost economic recovery around North America and Europe is projected to boost the consumer vehicles segment, which, in turn, is a boon for the market. Typical lube producers utilize crude oil, CBM, tight oil, and several other additives to express all forms of lubricants. Foremost companies, such as Royal Dutch Shell, Total SA, Chevron, ExxonMobil Corporation, British Petroleum, and Sinopec, have integrated their business operations around the globe. It safeguards a stable raw material supply to manufacture mineral oils & additives required for production.

However, lubricant industry research reports states that several other manufacturers have definitive contracts with raw material producers as well as suppliers. This strategically allows these companies to decrease the uncertain time and price losses in the procurement of such materials. Lubricants are majorly optimized as diesel engine oils, gearbox & transmissions in passenger cars, commercial vehicles & motorcycle segments of the automotive segment. The effective growth in automobile sales is projected to augment the worldwide industry growth over the forecast period. Global automotive sales have been on the augment primarily propelled by countries, such as India, China, the U.S., and Brazil.

Lubricant Market Research Reports predict growth in Industrialization around Asia Pacific and the Middle East & Africa post COVID-19, coupled with the augment in procedure automation in most of the industries and the gradual augment in number of vehicles on-road are key factors projected to propel the global lubricants industry throughout the forecast period.

APAC is projected to account for the largest share in the worldwide lubricants industry throughout the forecast period, in terms of both volume and value. The effective growth in population in the region, accompanied by increasing spending in the industrial segment and infrastructural improvements in the developing markets of China, India, and Indonesia, is predicted to make this region an ideal destination for the lubricants industry. In addition, Europe is anticipated to account for the second greatest share in the worldwide lubricants industry throughout the forecast period, in terms of both volume and value. The foremost factor for this is the growth of several industrial sectors, coupled with the increasing number of automobiles around the countries. However, Russia is projected to register the greatest growth rate amongst the European nations owing to policy differences. Russia is not a portion of the EU and, thus, does not abide by the stringent auto regulations and norms.

High growth in niche manufacturing segments, such as 3D printing & medical devices, is projected to further complement the industrial growth in such markets. Hence, speedy industrialization in BRICS is projected to propel industrial fluids demand, which, in turn, is projected to complement the worldwide lubricants sector growth.

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Lubricant Market Competition

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Massive Industrial Growth, Followed by Growing International Passenger & Freight Traffic, Economic Development & Rising Income of Middle-Class to Drive the Lubricants Market: Ken Research

Lubricants are substances used for reducing friction, wear & tear of the operating parts of machines. The property of reducing the friction is known as slipperiness or lubricity. Lubricants are classified into solid lubricants (chalk & wax), semi-solid lubricants (Vaseline & grease), liquid (petroleum oil, vegetable oil and emulsions), and gaseous based on the state of its use. The use possesses property for instance high boiling point, corrosion prevention, low freezing point, high viscosity index, thermal stability, and high resistivity to oxidation. They enlarge the shelf-life of mechanical parts, thus providing higher efficiency. These are employed to ease smooth operation of mechanical parts & eliminate any excesses deposited on these parts.

According to study, “Automotive Engine Oil Market” some of the major companies that are currently working in the Global lubricant market are Al Jomaih and Shell Lubricating Oil Company Limited, Abu Dhabi National Oil Company, Alhamrani-Fuchs Petroleum Saudi Arabia Limited, BP, Co-operation Petroleum Co. (Copetrole), Behran Oil Company, Emarat Misr, Emirates National Oil Company, Emirates Lube Oil Co. Ltd., ExxonMobil, Misr Petroleum Company, Iranoil Oil Company, NAFTAL, Petromin Corp., Pars Oil Company, Sepahan Oil Company, ADNOC, Chevron, Total, ENOC, Castrol, Rulexx Lubricants and Grease Ind llc, LUKOIL, MAG Lubricants, Lubrex FZC, DANA Lubricants, AXCL Lubes, Sharafco Group of Companies, Emirates Lube Oil Company Ltd., Atlantic Grease and Lubricant, Crystal Petroleum, SHARLU, Petrotek, Aljazeera Lubricants LLC, Universal Lubricants, Stanley Lubricants.

Based on the type, lubricant market is segmented into synthetic lubricant, semi-synthetic lubricant and mineral lubricant. Mineral products include large number of hydrocarbon compounds & organic compounds of sulfur, oxygen, and nitrogen. These hydrocarbons can outcome in the development of acid, dirty oil, and oxidation instability. Based on the product type, the market is separated into automotive oils, metalworking fluids, industrial oils, hydraulic oils, marine oils, process oils, and greases & others. The automotive engine oil market segment is further sub-segmented into transmission oils and engine oils. Based on the additives, market is segmented into dispersants, detergents, viscosity index improvers, anti-wear additives, friction modifiers, antioxidants and others.

Based on technology, market is segmented into fractionating, sedimentation, additives or inspection & packaging and filtering & solvent extractions etc. Based on vehicle types, market is breakdown into light commercial vehicles (LCVs), passenger cars, heavy commercial vehicles (HCVs), and others (motorbikes). Based on channel of distribution, the market is divided into direct sales, workshops and dealer network. Based on application, market is defined as industrial machinery & equipment and transportation (passenger vehicle, commercial vehicle, aviation and marine).

The lubricant market is primarily driven by the massive industrial growth, followed by growing international passenger & freight traffic, economic development & rising income of middle-class people and increase in export of minerals & crude oil to drive the lubricant’s demand in the marine sector. Apart from the major benefits, other key restraints impacting the market may include political unrest in some of the region’s countries, lack of awareness among automotive lubricant consumers and increasing use of synthetic & semi-synthetic lubricants.

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Market Share Major Companies Lubricant Industry

Related Report:-

India Industrial Lubricants Market Outlook to 2023 - Expected Tailwinds from Construction, Automotive and Tire Manufacturing along with Surging Penetration from International Companies

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Ken Research

Ankur Gupta, Head Marketing & Communications

Sales@kenresearch.com

+91-9015378249