PUBLISHER: DataM Intelligence | PRODUCT CODE: 1336756
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1336756
Global lubricant Market reached US$ 161.1 billion in 2022 and is expected to reach US$ 196.9 billion by 2030, growing with a CAGR of 2.6% during the forecast period 2023-2030.
Numerous segments of the economy heavily depend on machinery and equipment, which necessitate effective lubrication for proper functioning. These industries encompass manufacturing, power generation, mining, and construction. As environmental awareness increases among the public, there is an amplified requirement for lubricants that align with eco-friendly practices, often termed as bio-based or environmentally friendly lubricants.
The lubricant market is marked by intense competition, featuring prominent contenders alongside numerous smaller enterprises striving to secure their portion of the market. Global Lubricants Services aims to provide operators together the whole lubricants value chain visibility into this rapidly changing market, supported by simple access to up-to-date data and distinctive insights to support strategic planning projects and promote effective competitive positioning.
Construction projects involving the development of infrastructure, including roads, bridges, airports, railways, and buildings, significantly boost the demand for lubricants. For efficient maintenance and operation, building machinery including excavators, the cranes, bulldozers, and loaders needs to be lubricated. The demand for lubricants in the construction industry increases as nations make investments in their infrastructure.
The market is greatly influenced by technological developments in lubricant compositions and methods of production. The market has grown as a consequence of the launch of high-performance lubricants which provide better protection, a longer lifespan, improved fuel efficiency, and lower emissions. As a result of developments in synthetic, bio-based, and additive technology, this sector keeps expanding.
The demand for lubricants is being fueled by increasing awareness of the importance of equipment maintenance. The advantages of lubricants in extending the life of machinery, reducing downtime, reducing repair costs, and enhancing efficiency are being recognised by both industries and consumers. Regular lubricant usage is promoted as an effective preventive maintenance strategy, which raises market demand.
In order to minimise friction and wear between moving parts of machinery, lubricants are necessary. They help minimise the possibility of mechanical issues by providing sufficient lubrication, which may significantly extend the lifespan of equipment. Businesses and consumers both are aware of this benefit and understand how regular lubricant use can protect their machinery investment and delay the need for early equipment replacement.
According to the Global Electric Vehicle Outlook, there was more than 10 million electric car sales globally in 2022, and this year. This is revenues are anticipated to rise by another 35% to 14 million. The share of the market of electric vehicles has grown substantially as a result of this expansion, rising from 4% in 2020 to 14% in 2022 potentially reaching 18% this year. As the electric vehicles are increasing at a faster rate the lubricants market will hamper in the forecast period.
The market for lubricants could be affected by the move to renewable energy sources and the rising popularity of electric vehicles. Lubricants utilised by internal combustion engines may see a corresponding drop in demand if demand for fossil fuels drops. Due to the changing energy landscape, lubricants producers must modify their product lines and look for fresh opportunities in developing industry.
Limited travel, transportation and decreased usage of machinery led to reduced demand for lubricants from a variety of end-user sectors. The average forecasted sales figure from our survey respondents is a 20% decline in sales volume for 2020. The food & beverage processing lubricants have a demand in COVID-19 due to food is an essential component and government gave permission for manufacturing food & beverages industries.
The primary challenges affecting companies the most during COVID period were identified by lubricants companies as a potential global recession, lower consumption and demand of lubricants, and supply chain disruptions.al COVID-19 created a place for new products - almost 50% of lubricant manufacturers see innovation as an necessary opportunity to take.
The global lubricants market is segmented based on type, end user, grade, and region.
The current trend towards utilising synthetic lubricant formulations is a result of ongoing pressure from climate change, sustainability concerns, and the continuing search of higher performance by original equipment manufacturers (OEMs) in automobiles, industrial vehicles, and commercial industries. Demand for synthetic lubricants increases due to many of the industries are promoting enivornmental friendly products to the customers.
Although market penetration and demand of synthetic lubricants were limited due to high cost in the past, synthetic lubrication now promises to be a strong candidate for meeting the needs of the future as continued research and development improves performance even further and stricter regulations/ demands for sustainability outweigh the cost difference with conventional lubricants.
Asia-Pacific region, countries like China, Japan, and South Korea stand out for their robust manufacturing sectors, renowned for producing a diverse array of goods spanning consumer products, machinery, and technology. The rising manufacturing activities have, in turn, led to an increased need for lubricants to keep machinery, equipment, and production processes running smoothly. In addition this region holds significant position in global trade and transportation. This prominence has fueled the expansion of the lubricant market, propelled by the growth of industries like logistics, shipping, and aviation.
Consequently, the demand for lubricants essential for marine engines, aircraft engines, and other transportation equipment has surged. Furthermore, the escalating environmental awareness in the Asia-Pacific area has amplified the demand for environmentally friendly lubricants. Bio-based and synthetic lubricants, known for their eco-friendliness, are gaining traction as environmental concerns take center stage.
The major global players include: Grauer & Weil (India) Limited, Mosil Lubricants, Anand Engineers Pvt. Ltd., APAR Lubricants, Exxon Mobil Corporation., Arabian Petroleum Ltd., JAX Incorporated, Manak Petro Chem (India)., and NANDAN PETROCHEM LTD.
The global lubricants market report would provide approximately 60 tables, 65 figures and 181 Pages.
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