Market Research Report
Lubricants Market Size, Share & Trends Analysis Report By Application (Industrial, Marine, Automotive, Aerospace), By Region (Asia Pacific, North America, Europe, MEA), And Segment Forecasts, 2021 - 2028
|Published by||Grand View Research, Inc.||Product code||1001236|
|Published||Content info||205 Pages
Delivery time: 2-10 business days
|Lubricants Market Size, Share & Trends Analysis Report By Application (Industrial, Marine, Automotive, Aerospace), By Region (Asia Pacific, North America, Europe, MEA), And Segment Forecasts, 2021 - 2028|
|Published: April 1, 2021||Content info: 205 Pages||
The global lubricants market size is expected to reach USD 167.48 billion by 2028, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 3.7% from 2021 to 2028. Growth in demand for biobased lubes, as they are eco-friendly, is estimated to augment the market growth over the coming years. Furthermore, the manufacturers are shifting and expanding their production units in developing nations owing to various factors, such as availability of raw material and reduced costs of infrastructure and labor. This, in turn, is anticipated to boost the market growth over the forecast period.
Typical oil manufacturers use crude oil, CBM, tight oil, and other additives to formulate all types of lubricants. Technological advancements have led to the reduction of combustion engine-based vehicles; and countries, such as Norway and the Netherlands, have imposed strict regulations against the approval of any combustion engine-based vehicles. Major companies, such as Shell, Total, Chevron, ExxonMobil, BP, and Sinopec, have integrated their business operations globally.
Increasing passenger car sales in emerging markets of Asia Pacific and Latin America is expected to be a major factor driving consumer automotive lubricants demand over the forecast period. Growing sales of consumer automotive, such as trucks, buses, and other forms of passenger transport, are expected to drive commercial automotive oil product demand. Economic growth in emerging markets, such as China, India, and Brazil, has led to betterment in public transportation in these regions. This trend is expected to further strengthen commercial automotive lubricant demand.
The Asia Pacific automotive industry is anticipated to witness a high growth rate over the forecast period owing to rapid economic development, mega construction projects, and introduction of various favorable policies by the government, such as 100% FDI and "Smart Cities". The rapid industrial development and growing demand for high-performance luxurious passenger cars have also attracted heavy investments from international automobile companies.
Companies, such as ExxonMobil & Chevron, are directly involved in the production of lubricants for specific applications, these companies are further involved in supply agreements with major end-users to ensure steady product sales. Companies, such as Total, Shell, Amsoil, and Castrol, have entered into exclusive supply agreements with Tata Motors & Vestas Wind Systems to supply their products.