PUBLISHER: Grand View Research | PRODUCT CODE: 1405760
PUBLISHER: Grand View Research | PRODUCT CODE: 1405760
The global lubricants market size is expected to reach USD 180.21 billion by 2030, registering a CAGR of 3.7% over the forecast period, according to a new report by Grand View Research, Inc. Growth in demand for biobased lubes owing to their eco-friendly characteristics is poised to pave way for higher demand 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 materials and reduced infrastructure & labor costs. 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 the emerging markets of Asia Pacific and Latin America is expected to be a major factor driving the consumer automotive lubricants market growth over the forecast period. Growing sales of consumer automobiles, 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 the betterment of 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 the introduction of various favorable policies by the government, such as 100% FDI and "Smart Cities". Rapid industrial development and growing demand for high-performance luxurious passenger cars have also attracted heavy investments from international automotive players.
Companies, such as ExxonMobil and 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 sales of lubricants. Companies, such as Total, Shell, Amsoil, and Castrol, have entered into exclusive supply agreements with Tata Motors & Vestas Wind Systems to supply their lubricant brands. Global as well as regional industry players are developing direct sales channels, especially for automotive lubricant users, at their local service centers. Some companies also participate in annual events of their end-users and showcase their products at offer prices.