Global Lubricant Market
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Global Lubricant Market was valued US$ XX Bn and is anticipated to reach US$ XX Bn by 2027 at a CAGR of 2.27 % during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Growth in automotive production growth in Asia-pacific and Europe, growing manufacturing sector in Asia-pacific, increasing usage of high-performance lubricant, demand from the growing wind energy sector and expansion of the global cold chain market drives the global lubricant market growth. Increasing drain intervals in automotive and industrial sectors and emergence of electric vehicles in the future restrains the market growth. Upcoming Construction Projects in North America and Asia-Pacific and increase in exploration of natural gas poses an opportunity for the market growth.
Transportation segment was estimated as largest of the lubricants market in 2017. Smooth running of vehicles and prolong engine life ask for consistent use of lubricants. Passenger vehicles, commercial vehicles, aviation, and marine are the sub segments of transportation. Passenger and commercial vehicles are the major consumers of lubricants attributed to the rising vehicle production and improving standard of living in the developing nations.
Mineral oil to lead the market for lubricants during the forecast period and dominance of the mineral oil segment is projected to continue during the forecast period, owing to its low cost and easy availability. Mineral oil is produced in large quantities because of its high usage in different sectors such as transportation and industrial machinery and equipment. Gradual shift from mineral oil lubricants to synthetic and bio-based lubricants, the bulk lubricant users, which mainly includes off road vehicles, marine, defense, and aviation sectors, will continue to utilize high volumes of mineral oil lubricants owed to its low cost. Bio based lubricant is gaining popularity owing to sustainability program initiated in regions and carbon count pressure on the
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Last Update : Mar 11, 2021 5:14 AM
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