New York City, 19 January 2019: The Report Lubricants Market is anticipated to reach
over USD 169.4 billion by 2026. In 2017, the automotive segment dominated the
global market, in terms of revenue. Asia-Pacific is expected to be the leading
contributor to the global market revenue during the forecast period.
The growing manufacturing industry,
rapid industrialization, and modernization of industrial machinery drive the
growth of this market. Other driving factors include growing automotive
production, rising applications in mining industries, and increasing government
initiatives to support industrial growth. However, high prices of bio-based and
synthetic lubricants are expected to hamper market growth. Increasing demand
from developing nations is expected provide numerous growth opportunities to
the market players during the forecast period.
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The demand for lubricants from the
industrial sector has increased over the years. The increasing need for
automation and strong growth in industries support the adoption of lubricants.
In the industrial sector lubricants are used for various applications such as
air compressors, transformers, heat transfer systems, auxiliary equipment,
metal working, and natural gas compressors among others. Lubricants are also
used in wind turbines, refrigeration, paper machines, quenching, and bearings.
The different applications of
lubricants include industrial, automotive, and others. In 2017, the automotive
segment accounted for the highest market share. The increasing demand of
lubricants from automotive, marine, and aviation sectors has increased
significantly over the years. The growth in automotive industry, especially in
Asia-Pacific coupled with growing disposable income and improving living
standards support the growth of lubricants in automotive sector.
Competitive
Landscape and Key Vendors:
Asia-Pacific generated the highest
revenue in the market in 2017, and is expected to lead the global market
throughout the forecast period. The increasing growth of automation in
manufacturing industries in the region coupled with high disposable income
drives the market growth in the region. The rapid industrialization in China,
Japan, and India, along with significant growth in transportation,
construction, and mining industries would support market growth during the
forecast period. The rising trend of bio-based lubricants, and increasing
environmental concerns are expected to provide growth opportunities in the
coming years.
The well-known companies profiled in
the report include Exxonmobil Corporation, Idemitsu Kosan Co. Ltd, Sinopec
Limited, Royal Dutch Shell PLC., Chevron Corporation, BP PLC., Amsoil
Inc., Nippon Oil, Quaker Chemical Corporation, Fuchs Petrolub AG, Total S.A.,
and Luk Oil among others. These companies launch new products and collaborate
with other market leaders to innovate and launch new products to meet the
increasing needs and requirements of consumers.
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