New York City, 05 February 2019: The global Finished Lubricants Market is predicted to
reach USD 146.3 billion by 2026 according to a new report published by Polaris
Market Research. Finished lubricants are among the most demanded products of
the oil marketing companies worldwide. Lubricant manufacturers have been paving
their way for sustainability within the industry. The industry participants are
focused in developing and maintaining their brand image in order to combat the
increasing competition. Owing to these factors product offerings of finished
lubricants has significantly increased over the past few years, as an attempt
from the companies to increase, penetrate and tap new target markets.
The
lucrativeness of this industry is one aspect of the presence of a large number
of companies across every regional market, but outperforming amidst the intense
competition within the industry is yet another aspect of it. Industry
participants are constantly involved in rising awareness of their presence in
the industry space through mechanics and dealer meets, TV broadcastings,
advertisements, and shutter printings etc.
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The
manufacturers aim at entering into agreements with OEMs, automobile manufacturers,
and several end-use industry participants. Oil marketing companies
significantly work on product costings, and competitive pricing at varying
rates with immediate customers and even dealers in an attempt to differentiate
their product image from their complementary brands in the market space. Amidst
the rising competition in the finished lubricant industry, increase in sales
volume is highly dependent on the company marketing campaigns.
The
manufacturers and OMC are completely focused on strategies such as channel
marketing for tapping new markets in the automotive industry, through different
type of retail establishments, adjacent industry and service providers. The
automotive finished lubricant industry is also influenced by the dynamic
developments in vehicle design and different fuel quality in different
geographies. Lubricant performance requirements are mainly driven by the OEM
demands especially from the industrial sector for reduced carbon foot print,
optimized consumption of fuels and improved efficiency.
Competitive Landscape and Key Vendors:
Asia Pacific
countries demand for finished lubricants was the highest in with increasing
industrial activities including significant developments in the manufacturing
industry and the growth automotive fleet in countries such as China, India,
South Korea and the Southeast Asian countries. Product demand is anticipated to
be comparatively flat in the developed economies such as the Western Europe and
North America, where the efficiency gains will offset the effects of rising
industrial and economic output.
However,
growth in sales volume will be restrained in these regions. The finished
lubricant manufacturers will experience higher demand in the coming years from
rising demand for high-value and premium products including the bio-based and
semi-synthetic finished lubricants. Some of the leading industry participants
include BP, Castrol Lubricants, Shell Oil Marketing Company, Essar Oil, Sinopec
Corp., Universal Lubricants, Bharat Petroleum, Hindustan Petroleum, Reliance
Oil, Gulf Oil Corporation etc.
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