The global lubricants market was valued at $88,230.8 million in 2014, and it is expected to grow with a CAGR of 2.6% during 2015 - 2020. The factors driving the growth of the market include growing automotive industry, increasing consumer awareness and government regulations. The power to regulate the petroleum industry lies with the minister of petroleum industries, but if license is to be issued, then there is a need for advice and assistance from Energy Supply Committee (ESC). In the global market, standards issued by organizations, such as Japanese Automobile Standards Organization and American Petroleum Institute, govern the quality of lubricants.
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Geographically, the Asia-Pacific market accounted for the largest share in the global lubricants market in 2014. The lubricants market in Asia-Pacific is growing mainly due to increasing pressure of global warming, changing policies regarding emissions, which results in regulatory requirements for manufacturers to make superior quality engines compatible with high quality lubricants. Due to such reasons, Middle East and Asia-Pacific is expected to observe an increase in requirement of synthetic lubricants. The Sri Lankan government appointed public utilities commission of Sri Lanka (PUCSL) for regulating the lubricants market in the country. PUCSL informs the ministry of petroleum industries about the regulatory matters and policies with respect to liberalization of the lubricants market.
Geographically, the Asia-Pacific market accounted for the largest share in the global lubricants market in 2014. The lubricants market in Asia-Pacific is growing mainly due to increasing pressure of global warming, changing policies regarding emissions, which results in regulatory requirements for manufacturers to make superior quality engines compatible with high quality lubricants. Due to such reasons, Middle East and Asia-Pacific is expected to observe an increase in requirement of synthetic lubricants. The Sri Lankan government appointed public utilities commission of Sri Lanka (PUCSL) for regulating the lubricants market in the country. PUCSL informs the ministry of petroleum industries about the regulatory matters and policies with respect to liberalization of the lubricants market.
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Geographically, the Asia-Pacific market accounted for the largest share in the global lubricants market in 2014. The lubricants market in Asia-Pacific is growing mainly due to increasing pressure of global warming, changing policies regarding emissions, which results in regulatory requirements for manufacturers to make superior quality engines compatible with high quality lubricants. Due to such reasons, Middle East and Asia-Pacific is expected to observe an increase in requirement of synthetic lubricants. The Sri Lankan government appointed public utilities commission of Sri Lanka (PUCSL) for regulating the lubricants market in the country. PUCSL informs the ministry of petroleum industries about the regulatory matters and policies with respect to liberalization of the lubricants market.
Geographically, the Asia-Pacific market accounted for the largest share in the global lubricants market in 2014. The lubricants market in Asia-Pacific is growing mainly due to increasing pressure of global warming, changing policies regarding emissions, which results in regulatory requirements for manufacturers to make superior quality engines compatible with high quality lubricants. Due to such reasons, Middle East and Asia-Pacific is expected to observe an increase in requirement of synthetic lubricants. The Sri Lankan government appointed public utilities commission of Sri Lanka (PUCSL) for regulating the lubricants market in the country. PUCSL informs the ministry of petroleum industries about the regulatory matters and policies with respect to liberalization of the lubricants market.
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However, the arrival of hybrid-electric vehicles is restraining the growth of the market. The consumers are shifting towards hybrid-electric vehicles, because it decreases the fuel consumption considerably as compared to conventional vehicles, CNG vehicles and diesel vehicles. Hybrid-electric vehicles are costlier than conventional vehicles, but the life cycle cost (including maintenance and fuel cost) of hybrid-electric vehicles is much less than that of conventional vehicles.
The key companies operating in the global lubricants market include BP PLC, Chevron Corporation, China Petroleum & Chemical Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, Idemitsu Kosan Co. Ltd., LUKOIL Oil Company, PetroChina Co. Ltd., Royal Dutch Shell PLC, and TOTAL S.A.
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