The global lubricants market is expected to grow at a CAGR of 3.0% during the forecast period, to reach $102,501.3 million by 2022. The increase in demand for lubricant is anticipated due to growing automotive industry, increased consumer awareness about lubricants and government regulations.
Lubricants is a viscous fluid (finished product) used in various industrial applications for proper functioning of machineries and its parts. The global lubricant market has been categorized on the basis of product and by application. Based on type of product, the market has been generating highest revenue from mineral lubricant, while synthetic and bio-based are the other major lubricants.
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In 2014, the mineral lubricants accounted for the largest share among all the products of the lubricants market, and it is expected to grow with a CAGR of 2.7% during the forecast period. Based on application, the automotive segment held the largest market, (22,740.62 Kilo Tons) in 2014, and it is expected to reach 25,347.84 Kilo Tons by 2020, growing with a CAGR of 1.81% during the period 2015-2020.
Lubricants is a viscous fluid (finished product) used in various industrial applications for proper functioning of machineries and its parts. The global lubricant market has been categorized on the basis of product and by application. Based on type of product, the market has been generating highest revenue from mineral lubricant, while synthetic and bio-based are the other major lubricants.
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In 2014, the mineral lubricants accounted for the largest share among all the products of the lubricants market, and it is expected to grow with a CAGR of 2.7% during the forecast period. Based on application, the automotive segment held the largest market, (22,740.62 Kilo Tons) in 2014, and it is expected to reach 25,347.84 Kilo Tons by 2020, growing with a CAGR of 1.81% during the period 2015-2020.
Geographically, the Asia-Pacific market accounted for the largest share in the lubricants market in 2014. The greatest future opportunities for lubricants market players are Brazil, China and India. Players in every industry, including energy industry, believe that BRIC (Brazil, Russia, India and China) markets are profitable market to invest, because of rapidly growing economies and increase in direct foreign investment in the countries. The increased car ownerships and rapid development of industrialization in BRIC countries are the major factors driving the growth of the market in these countries.
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Adoption of lubricants by the consumers is a major trend seen in the lubricants market. Harmful environmental effects are being reduced because the consumers have started adopting bio-lubricants, resulting in the growth of the market. In BRIC countries, rapid growth in energy demand is expected to continue in the forecasted period, resulting in high growth of the market in the countries.
The global lubricant market is highly fragmented, where top three players accounted for less than 35% revenue. Some of the key companies operating in the 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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