Pune, India, Feb. 24, 2021 (GLOBE NEWSWIRE) -- The global lubricants market size is expected to gain impetus from the rising support of the governments of various countries. They are mainly encouraging the original equipment manufacturers (OEMs) to use lubricants. This information is given by Fortune Business Insights™ in a recently published report, titled, “Lubricants Market Size, Share & Industry Analysis, By Type (Automotive, Industrial, Marine Oil and Process Oils), By Grade (Mineral, Synthetic and Semi-synthetic), By Application (Automotive, Industrial and Others), and Regional Forecast, 2020-2027.” The report further states that the lubricants market size was USD 124.14 billion in 2019. It is projected to reach USD 126.29 billion by 2027, exhibiting a CAGR of 3.92% during the forecast period.
The outbreak of the COVID-19 pandemic is causing huge losses for numerous industries worldwide. Until and unless a vaccine is invented, we don’t know till when the situation would stabilize. Social distancing and sanitation practices are being followed by the companies to prevent the infection. Our reports are specially developed to help our clients get a glimpse of the effects of this pandemic on every market.
Highlights of This Report:
- In-depth information about the regions in the market.
- Elaborate details about the segments in the market.
- Profiles of every company operating in the market.
- Analysis of the strategies implemented by companies.
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List of Top Players Profiled in Lubricants Market Research Report:
- Petro China Company Limited
- Chevron Corporation
- ExxonMobil Corporation
- Royal Dutch Shell Plc.
- Total Group
- BP plc
- Valvoline LLC
- Global Lubricant Industry LLC
- Shield Lubricants
- JXTG Nippon Oil & Energy Corporation
- The FUCHS Group
- AMALIE Oil Co.
- Other key companies
Drivers & Restraints-
Rising Development of Environment-Friendly Products to Propel Growth
The governments of several countries are persistently trying to promote the usage of lubricants to create energy saving engines and to develop environment-friendly products. This is because the parts of the engine that lack lubricants require more fuel for operation as they are prone to friction. This further causes pollution and emissions in the atmosphere. Many OEMs have started entering into agreements with other prominent lubricant manufacturers to act in accordance with government policies. These factors are expected to augment the lubricants market growth in the near future.
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Manufacturers Shift to Polypropylene Production amidst COVID-19
However, the current outbreak of the COVID-19 pandemic has declined the sales of lubricants across the globe. This has caused numerous manufacturers, such as ExxonMobil and 3M to shift to the production of polypropylene from lubricants and oils. Polypropylene is extensively used for producing hand sanitizers, gowns, medical shields, and masks. This way, they are able to generate more sales by helping in fulfilling the ever-increasing demand for preventive measures.
Industrial Segment to Grow Steadily Owing to Rising Industrialization
Based on application, the market is segregated into industrial, automotive, and others. Out of these, the industrial segment generated 36.39% in terms of lubricants market share in 2019. This growth is attributable to their high demand backed by rapid industrialization. They are mainly used in food processing, oil & gas, and manufacturing sectors.
Rising Demand for Equipment Flexibility to Favor Growth in Europe
In terms of region, North America procured USD 27.18 billion revenue in 2019. Asia Pacific is expected to grow significantly backed by the high demand for lubricants from the automotive and industrial sectors. Apart from that, the increasing expenditure in multiple industrial sectors and growing population are likely to affect the market positively in this region.
Europe, on the other hand, is expected to grow considerably fueled by the rapid development of high-end equipment and machinery in the industrial sector. Also, the rising need to surge the efficiency of vehicles, as well as the high demand for equipment flexibility would drive the market growth in this region.
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Key Players Aim to Strengthen Position through Acquisition Strategy
The companies present in the market are mainly based in North America and Europe. However, the maximum demand comes from Asia Pacific. These companies are engaging in the strategy of acquisition to intensify competition and strengthen their position.
Below is the latest industry development:
November 2019: The FUCHS Group successfully acquired Nye Lubricants Inc. to broaden its portfolio of synthetic lubricants and thereby create an opportunity to better serve its consumers and multiple markets.
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Trends
- Overview of Global Lubricants Production
- COVID-19 Impact on Global Lubricants Market
- Global Lubricants Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Estimates and Forecast
- By Type (Value & Volume)
- Automotive lubricants
- Industrial lubricants
- Hydraulic oils
- Industrial gear oils
- Metalworking fluids
- Other industrial oils
- Marine oils
- Process oils
- By Grade (Value & Volume)
- By Application (Value & Volume)
- By Region (Value & Volume)
- North America
- Asia pacific
- Latin America
- Middle East & Africa
- By Type (Value & Volume)
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Have a Look at Related Research Insights:
Automotive Lubricants Market Size, Share & Industry Analysis, By Oil Type (Synthetic, Semi-synthetic, and Conventional or Mineral), By Product Type (Engine Oil, Gear Oil, Transmission Fluids, Coolant, and Brake Fluid & Greases), and Regional Forecast, 2019-2026
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