Lubricants - Friction Theories, Applications and a Global Scenario oct 2016 | Page 2

Lubricants Market

REPORT DESCRIPTION

Transparency Market Research has released a new market report, That defines and segments The global
lubricants market with analysis and forecast in terms of volume. The report observes that the global
demand for lubricants stood at 39,140.12 kilo tons in 2013 and is projected to reach 44,165.11 kilo tons by
2020, expanding at a CAGR of 1.72% from 2014 to 2020.
The market study analyzes the product segments: mineral oil, synthetic, and bio-based. In terms of
volume, mineral oil was the largest segment in 2013 and accounted for more than 80% of the global
lubricants market. Bio-based lubricants segment is expected to be the fastest-growing segment during the
forecast period. Base oils and lubricant additives are blended together to produce finished lubricants. The
performance of a lubricant depends on the type of base oils used and the additives blended with the base
oils. The use of better quality lubricants reduces the maintenance cost and increases the lifespan of the
machinery.
Browse the full Lubricants Market report at
http://www.transparencymarketresearch.com/lubricants-market.html
Application segments analyzed in the lubricants market report are automotive oils, industrial oils,
metalworking fluids, grease, and other lubricants. In 2013, the automotive oils segment dominated the
global lubricants market in terms of volume. This segment accounted for more than 50% of the market
share. Automotive oils comprise a wide range of lubricants such as engine oil, hydraulic oil, and gear oil
used by various passenger cars, commercial vehicles, and construction vehicles. Improving gross domestic
product (GDP) in developing countries such as China and India has boosted the growth of the automotive
industry in these countries. This has resulted in increasing demand for lubricants in the developing
countries. Growing automotive industry is also boosting the metalworking fluids market as vehicle
components are machined first, before being assembled into the final product. Machining these
components requires metalworking fluids for better results.
In terms of volume, Asia Pacific dominated the global lubricants market with over 40% share in 2013. The
region is likely to be the most attractive market for lubricants during the forecast period. Factors such as
infrastructure development and increasing number of passenger cars in China have significantly
contributed to the high market share. However, the global lubricants market is hampered by a longer
engine oil drain interval as the improved drain interval minimizes the consumption of finished lubricants by
a vehicle.
Some of the key players in the global lubricants market include Royal Dutch Shell plc, Total S.A., Chevron
Corporation, Exxon Mobil Corporation, BP p.l.c., and PetroChina Company Limited. The lubricants market is
dominated by a few MNCs. This factor makes it difficult for new players to enter the market. Distribution
network is another important factor affecting a company’s entry in the market. Lubricant manufacturing
companies are expanding their business in regions such as Asia Pacific and Africa, which are growing and
potential markets for lubricants. Companies are penetrating the market by increasing their retail centers

Transparency Market Research

2