Recycled Metal Market
REPORT DESCRIPTION
Lubricants Market for Off-road Sector( Source- Mineral Oil-based, Synthetic, and Bio-based; Grade- Single and Multi; Product- Engine Oil, Transmission Fluids, Hydraulic Fluids, Gear Oil, and Grease; End Use- Construction, Agriculture and Farming, Mining, and Material Handling)- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024
The top three players in the global lubricants market for off-road sector held a share of 31.6 % in the overall market in 2015. Royal Dutch Shell Plc., ExxonMobil Corporation, and BP Global have shown incredible dominance in the global market with terrific brand value. These companies are expected to lead the pack in the coming years as they continue to invest in improving their infrastructural facilities and development of newer and better products. According to the research report, the global lubricants market for off-road sector was valued at US $ 13.0 bn in 2015 and is anticipated to reach US $ 16.8 bn by the end of 2024. During the forecast period of 2016 and 2024, the global market is anticipated to expand at a CAGR of 2.9 %.
Asia Pacific to Dominate Global Market as Automotive Sector Shows Steady Progress On the basis of product, the global market is segmented into engine oil, hydraulic fluids, transmission fluids, grease, gear oil, and others. Of these, the engine oil segment is estimated to rise at a faster pace than the others. Availability of several brands, growing automotive industry, and rising awareness about maintenance of vehicles are some of the important factors slated to drive this product segment. The report states that this segment will expand at a CAGR of 4.0 % during the forecast period.
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In terms of geography, the global lubricants market for off-road sector is divided into North America, Asia Pacific, Asia Pacific, Latin America, and the Middle East and Africa. Of these, Asia Pacific is estimated to dominate the global market in the coming years. This regional market is expected to surge at a CAGR of 3.6 %. The growing sales of automobiles in the region are anticipated to drive the Asia Pacific lubricants market for off-road sector during the forecast period. Furthermore, the cheaper
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