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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