Market Revenue Lubricants Industry Status and Prospect | Page 2

Mineral oil lubricants segment is dominating the segment type due to its easy availability and cost-effectiveness.
Although, growing strict government regulations and rising awareness among consumers are estimated to
foster the market growth in the forecast period. Furthermore, Greases owing to its high usage in numerous
manufacturing businesses recorded the highest CAGR during the forecast period. Lubricants Market may be
explored by Applications as Industrial, (Process oils, General industrial oils, Metalworking fluids, Industrial
engine oils, Greases, Others), Automotive, (Engine oils, Gear oils, Transmission fluids, Brake fluids, Coolants,
Greases), Marine, (Engine oil, Hydraulic oil, Gear oil, Turbine oil, Greases, Others), and Aerospace, (Gas turbine
oils, Piston engine oils, Hydraulic fluids, Others).
Automotive sector of lubricant is the dominant application of the market in 2016, covering 56.0% of the market
share by volume. This is due to rapid increase in the demand for consumer vehicles as well commercial across
numerous developing countries, comprising India and China. Asia-Pacific has been at the forefront about
Lubricant Market and will continue to dominate in the years to come. The Asia-Pacific region registered a robust
growth for the Lubricants in 2016. This region accounted for 43.0% of the global volume.
Browse Full Research Report @
https://www.millioninsights.com/industry-reports/lubricants-market-size
The region is estimated to continue to be a foremost user over the forthcoming period due to substantial
increase in the demand from significant end-use businesses across China, India, Thailand and Indonesia. These
developing countries have observed a robust financial progress in recent years and show ample chances for
development. The strict government regulations in Europe and U.S. is projected to drive the market growth
across these regions. In diverse applications, the innovative products are likely to gain a higher demand in the
forthcoming period and will have an optimistic impact on the development over the upcoming period.
Moreover, severe rules pertaining to waste disposal are projected to initiate innovation in the rubber sector,
consequently profiting the business.
Some of the key players that fuel the growth of the Lubricants Industry include Exxon Mobil Corporation,
Idemitsu Kosan Co., Ltd., Royal Dutch Shell Plc., Sinopec Limited, Petrochina Company Limited, Total S.A., Lukoil,
BP Plc., Fuchs Petrolub AG, Chevron Corporation, and others. The key players are focusing on inorganic growth
to sustain themselves amidst fierce competition. As such, mergers, acquisitions, and joint ventures are the need
of the hour.
Market Segment:
Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• Industrial
• Process oils