Lubricants Market to Reach $68.54 Billion by 2022
The Global Lubricants Market size is expected to reach USD 68.54 billion by 2022, according to a new study by Grand View Research, Inc. Growth of automotive industry in emerging markets of Asia Pacific and Latin America is expected to drive automotive lubricants demand. The market is characterized by increasing demand for engine oils, transmission fluids and hydraulic fluids in both commercial and consumer automotives. Increasing sales of passenger cars and motorcycles is expected to further strengthen the trend over the forecast period. Increasing industrial output in China, India, Brazil and Russia is expected to drive the demand for industrial lubricants.
Browse full research report with TOC on "Lubricants Market Analysis By Product, Industrial (Process Oils, General Industrial Oils, Metal Working Fluids, Industrial Engine Oils), Automotive (Heavy-Duty Engine Oils, Hydraulic & Transmission Fluid, Gear Oil, Passenger Vehicle Engine Oils, Automatic Transmission Fluid, Gear Oil) And Segment Forecasts To 2022" at: http://www.grandviewresearch.com/industry-analysis/lubricants-market
Recycling of used lubricants is another major issue that has attracted a lot of stern regulations from agencies. The global market is regulated by policies from environmental agencies such as U.S. EPA, REACH and ECHA. Lubricant products or chemicals that are imported or manufactured in Europe need to be preregistered with REACH and have to be compliant with ECHA regulations. Similar guidelines have been established by EPA to ensure biodegradability, toxicity and labeling of lubricant products in the U.S.
Further key findings from the study suggest:
- Global lubricants market was 36.36 million tons in 2014 and is expected to reach 43.87 million tons by 2022, growing at a CAGR of 2.4% from 2015 to 2022.
- Industrial lubricants emerged as the largest product segment and accounted for over 39% of the total market volume in 2014. Increasing consumption of general industrial lubricants and process oils in industrial machinery such as centrifuges, rotary compressors, air compressors and machine bearings is expected to drive industrial lubricants demand over the forecast period.
- Asia Pacific was the largest lubricants market and accounted for over 40% of the total market volume in 2014. High industrial production in China and India is expected to drive industrial lubricants demand which in turn is expected to complement regional market growth. Increasing automotive sales in the region is expected to further complement the regional market growth.
- Global lubricants market is fragmented with top four companies, Shell, ExxonMobil, BP and Chevron accounting for over 42% of the total market share. Companies are actively establishing strategic alliances with end-users in order to secure their lubricants sales. Companies such as Total, Shell, Amsoil and Castrol have entered into exclusive partnerships with Tata Motors, BMW, Ford and Vestas Wind Systems to supply their lubricant brands.
- Companies such as Fuchs, Shell and Chevron are involved in acquisition of smaller lubricants manufacturers in order to increase their market share. New product launches and capacity expansions are generic strategies employed by companies to increase their market presence.
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
For the purpose of this study, Grand View Research has segmented the Lubricants Market on the basis of product and region:
Global Lubricants Product Outlook (Volume, Million Tons; Revenue, USD Million, 2012 - 2022)
- Process Oils
- General Industrial Oils
- Metal Working Fluids
- Industrial Engine Oils
- Heavy-duty Engine Oils
- Hydraulic & Transmission Fluid
- Gear Oil
- Passenger Vehicle Engine & Motor Oil
- Automatic Transmission Fluid
- Gear Oil
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This article originally appeared on Power Engineering.