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Expanding automotive sector to enable lubricants market to record appreciable gains by 2022

Author : Ravi Chawat | Published Date : 2020-09-18 

According to speculations put forth by Global Market Insights, Inc., the worldwide lubricants market size is envisaged to reach a mammoth of USD 74 billion by 2022, in terms of revenue. Endorsing a massive application spectrum, the global lubricants market is touted to soar high in the business landscape during 2015-2022. Apparently, the product is being extensively used across the automotive sector to ensure efficient functioning of the automobiles. An automotive lubricant is applied to reduce the friction between surfaces in mutual contact in an effort to lower the heat generated when the surfaces are in motion.

In line with this, the increase in automobile sales and declining sales tax in China would catalyze the market growth in the region, which once held a valuation of USD 6 billion, in 2014.

Apart from the ever expanding automotive industry, the mounting investments in exploration and production of unconventional and conventional resources have produced a considerable surge in the oil field chemicals demand, thereby stimulating the lubricants market share over the forecast period. What else has defined the growth of worldwide lubricants market is a positive outlook towards the manufacturing sector which encompasses an all new gamut of 3D printing and medical equipment.

Get sample copy of this research report @ https://www.gminsights.com/request-sample/detail/356

Lubricants market from the industrial application procured a market share of nearly 35 per cent in 2014 and is expected to potentially foster at an appreciable growth rate in the upcoming years. This can be attributed to the elevating demand for industrial products in tandem with the capacity expansion in vivid industries spanning the machinery, metal forming, and mining sectors.

Considering the regional aspects, the United States is anticipated to emerge as a major revenue pocket for the lubricants market. The region in 2014 registered a revenue share of nearly USD 6 million. One of the profound reasons triggering the regional market growth is the aging infrastructure. In this regard, the American Society of Civil Engineers have claimed that the infrastructure replacement and maintenance would cost the region somewhere near USD 3.3 trillion by this year end.

Amidst the massive momentum across various fundamental industries and applications, some of the pitfalls and drawbacks are estimated to lay a negative influence on the revenue generation of the lubricants market. As per the report, several environmental initiatives and regulatory policies rolled out by ECHA and REACH, lay focus on the regulations encircling around toxicity, recyclability, and bioaccumulation would potentially hinder the market growth in the near future.

However, a paradigm shift to bio-based fuels, given the alarming concerns towards toxic nature, is likely to favor the lubricants market growth in the longer run, enabling the global market to carve its niche in the billion dollar fraternity.

Moreover, surging automobile sales and rapid urbanization in various emerging economies across the globe have added to the growth of lubricants market. As a matter of fact, numerous reports have made claims that 2018 recorded outstanding sales of nearly 47 million vehicles in Asia Pacific, providing a thrust to the lubricants market across the region.

 

Considering the demand for lubricants across the region, various lubricant giants have made initiatives to extend their services in the burgeoning lubricant capital, APAC, to gain a competitive edge in the longer run. A vital instance testifying the aforementioned statement is provided by ExxonMobil’s strategy to set up lubes blending plant in the states of India.

One of the leading oil and gas companies, ExxonMobil, has considered its plans of establishing a lube blending plant in auto major, India, on the grounds of reducing the energy demands by 25 per cent over the next 20 years. This move would further bolster the company’s stance in the global market along with aiding the lubricants market expansion in APAC.

Get Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/lubricants-market

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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