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Lubricants Market to trace exponential gain till 2022; boosted by the automotive industry

Author : Ronak Bora | Published Date : 2019-04-02 

Increasing automotive sales should influence lubricants market industry growth positively during the foreseeable timeframe. Lubricants are used to reduce wear and tear of engines, shaft, rods and piston. The motor vehicle aftermarket is expected to show the largest share in global lubricants market.

Lubricant Market is estimated to surpass USD 75 billion by 2022, according to new research report. Lubricants are substances which are used to reduce friction between surfaces when come to contact. It has wide application in automobile, industrial, steel, agriculture and manufacturing industry due to its anti-wear, antifoaming and anti-oxidant properties. Lubricants are invariably used as cutting fluids, oil emulsions to cool or lubricate and as catalyst for improved machine performance.

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Industrial lubricants are extensively used as process oils, metal working fluids and industrial engine oils and is expected to generate USD 28 billion by 2022. It has wide application in chemical, mining and unconventional energy industry and is expected to influence demand in bearing, compressors, hydraulics and industrial engines.

Lubricants market demand from process oil should grow at a CAGR of 3% during forecast timeframe due to its wide application scope in chemical and technical industry, improving manufacturing process.

Increased investment in product development and R&D by major companies have introduced biodegradable lubricants, complying with various environmental regulations, standards and policies. Increased importance of bio-based lubricants should propel business growth in future.

Lubricant price trends depend on global crude oil price and nelson index of refinery. Nelson index defines the complexity of refinery, higher the index no greater the complexity and higher will be petrochemical production capacity. Crude oil prices are expected to rise during 2017-18 which will increase price trend for lubricants.

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Asia pacific lubricants market is anticipated to grow at the highest rate of over 11% during forecast timeframe owing to increasing demand for automobiles and machinery maintenance industry. China and India leads the race with capability expansion in mining, plastics and metal forming industry. India is a major exporter for lubricants to other nations due to its high refining capacity.

Europe led by Germany, Spain and Italy should consume over 9 million tons of lubricants by 2022. This increase in demand can be attributed to rising automotive industry and stringent environment protection acts from automotive industry should drive regional industry growth.

Major companies apply integration strategy to lower production cost of lubricants. Some major players following this strategy are British Petroleum, Shell, Total and Sinopec. Integration widens their operation scope and lubricants market expansion. Some other players include Chevron, HP andIndian Oil.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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