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Know How Lubricants Market Is Trending In Key Regions To Reach At Next Level In 2022?

Author : Ronak Bora | Published Date : 2019-05-10 

U.S. lubricants market size for 2014 was valued over 6 million. Aging infrastructure will propel the regional growth from 2015 to 2022. According to American Society of Civil Engineers, the infrastructure replacement and maintenance will cost over USD 3.3 trillion by 2020.

Asia Pacific may witness considerable growth over forecast timeframe owing to increasing infrastructure demand from developing countries coupled with rapid expansion of automotive industry. China lubricants market size was valued over USD 6 billion in 2014 on account of increasing power plant installation. Increasing automobile sales with declining sale tax may further stimulate the business growth.India along with Africa is the budding markets and India is likely to enjoy a huge growth. In 2015, Petronas Lubricants International (PLI) had come up with $50 million blending plant in Maharashtra, India. According to Giuseppe Pedretti, Asia head of PLI, India is a prominent market in Asia region and they are planning to expedite their business in India. This industry is constructed on 25 acre and a production of 110 million liters is expected in a year. The factory is likely to start their business till the end of 2017.

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Industrial application accounted for over 35% of global lubricants market volume share in 2014 and should witness significant growth over forecast period. Growing demand for industrial products along with capacity expansion in various industry including machinery, mining and metal forming will propel lubricant market share over forecast timeframe.Lubricants Market size is likely to exceed USD 74 billion by 2022; according to a new research report by Global Market Insights, Inc.

The size of lubricants market was anticipated as 37.73 million tons in the year 2014 and is predicted to touch 47.75 million tons till 2022, rising with a CAGR of 2.9% between the years 2015 to 2022 as per the research done by Global Market Insights. Increase in demand in 3D printing along with medical appliances is likely to further fuel up the market. Talking about revenue collection, market touched USD 37 billion in the year 2014 and is likely to go beyond USD 74 billion till 2022, with an annual growth rate of 8.5%. The main purpose of lubricants is to reduce friction, thereby avoiding wear and tear in automotive parts like piston, connecting rods and shafts. Exponential growth in industrialization will definitely bring boom to lubricant market trend.

Growing investment towards exploration and production of conventional and unconventional resources may result the oil field chemicals demand which will stimulate the lubricants market share. Positive outlook towards manufacturing sector including 3D printing and medical equipment will further complement the business landscape.

Shift from conventional to bio-based fuels owing to rising concern towards toxic nature may favor the lubricants market growth. Regulatory bodies including ECHA and REACH has introduced various regulation towards recyclability, toxicity and bioaccumulation which may hinder the industry growth.

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Abundant availability of base oil and low production cost will stimulate the Middle East and Africa lubricant market size. Brazil will see considerable growth owing to rapid infrastructure development and booming automobile sector. Stringent government regulation to reduce air pollution will further influence the business landscape.

The key players include are Chevron, Shell, Sinopec, Castrol, BP, PetroChina, ExxonMobil, Nippon Oil whereas, ExxonMobil, BP, Shell and Chevron contributed over 40% of global lubricants market share in 2015. Majority industry players are tied up with upstream companies to ensure uninterrupted supply of feedstock.

Browse key industry insights from the report, “Lubricants Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/lubricants-market

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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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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