The Global Lubricant market is to grow at a CAGR of 2.68 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand for superior-quality lubricants from the Motor Vehicle aftermarket. The Global Lubricant market has also been witnessing the increase in outsourcing of manufacturing activities to APAC region. However, the increase in the price of lubricants could pose a challenge to the growth of this market.
The growth of the Global Lubricant market is a result of the increase in technological innovation across the globe. Currently, technological advancement is being witnessed across various manufacturing industries such as the Automotive, Food and Beverage, Textile, Agriculture, and Power industries. As efficiency and productivity have become the primary goals of any industry, organizations across industries need high-quality reliable energy-efficient manufacturing equipment which can operate at a high temperature and improve the productivity of plants. Therefore, several lubricant manufactures across the globe have started developing more thermally-stable and less volatile fluids that can be used in manufacturing equipment. Thus, this advancement in the field of technology will increase the demand for highly efficient lubricants with increased functional and operational competency during the forecast period.
One of the main drivers is the increasing demand for superior-quality lubricants from the Motor Vehicle Aftermarket segment. Vehicles such as passenger cars, light trucks, and vans are increasingly being adopted across the globe, especially in developing countries such as India and China. These vehicles utilize various types of lubricants at regular intervals for their consistent performance.
The key vendors dominating this market space are Royal Dutch Shell plc, Exxon Mobil Corp., and BP plc. The other vendors mentioned in the report are Total Group, Chevron Corp., Connocco Philips Co., Petronas, Illinois Tool Works Inc., Indian Oil Corporation Ltd., and Carl Bechem GmbH.
For more information on the Global lubricant market, please click here: Global lubricant market
For more information on the Industrial market, please click here: Industrial Reports
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.