The lubricants market is expected to witness a steady growth rate in the next five years. The smooth function of machinery and equipment requires lubricants. Hence, industrial growth is driving the overall lubricants market. The emerging markets such as China and India are stimulating the growth of the lubricants market due to increasing industrial production.
The report analyzes the global lubricants market trends and forecasts till 2019. The market size estimations have been provided in terms of market volume (KT). The report also identifies major manufacturers of lubricants and provides analysis for each player in terms of company overview, financials, products offered, and recent developments.
The global lubricants market is expected to witness a CAGR of 2.1% between 2014 and 2019 and will reach market volume of 42,780.7 KT in 2019.
7 KT in 2019. The lubricants market has been segmented based on applications into transporation and industrial machinery & equipment. The transportation application has been further sub segmented into passenger vehicles, commercial vehicles, aviation, and marine. The marine lubricants market is growing at a high rate followed by the passenger vehicles market. The demand has increased from vehicle owners for high performance lubricants to substitute conventional lubricants. Hence, there a rise in the demand for synthetic lubricants.
The high cost of certain lubricants such as synthetic and bio-based lubricants acts as a constraint for growth of the overall lubricants market. In spite of the cost, the market for these types of lubricants is expected to grow at higher rates than the other types. The demand for synthetic lubricants is driven due to its high performance and bio-based lubricants demand is driven by its biodegradablity and non-toxicity.
Global Market Reports is a distributor of market research spanning 160 industries. Our extensive database consists of over 100,000 quality publications sourced from 400 plus publishers, this puts our research specialists in the unique position of been able to offer truly unbiased advice on what research provides the most valuable insights.