The volume of the global lubricants market was 37.73 million tons during year 2014. It is predicted to reach 47.75 million tons by the year 2022. The market is predicted to expand at compound annual growth rate of about 2.9% during the estimated period of 2015-2022 in terms of volume.
The global lubricants market was evaluated at 37000 million US dollars during year 2014 in terms of revenue. It is predicted to cross 74000 million US dollars by end of year 2022. The global industry is anticipated to grow at a CAGR growth rate of 8.5% during the estimated period in revenue terms.
Mineral oil lubricants section dominated the global lubricants market during year 2013 due to low cost & easy accessibility of mineral oils. The section is predicted to dominate the market even during the estimated span. Bio based lubricants section is predicted to be rapidly growing section in future as these lubricants are eco-friendly as they are bio degradable and can be disposed without raising any ecological concerns. This section is expanding owing to government rules making it compulsory to use these lubricants in specific/particular applications.
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Synthetic lubricants are high performing lubricants owing to controlled mixture of base oil and additives used in synthetic lubricants. Changing emission rules in APAC zone and Middle East regions are forcing original equipment manufacturers to offer good engine technology compatible with high quality lubricants. All these factors are predicted to fuel the demand for synthetic lubricants in APAC zone and Middle East regions during the estimated span.
Also, fast growing automobile sector is also adding towards the expansion of the metalworking fluids section as metal working fluids help in achieving best results when machining the parts of automobiles. Depending upon the geographical locations, the global lubricants market is segmented into five geographical regions, namely, North American subcontinent, APAC zone, Middle East & Africa, Europe and rest of the world.
Further, high amount of industrialization in countries like China and India along with consequently growing automobile sector, transportation sector and construction activities in these countries are predicted to positively affect the demand for lubricants and expansion of lubricants market in the APAC zone during the estimated period.
The regions of the rest of the world like lubricants market of South America and Central America contributed less industry share to the global market in terms of volume. But it is predicted to experience substantial expansion during the estimated span owing to growing amount of construction activities carried out in these regions along with the growth of automobile industries in these regions.
The key industry players involved in the business and contributing towards the growth, development & expansion of the global lubricants market are as follows:
- Chevron Corporation
- ExxonMobil Corporation
- Nippon Oil
- Idemitsu Oil & Gas Corporation Limited
- Sinopec Corporation Limited
- British Petroleum
- Buhmwoo Chemical India Company Limited
- Fuchs Group
- Amsoil Incorporation
- Quaker Chemical Corporation
- Fuchs Petrolub SE/AG
- PetroChina Company Limited
- Lukoil Oil Company
- PetroFer Chemie
- Blaser Swisslube AG
- Zeller + Gmelin Corporation
- BP p.l.c
- Idemitsu Kosan Company Limited
- Royal Dutch Shell Plc
- Total S.A.
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