Global Lubricants Market: Snapshot
The global lubricants market is envisaged to be benefited by aggressive strategies adopted by leading players to expand their shares. Emerging lubricants markets that nurture a higher demand on the back of an increasing automobile count could testify the expansion of distribution networks and production capacities of top players. Since the market is projected to be dominated by a few companies, new entrants could find it challenging to set their foot in the industry. Companies such as BP P.L.C., Exxon Mobil Corporation, Chevron Corporation, Total S.A., and Royal Dutch Shell plc. could hold a key position in the market.
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The global lubricants market is envisaged to secure a valuation of 44,165.11 kilo tons by volume by the end of 2020.
Despite Better Performance by Synthetic Lubricants, Mineral Oil Grabs King’s Share
The blending of base oils with additives is expected to be one of the primary techniques adopted by manufacturers to produce lubricants. Therefore, it could be possible that the base oils and additives used decide the performance of lubricants. After a probable segmentation into bio-based, synthetic, and mineral oil according to type of product, the market could be studied in depth for determining important areas of growth. As per the study of the analysts, synthetic lubricants could exhibit a higher performance in comparison with other product types such as bio-based lubricants and mineral oil. The upper hand gained by synthetic lubricants over other types could be due to the controlled synthesis of their base oils.
On the other hand, bio-based lubricants are anticipated to showcase an environment-friendly nature, owing to their bio-degradable characteristic. As a result, such types of lubricant may not become subject to environmental complaints post their disposal after use.
One of the dominant products witnessed by the world lubricants market in the latest past was mineral oil. However, the authors of the report foresee mineral oil to continue with its dominance until the end of the forecast period 2014–2020. Lower price in contrast with that of bio-based and synthetic lubricants could a strong reason for the expected higher share of mineral oil in the coming years. Nevertheless, bio-based lubricants could expand their presence in the world lubricants market as government regulations mandate their usage in specific applications.
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Increasing Passenger Cars Help Developing Markets to Snatch Spotlight
Emerging economies of the world are predicted to step on the accelerator and make hefty contributions toward the growth of the international lubricants market. This could largely take place on account of swift infrastructure development and the rising count of passenger cars in these regions. Conversely, the engagement of lubricants in developing regions such as the Middle East and Asia Pacific is less compared to developed markets. Nevertheless, changing standards of emission could augur well for the growth of the developing markets for lubricants. Such standards could oblige original equipment manufacturers (OEMs) to offer improved quality of engine technology that holds compatibility with lubricants of grander quality. In this regard, the demand for synthetic lubricants is prognosticated to swell in the emerging regions all through the forecast timeframe.
On the contrary, established regions such as Europe and North America could demonstrate a sluggish growth because of the matured nature of their lubricants markets. Despite the slow growth in the international lubricants market, these regions could up the demand for products with enhanced quality due to the influential factor of fuel economy. A number of OEMs in the developed regions are prophesied to offer upgraded engine technology. This could prove advantageous for the market growth of these regions. Furthermore, stringent government regulations could encourage the adoption of best quality lubricants in the regions.
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