Independent Lubricant Manufacturers Market is Expected to Reach USD 8.5 billion in 2019 : Transparency Market Research
Independent Lubricant Manufacturers Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019, the market report published by Transparency Market Research analyzes and estimates the performance of various market elements in the global independent lubricant manufacturers market scenario.
The report states that the global independent lubricant manufacturers market could reach an estimated value of nearly USD 8.5 billion by the year 2019. Demand-wise, this market was worth an estimated value of nearly 4,523.7 kilo tons in 2012. By observing growth at a CAGR of 2.7% from 2013 to 2019, the forecast period of the report, this value could reach 5,432.0 kilo tons by 2019.
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Lubricants are an essential entity for any machine to work properly. Without proper lubrication, no machine can sustain the damages that incur from abrasion caused due to surfaces of moving parts in machines rubbing against each other.
The report states that factors such as the rising applications of lubricants in the automotive industry, the increasing demand for bio-based alternatives and the provision of value-added services and proper technical support by independent lubricant manufacturers could help the industry achieve significant growth during the forecast period.
However, factors such as the volatile rates mineral oils and the high costs of bio-based lubricants could hamper growth of this market during the forecast period. Rise in research activities in this industry could also pave way for improvements in products currently available in the market, thus add to the overall growth.
The global market of independent lubricant manufacturers is primarily divided in two major products segments – industrial lubricants and automotive lubricants.
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According to market statistics in the year 2012, the global market was dominated by the segment of industrial lubricants. The automotives industry is expected to observe significant growth in the coming years, especially in developing countries of the world, thereby leading to significant growth of the automotive lubricants’ section.
OEM manufacturers and heavy industries such as steel, mining, and agricultural industries are the primary end-users of lubricants manufactured by independent lubricant manufacturers.
Geographically, the region of Asia Pacific led the global independent lubricant manufacturers market, garnering revenues of nearly 40% of the total global revenues in 2012. Market shares North America and Europe followed this. The automotive industry has observed steady growth in the US in the past few years. This could create new opportunities for the growth of independent lubricant manufacturers market in the coming years. The well-established automotive industry in Europe that comprises also of some of the leading OEM car manufacturing companies is an important market for global independent lubricant manufacturers.
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