Rising Demand from the Automotive Sector to Propel Global Lubricants Market to Expand at a CAGR of 1.72% during the Forecast Period 2014 to 2020
According to a recently released research study by Transparency Market Research (TMR), the global lubricants market is estimated to grow at a CAGR of 1.72% between the years 2014 and 2020. TMR, a U.S.-based market intelligence company, mentions in its research report that the global lubricants market, which had a capacity of 39140.12 kilo tons in 2013, is expected to reach a capacity of 44165.11 kilo tons by the year 2020. The report is titled ‘Technology Trends in Lubricants Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018’.
According to this market research report, the global lubricants market is primarily fueled by the growing automotives market. Lubricants refer to substances that are used for reducing friction between moving surfaces, thereby ensuring a smoother mechanical performance. The market for bio-based lubricants is witnessing robust growth due to government support that promotes the consumption of bio-based lubricants which help in reducing the emission of greenhouse gases. Water separation characteristics, viscosity index, low volatility, thermal and oxidation stability, anti-corrosion, and low carbon formation are the different parameters in terms of which lubricants vary.
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The TMR report has segmented the global lubricants market on the basis of product type, the type of technology, and geography. The three most commonly used lubricants are mineral lubricants, synthetic lubricants, and bio-based lubricants. Bio-based lubricants are derived from animal and vegetable oils, and are therefore biodegradable and renewable in nature. The bio-based lubricants segment is expected to witness high growth during the forecast period. Also, due to their unique mechanical and chemical properties in addition to their eco-friendly nature, bio-based lubricants are applied extensively in areas like forestry, automotive, railways, shipping, and agriculture.
Some of the main contributors to the global lubricants market are heat transfer fluids, turbine oil, bearing oil, hydraulic oil, re-refined base oils and lubricants, compressor oil, nanomaterials-based lubrication, and gear oil. Turbine oil possesses excellent water separating properties, and is a high-quality mineral oil. Due to these factors, turbine oil is mainly used in gas turbine lubrication for effective resistance from corrosion and oxidation. Hydraulic oil lubricant is mostly applied in marine applications, industrial machinery, aircraft, construction equipment, and automotives.
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From the regional perspective, this research study has classified the global lubricants market into Asia Pacific, Europe, North America, and Rest of the World. Owing to high demand for lubricants from countries like India and China, the maximum share in the global lubricants market is held by the Asia Pacific. The other factors that drive the Asia Pacific lubricants market are rapid industrialization and the growth of the automobiles market in this region. The Europe lubricants market is currently witnessing sluggish growth because it has already reached a certain point of saturation. At present, the global lubricants market is primarily fueled by demand from emerging economies witnessing rapid industrialization like Ukraine, Russia, and others.
The key market participants operating in the global lubricants market are The Lubrizol Corporation, China Petroleum & Chemical Corporation (Sinopec), Royal Dutch Shell plc, OAO Lukoil, InterOil Corporation, Hindustan Petroleum Corporation Limited, and Exxon Mobil Corporation (XOM).