NEW YORK, September 19, 2016 /PRNewswire/ --
Specialty lubricants are advanced chemical compositions, which are used independently or in conjugation with lubricants to reduce the friction between two or more surfaces passing over each other. Specialty lubricants have better physical and chemical properties as compared to conventional lubricants owing to superior chemical composition, which provide multifaceted benefits. Some of the beneficial chemical properties of specialty lubricants include less wear and tear, reduction in fretting corrosion, lower friction, etc. Specialty lubricants constitute of mineral oil and certain chemical additives, which improve the overall functionality and life cycle of the surface on which it is applied. The specialty lubricants market is one of the lucrative investment sector due to expanding manufacturing base and growing demand from the industrial sector across the globe. Specialty lubricants market have strong growth potential and increasing penetration of specialty lubricants in the emerging economies across the globe is projected to steer the global specialty lubricants market through 2025.
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Specialty Lubricants Market: Drivers and Restraints
Globally, the market for specialty lubricants is majorly driven by the automotive sector due to high demand during manufacturing stages of the vehicles as well as for maintenance purposes. The increasing demand from automobiles, both passenger vehicles and heavy vehicles, has led to augmented demand for specialty lubricants globally. Specialty lubricants are exhibiting improved growth from the chemicals manufacturing sector owing to increasing preference for superior quality products from the end user industries. Consequently, chemical manufacturers are investing large amounts to procure high quality specialty lubricants. Additionally, growth in construction sector is leading to greater usage of machineries and equipment's for crushing stones, preparing concrete, mixing and grinding operations, among others. Specialty lubricants reduce frictional forces and allow for easy passage of materials from one point to another. The specialty lubricants industry has immense potential, however, its growth is restrained by factors, such as higher retail prices, lower product awareness and huge dependency on the conventional methods of lubrication. In order to combat these challenges, specialty lubricants manufacturers need to look for alternative feedstocks so as to bring down the cost of products and improve profitability.
Specialty Lubricants Market: Segmentation
Based on type, global specialty lubricants market is segmented as:
Based on end use industry, global specialty lubricants market is segmented as:
Specialty Lubricants Market: Overview
The Global Specialty Lubricants Market is valued at around USD11 billion and is anticipated to grow at the CAGR of about 6% during 2015-2025. The demand for specialized lubrication across fast growing industries of automotive, cement, and aerospace, etc., is fostering growth of specialty lubricants market globally. The need for specialized lubricants is increasing due to increasing adoption of advanced and automated systems which involve functioning of multiple parts together. The multiple functioning needs to be done at proper time intervals and in correct sequence to give the desired outcome and hence require the application of specialty lubricants to offer durability and deliver high performance. Expanding industrial activity coupled with increasing application areas for specialty lubricants is expected to steer the demand for specialty lubricants through 2025. To add to this growth, suppliers and distributors of specialty lubricants are improving their sales network to meet the requirements of different consumer segments across the globe, thereby catering the rising demand for specialty lubricants in developing economies. Consequently, global specialty lubricants market is poised to exhibit robust growth over the next nine years
Specialty Lubricants Market: Region-wise Outlook
On account of large demand from the emerging economies in Asia-Pacific region and presence of strong manufacturing sector in the United States, Asia pacific and North America govern the largest share in the global specialty lubricants market. Asia Pacific is one of the fastest growing regions for the Specialty Lubricants market, with China as the one of the largest markets for the product. The automotive demand in the Asia pacific region is the primary cause for the larger market share of the region in global specialty lubricants industry. North America is projected to remain a leading market for specialty lubricants on account of high inclination among the consumers to adopt specialty lubricants instead of conventional lubricants for maintenance of equipment and machinery. Staunch demand from the large automotive industry in Europe is expected to be the chief driver for specialty lubricants market in the region.
Regional analysis includes
Specialty Lubricants Market: Key Players
Key players in the Global Specialty Lubricants Market include Klueber, Fuchs Lubritech, Exxon Mobil, Sinopec, BP Plc, Total S.A., Dow corning, Balmer Lawrie, among others.
The report covers exhaustive analysis on:
"Global Specialty Lubricants Market Forecast & Opportunities, 2025" has analyzed the potential of the global specialty lubricants market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
Report Highlights:
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