Lubricants Market for Off-road Sector to Reach US$16.8 bn by 2024: Global Industry Analysis by Transparency Market Research

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Transparency Market Research

02 Feb, 2017, 11:30 GMT

ALBANY, New York, February 2, 2017 /PRNewswire/ --

Transparency Market Research has released a new market report titled "Lubricants Market for Off-road Sector (Source - Mineral Oil based, Synthetic and Biobased; Grade - Single and Multi; Product - Engine Oil, Transmission Fluids, Hydraulic Fluids, Gear Oil, Grease and Others; End Use - Construction, Agriculture & Farming, Mining, Material Handling and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2024" According to the report, the global lubricants market for off-road sector was valued at US$ 13.01 Bn in 2015 and is projected to reach US$ 16.82 Bn by 2024, expanding at a CAGR of 2.9% from 2016 to 2024.

Maintenance of off-road vehicles coupled with growth of the mining industry in Asia Pacific is anticipated to enhance demand for lubricants for off-road sector during the forecast period. However, high prices of fully-synthetic or semi-synthetic lubricants and growing trend of usage of biofuels in vehicles is expected to hinder the growth of the lubricants market for off-road sector to some extent.

Major lubricant sources include mineral oil, synthetic and Biobased. In terms of volume, mineral oil accounted for 63% of the lubricants market for off-road sector. Mineral oil occurs as a transparent and colorless oil composed primarily of alkanes and cycloalkanes. It is a substance of relatively low value and produced in very large quantities.

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In terms of grade, lubricant market for off road sector can be segmented into single grade and multi grade. Multi-grade oil needs to be thin enough to flow easily in cold temperatures. This protects the engine from wear in cold starting conditions.

Key product segments of lubricants market for off-road sector include engine oil, transmission fluids, hydraulic fluids, gear oil and grease. In terms of volume, engine oil accounted for majority of the global lubricants market for off-road sector in 2015. The primary function of engine oil is to reduce wear on moving parts of vehicles.  It is enhanced with additives exhibiting properties such as extreme pressure durability and derived from petroleum-based and non-petroleum-synthesized chemical compounds.

Lubricants are used in end users such as construction, agriculture & farming, mining and material handling. In terms of volume, construction and agriculture & farming collectively accounted for 60% of the global lubricants market for off-road sector in 2015. Highway trucks, concrete pavers, scrapers, etc. were the major consumers of lubricants in the construction sector.  

In terms of volume, North America was the leading market for the off-road sector in 2015. It is likely to be the most attractive market during the forecast period, followed by Asia Pacific and Europe. In terms of volume, China accounted for the majority of the Asia Pacific market in 2015, followed by Japan and India. Europe and Latin America are anticipated to expand at a moderate pace.

The lubricants market for off-road sector is fragmented; the top 3 players account for 31% of the market share. The key players of lubricants market for off-road sector include Royal Dutch Shell plc, ExxonMobil Corporation, BP Global, Total S.A., Phillips 66, Indian Oil Corporation Limited, Halron Lubricants Inc., Topaz Energy Group Limited, Chevron USA Inc, Fuchs Petrolub SE, Castrol Limited, BRB International  and Lukoil Lubricants Company.

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The report segments the global Lubricants Market for Off-road Sector into: 

    Global Lubricants Market for Off-road Sector - Source Analysis 

  • Mineral Oil based
  • Synthetic
  • Biobased

    Global Lubricants Market for Off-road Sector - Grade Analysis 

  • Single
  • Multi        

    Global Lubricants Market for Off-road Sector - Product Analysis 

  • Engine oil
  • Transmission fluids
  • Hydraulic fluids
  • Gear oil
  • Grease
  • Others

     Global Lubricants Market for Off-road Sector - End Use Analysis 

  • Construction
  • Agriculture & Farming
  • Mining
  • Material Handling
  • Others

    Global Lubricants Market for Off-road Sector - Regional Analysis 

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Italy
    • Spain
    • France
    • Germany
    • Rest of EU
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of Latin America (LATAM)
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa (MEA)

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TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research