CHICAGO, Oct. 28, 2019 /PRNewswire/ -- According to the new market research report "Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Engine Oil, Hydraulic Fluid, Metalworking Fluid), Application (Transportation and Industrial lubricants), Region - Global Forecast to 2024" Published by MarketsandMarkets™, The global lubricants market size is projected to reach USD 188.0 billion by 2024, at a CAGR of 2.7% from USD 164.3 billion in 2019.
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Lubricants are defined as various compounds like fluids, oils, and greases. Lubrication is an essential process for industrial processes, which helps to reduce the friction between moving parts or surfaces to enhance the efficiency of machines. Lubricants are manufactured using base oil, which is categorized as mineral oil, synthetic oil, and bio-based oil. Mineral oil and synthetic oil are sourced from petroleum crude, and bio-based oils are sourced from vegetable oil. The major factor that is driving the lubricants market is massive industrialization, the increasing disposable income & rapid urbanization in emerging countries.
Mineral oil was the largest segment in the global lubricants market in 2019.
Mineral oil was the largest segment in the lubricants industry, in terms of both value and volume, in 2019. Mineral oil-based lubricants are available in light and heavy grades, depending on the usage and requirement. They are produced via petroleum refineries in large quantities because of its high usage in various sectors, such as construction, metal & mining, and cement production, among others.
The engine oil segment accounts for the largest share of the lubricants industry in 2019.
The engine oil segment accounted for the largest share of the lubricants market in 2019, in terms of both volume and value. Engine oil is used mainly in ICEs, where its primary function includes lubrication and heat removal in the automobile and equipment engine. Engines are the most widely used machines, majorly used in vehicles and transport vessels. These engines form the basis of a vehicle function. It is the most common type of fluid being used in the industry.
Transportation accounts for the largest share of the lubricants industry in 2019.
Transportation accounted for the largest share of the lubricants market in 2019, in terms of both volume and value. This is due to the rise in vehicle count both in commercial and passenger segments, influenced by the increasing spending power in the developing nations. The growing emphasis on optimized supply chain and logistics will also have a positive impact on this market.
APAC is estimated to be the largest market for lubricants during the forecast period.
APAC led the lubricants market in 2019, in terms of both volume and value. The increasing population, the rising expenditure in the industrial sector, and the growing vehicle count in emerging markets of China, India, and ASEAN are some of the major factors projected to drive the demand for lubricants in the region. This increased demand is expected to consequently drive the growth of the lubricants market in the region. Furthermore, improved lifestyle, an increase in employment rate, a rise in disposable income of the people, and an increase in foreign investments in various sectors of the economy are some of the factors that make APAC an attractive market for lubricants manufacturers.
The key Lubricants Market players profiled in the report include Royal Dutch Shell Plc. (Netherlands), ExxonMobil Corporation (U.S.), Chevron Corporation (U.S.), BP p.l.c. (U.K.), Total S.A. (France), Petrochina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co. Ltd (Japan), among others.
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