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Lubricants Market Global Analysis, Research News, Industry Review, Applications And Forecast To 2023
Geographically, Lubricants Market is segmented into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among the above-mentioned region, Asia Pacific held the leading market share accounting for approximately 35% of the total market share in 2016. The Asia Pacific Lubricants Market is classified into India, China, Japan, Australia, Thailand, South Korea, Malaysia, Vietnam, and others. Comparatively, China is expected to be the largest lubricants market followed by Japan, India, and South Korea owing to constant industrialization and robust growth of numerous end-use industries such as automotive and construction. Furthermore, the governments of developing countries such as India and Malaysia have started initiatives such as Special Economic Zone in India and Economic Transformation Programs in Malaysia, which are estimated to further drive the demand for lubricants during the assessment period.
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Moreover, significant growth of the automotive sector combined with growing purchasing power of the consumer in the Asia Pacific is estimated to propel the growth of the market over the assessment period, 2017 to 2023. Moreover, prominent players operating in the market has raised investment in developing countries such as China, India, Thailand, Bangladesh, South Korea, and Malaysia due to low setting up manufacturing facilities cost and ease in availability of raw materials.
The Asia Pacific holds the largest market share followed by Europe, which is trailed by North America. Europe and North America estimated to account for a combined market share of around 42% on account of the concentration of large number of automotive, marine, and industrial sector in these regions. European countries such as Poland, Italy, Germany, Russia, France, and U.K have dominated the regional market due to the strong presence of automotive manufacturers in this region. North America is estimated to witness a moderate growth during the forecast period on account of rising onshore and offshore activities. The U.S. is estimated to grow at a significant CAGR followed by Canada due to the expansion of numerous industries. The Latin American market is estimated to register an average growth due to the presence of automotive manufacturers, specifically in Brazil, Mexico, and Argentina along with rising purchasing power of the consumer in this region. In the Middle East & Africa, numerous countries such as Qatar, Turkey, Kuwait, the United Arab Emirates (UAE), and Saudi Arabia are estimated to witness a moderate growth on account of start-up of construction projects such as airport, railroad network, and residential building, which is likely to propel the Lubricants Market growth over the estimated period.
Some of the key industry participants include Royal Dutch Shell PLC. (the Netherlands), Exxonmobil Corporation (U.S.), Chevron Corporation (U.S.), Total S.A. (France), Sinopec Lubricant Company (China), Petrochina Company Limited (China), BP PLC (UK), JXTG Group (Japan), Idemitsu Kosan Co. Ltd (Japan), FUCHS (Germany), PETRONAS (Malaysia) among others.
The Global Lubricants Market is classified on the basis of Type, Application and Region.
Based on the Type, the Lubricant Market is classified as mineral oil, bio-based, and synthetic lubricants.
Based on the Application, the market is categorized into industrial, automotive, marine, construction, and others. Industrial segment is further classified into metalworking fluids, general industrial oils, process oils, and industrial engine oils. Automotive segment is categorized into gear oil, passenger vehicle oils, heavy-duty engine oils, hydraulic & transmission fluids, and others.
Based on the Region, the market is categorized into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
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