DUBLIN, Nov. 5, 2019 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.
The Global Lubricants Market Size is Projected to Reach USD 188.0 Billion by 2024 from USD 164.3 Billion in 2019, at a CAGR of 2.7%.
The growth is primarily due to the massive development in Asia Pacific and the Middle East & Africa, coupled with the rise in the Industrial sector. The factors restraining the growth of this market are the high cost of synthetic and bio-based lubricants.
Lubricant is a substance or material which is used for lubricating engines and components. Lubrication is an important process for industrial equipment and automotive engines. It decreases the wear & tear caused due to friction inside engines and components. Lubricants are generally used in industrial machinery and vehicle engines. Lubricants utilized in different applications are of different grades and have different technical specifications in terms of viscosity index, and density.
This report segments the market for lubricants based on base oil, product type, application, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies associated with the market for lubricants.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Lubricants Market
4.2 APAC Lubricants Market, By Base Oil and Country
4.3 Lubricants Market, By Region
4.4 Lubricants Market Attractiveness
5 Market Overview
5.2 Market Dynamics
126.96.36.199 Growing Automotive Industry in APAC, and Middle East and Africa
188.8.131.52 Growing GDP Led By Industrial Growth in APAC and Africa.
184.108.40.206 Increased Demand for High-Performance Needs has Led the Lubricant Industry to Evolve and Grow.
220.127.116.11 Growing Demand for Group 2 and Group 3 Base Oils Fueled By Refinery Expansion
18.104.22.168 Shift Towards Synthetic Lubricants Causing Shrink in the Overall Demand for Lubricants
22.214.171.124 Growth of Hybrid Vehicle and Increasing Battery Price Parity
126.96.36.199 Performance Issues
188.8.131.52 Leveraging E-Commerce Industry to Increase Customer Reach
184.108.40.206 The Demand for Renewable Energy Will Put A Positive Impact on Lubricant Industry
220.127.116.11 Bric to Drive Lubricant Market for Next Five Years.
18.104.22.168 Volatile Crude Oil Prices Pose A Challenge for the Lubricant Industry
22.214.171.124 Stringent Environmental Norms and Continuous Reforms By Governments Will Impact the Lubricant Market
5.3 Porter's Five Forces Analysis
5.3.1 Threat of Substitutes
5.3.2 Threat of New Entrants
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
6 Lubricant Market, By Base Oil
6.2 Mineral Oil Lubricants
6.2.1 Growing Emphasis on Premium Grade Products to Affect the Market for Mineral Oil Lubricants
6.3 Synthetic Lubricants
6.3.1 Advantages of Synthetic Lubricants Over Mineral Oil-Based Lubricants to Drive the Market
6.4 Bio-Based Lubricants
6.4.1 The Environmental Friendly Nature of Bio-Based Lubricants to Drive Its Market
7 Lubricant Market, By Product Type
7.2 Engine Oil
7.2.1 The Usage of Engine Oil in All Types of Engines to Drive Its Market
7.3 Hydraulic Oil
7.3.1 The Growing Industrialization to Drive the Market of Hydraulic Oil
7.4 Metal Working Fluid
7.4.1 The Growing Metal & Mining Industry to Drive Metal Working Fluid Market
7.5 Gear Oil
7.5.1 Increased Spending on Industrial Infrastructure to Drive the Demand for Gear Oil
7.6 Compressor Oil
7.6.1 The Requirement of Compressor Oil to Cool, Seal and Lubricate Internal Components of Equipment to Drive the Compressor Oil's Market
7.7.1 The Usage of Grease to Minimize Leak and Contamination of Moving Components in A Machine to Drive Its Market
7.8 Turbine Oil
7.8.1 The Growing Demand for Electricity and Power Generation to Drive the Turbine Oil Market
8 Lubricant Market, By End-Use Industry
8.2.1 The Growing Population to Drive the Demand for Lubricants Market in Transporation Segment
8.2.2 Commercial Vehicle
126.96.36.199 The Growing Need for Busses and Taxis for Transportation Purpose to Drive the Market Demand
8.2.3 Passenger Vehicle
188.8.131.52 The Growing Demand for Passenger Cars to Drive the Market
184.108.40.206 Increasing Living Standards and Decreasing Airfare to Drive the Market Demand
220.127.116.11 The Growth in Overseas Business and Need to Transport Goods to Drive the Market Demand
18.104.22.168 The Growing Population Accompanied By Increasing Economy to Drive the Market Demand
8.3.1 The Need of Lubricant for Proper Functioning of Equipment and Machineries to Drive the Market
8.3.3 Metal & Mining
8.3.4 Cement Production
8.3.5 Power Generation
8.3.6 Automotive (Vehicle Manufacturing)
8.3.8 Oil & Gas
9 Lubricant Market, By Region
10 Competitive Landscape
10.2 Market Share of Key Players
10.2.1 Royal Dutch Shell
10.2.2 ExxonMobil Corporation
10.2.3 BP P.L.C.
10.3 Competitive Situation and Trends
10.3.2 Contract & Agreement
10.3.4 Joint Venture
10.3.5 New Product Launch
11 Company Profiles
- BP Plc.
- Chevron Corporation
- ExxonMobil Corporation
- Fuchs Petrolub AG
- Gazprom Neft
- Hindustan Petroleum Corporation Limited (HPCL)
- Idemitsu Kosan Co. Ltd.
- Indian Oil Corporation Limited
- Jxtg Group
- Petrochina Company Limited
- Phillips 66
- Royal Dutch Shell Plc.
- Sinopec Limited
- Total S.A.
For more information about this report visit https://www.researchandmarkets.com/r/vlit6o
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
View original content:http://www.prnewswire.com/news-releases/2019-report-global-lubricants-market-size-is-projected-to-reach-usd-188-0-billion-by-2024-from-usd-164-3-billion-in-2019--at-a-cagr-of-2-7-300951823.html