Albany - NY, Aug. 7, 2015 (GLOBE NEWSWIRE) -- The research study, titled "Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020", is now available for sale on Transparency Market Research's (TMR) website. According to this report, the global lubricants market will expand at a CAGR of 1.72% during the forecast period from 2014 to 2020. In 2013, the global lubricants market was noted at 39,140.12 kilo tons and is expected to reach 44,165.11 kilo tons by end of the forecast period. The global lubricants market is driven by the accelerating industrialization in the Asia Pacific region. Furthermore, the growing vehicle count will also fuel the global lubricants market. On the contrary, factors such as the longer engine oil drain interval coupled with the advent of hybrid-electric vehicles will suppress the market growth. The global electric vehicles market is expected to grow at a healthy 19.2% CAGR during the forecast period from 2013 to 2019.
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By product, the global lubricants market is divided into mineral oil, bio-based, and synthetic lubricants. Mineral oil stood out as the largest product sector in the global lubricants market in 2013 with a massive 80% share. Bio-based lubricants sector is projected to be the fastest-growing sector in the foreseeable future since these lubricants are bio-degradable and disposing them does not raise any environmental concerns. By application, the global lubricants market is segmented into grease, metalworking fluids, industrial oils, automotive oils, and others. In 2013, the segment of automotive oils led the global lubricants market volume-wise and accounted for over 50% of the global market share. Automotive oils sector is further segmented into hydraulic oil, engine oil, and gear oil. Improving GDP in developing nations such as India and China has significantly spurred the development of automotive industry in these nations. This has resulted in elevated demand for lubricants from developing nations. Moreover, the rapidly-expanding automotive industry is also contributing to the growth of the metalworking fluids sector. Metalworking fluids helps achieve better results when machining these components.
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By region, the global lubricants market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). In 2013, Asia Pacific held the lion's share in the global lubricants market in terms of volume with over 40% share. The growing infrastructure development and rising number of passenger cars in China have contributed to the growth of the Asia Pacific lubricants market.A handful of MNCs dominate the global lubricants market. This trend makes it difficult for new entrants to penetrate the market. Furthermore, the distribution network is another crucial factor restricting the entry of a new company in the market. Most of the lubricant manufacturing firms are presently expanding their businesses to emerging markets of Africa and Asia Pacific. Companies are penetrating the market by implementing strategies such as increasing their retail center and expanding their production capacities in emerging regions. The key players operating in the global lubricants market are BP, ExxonMobil, Chevron, Lukoil Oil Company, Idemitsu Kosan, Fuchs Petrolub, PetroChina, Total, Sinopec, and Royal Dutch Shell.
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Lubricants Market: Product Analysis
- Mineral oil
Lubricants Market: Application Analysis
- Automotive oils
- Industrial oils
- Metalworking fluids
Lubricants Market: Regional Analysis
- North America
- Asia Pacific
- Middle East
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- Lubricant Additives Market: http://www.transparencymarketresearch.com/lubricant-additives-market.html
- Synthetic Lubricants Market: http://www.transparencymarketresearch.com/synthetic-lubricant-market.html
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Source:Transparency Market Research