Albany, NY, Dec. 4, 2015 (GLOBE NEWSWIRE) -- The global lubricants market is estimated to grow at a CAGR of 1.72% from 2014 to 2020. The market's volume in 2013 was 39,140.12 kilo tons. By the end of 2020, the global lubricants market should total reach a volume of 44,165.11 kilo tons. The greatest reason for this growth is the rapid rate of industrialization in most emerging economies of the world. But things are not as simple as they seem for the global lubricants market. A faster rate of development also implies the substitution or elimination of conventional lubricants. Major players in the market are therefore attempting strategies to sustain themselves against the restrictions and use the new technology wave to come up with new, eco-friendly products.
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The global lubricants market has so far been dominated by the mineral oil segment in terms of products. The segment singled itself out in the market with a whopping 80% share in 2013. The segment is, however, witnessing quite a bit of opposition due to the environmental impact it has had. In direct contrast to this situation is the bio-based lubricants segment, which is expected to be the fastest growing one in the global lubricants market.
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It is logical to think that the global automotive market is one of the largest consumers of lubricants. By volume, the automotive market, as a lubricants consumer, took up 50% of the market. Lubricants are needed by vehicles for as long as they are in use. Now that the automobile market is booming, we can see its direct relation to demand from the global lubricants market. But this demand does not come without caveats. At the top of the long list of lubricant requirements for today's vehicles is for them to be environmentally safe. Manufacturers are struggling to essentially let go of the conventional methods that, although efficient, have caused much harm to the ecosystem.
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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Key players in the global lubricants market include Royal Dutch Shell plc., BP p.l.c., Total S.A., Chevron Corporation, Lukoil Oil Company, Fuchs Petrolub SE, Idemitsu Kosan Co., Ltd., PetroChina Company Limited, Sinopec Limited, and ExxonMobil Corporation. Some of the major companies such as Royal Dutch Shell Plc. and Exxon Mobil Corporation have a presence across the value chain of the global lubricants market. The report provides an overview of these companies along with their financial details (subject to availability), business strategy, and recent developments.
Lubricants Market: Product Segment Analysis
- Mineral oil
Lubricants Market: Application Segment Analysis
- Automotive oils
- Industrial oils
- Metalworking fluids
Lubricants Market: Regional Analysis
- North America
- Asia Pacific
- Middle East
- RoW (Rest of the World)
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