Lubricants are the fluid deployed to reduce the wear and tear of materials and also to lessen the friction. Lubricants can be water as well as petroleum based. These lubricants are greases, oils, fluids and other compounds designed to reduce friction, binding or wear and exclude moisture. Their role is to avoid metal to metal touch amongst the tools or finished machineries. Lubricants exhibit moral weathering protection properties, excellent demulsibility and help lengthen the equipment life. It is used in variety of equipment’s to yield a particular performance level coupled with higher productivity and better efficient machines. The lubricants can be used in variety of applications such as mining, automotive, industrial machinery, hydraulic and many others. The selection of lubricants is also based on factors such as exposure to cruel chemicals, temperature, etc.
The market is witnessing growth owing to the adoption of bio-based oils to reduce harmful environmental effects which in turn is improving the overall growth of the market. The need to enhance fuel efficacy of vehicles has led to replacement of old-style materials with synthetic lubricants. The growing automotive sector and industrial production have resulted in greater demand for lubricants. The transportation segment is expected to grow with a major share during the forecasted period. The transportation industry is progressively deploying synthetic and bio-based lubricants to exchange conventional lubricants. Also, growing demand for low viscosity fluids in automotive sector is expected to boost the industrial lubricants market in the prediction period.
The market has been segmented based on type, application and region. Based on the type, the market is segmented as mineral oil, synthetic, greases and biobased. Based on application, the market is segmented as transportation, industrial machinery and equipments. Based on region, the global Lubricants Market can be divided into North America, Latin America, Europe, Middle East & Africa and Asia Pacific. The robust demand in Asia-Pacific region is anticipated to be one of the key driving factors for the overall growth of the global market. Moreover, this growth is attributed to the growing food industry coupled with rapid industrialization in the developing countries. The markets in various other developing economies such as Brazil, Russia and Korea among others are also expected to witness a rapid growth throughout the forecast period. In addition to this, rising per capita disposable income and surge in the global economy is another key factor which is expected to bring impetus in the growth of the global market during the forecast period.
Key players operating in the global market are concentrating on some of the major market strategies such as mergers, collaborations, partnerships and acquisitions in order to keep grip in the always competitive global market. Also, they are focusing on gaining grip on the local players to support their goodwill as well as to addvance their market reach in the global market. Some of the major players in the global market include Exxon Mobil, Chevron, Shell International, Petrochina, BP Plc, BASF SE, KMG chemicals, Indian Oil Corporation, FUCHS Lubricants and Eni S.p.A.
The Global Lubricant market has been segmented
• Mineral oil
• Industrial machinery
• North America
• Latin America
• Middle East & Africa
• Asia Pacific