Lubricants Market 2025: What Will Be Changes In Investment Ratio With Opportunity Analysis?? |Grand View Research, Inc.
The global lubricants
market size was valued at USD 128.51 billion in 2018 and is
expected to expand at a CAGR of 3.7% during the forecast period. The demand is
majorly driven by key innovations by multinational companies operational across
the globe. Technological advancements in the field of product designing,
marketing strategies, e-and commerce platform optimization among others, are
driving the demand for lubricant through ease of accessibility.
Consumers across the globe are
increasingly opting for vehicles that consume less fuel thereby contributing
significantly to environmental improvement. Also, the growth of
battery-operated vehicles is rising which shall drastically change the face of
the industry on a global scale. The Japanese Automotive Manufacturers Association
recently proposed SAE 0W-8 which shall bridge the gap between industry
requirements and engine oil technology.
The market is a highly fragmented
which entails a large number of highly innovative players. The competition is
intense as the participants engage in maintaining customer base to have a
competitive edge over each other. This has resulted in competitive pricing. The
competitive pricing has been a boon for price-sensitive consumers across
different geographies such as Asia Pacific.
Companies are adopting collaborative
business strategy owing to key factors such as, to increase their productivity,
to provide highly regarded products to consumers, and to expand their regional
presences. Market leaders have a robust lubricant business structure which
helps customers to get stable supply of the product. Increasing consumption of
innovative engine oils in electric vehicle has created a lucrative opportunity
for the industry participants.
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Also, the global aerospace lubricants market is
significantly growing due to rapidly shifting consumer preferences towards
saving time while travelling backed with growth in financial health. Also, aircraft
manufacturers are investing heavily in establishing concurrent lubricants which
shall provide maximum performance output with least fuel consumption, thereby
increasing cost effectiveness across the industry.The market is observed to
witness the fastest CAGR of 4.2% in terms of volumetric consumption over the
forecast period.
Developing economies such as China, India, and
Indonesia among others are driving the global manufacturing sector. The growth
is supported by the availability of raw material and reduced infrastructure and
labor cost. Owing to these factors, multiple oil and fluid manufacturers are
also shifting and expanding their production units in developing nations. The
overall drive in innovation and production has led to the demand for industrial
lubricants such as metalworking fluids, greases, process oils, and others
required for the smooth and effective functioning of machinery. The
manufacturing industry is anticipated to grow significantly over the forecast
period thus driving the market for its raw materials.
Currently, automotive sector is one of the major
contributors to the market growth. Consumption of various lubes in
manufacturing vehicles is expected to continue growing. However, the trend of
electric vehicles has reduced the after sales growth for certain fluids.
Consumers are looking for standard and specialized products to meet specific
requirements and thus lubricant manufacturers are investing in new product
developments, especially for the automotive industry. Growing competition among
lube manufacturers has developed the consumer perspective for price and brand
loyalty.
Industrial engine oils are projected to witness
significant over the forecast period as these oils are designed to offset the
operating and rising fuel costs. These fluids have the potential to reduce fuel
consumption as they possess lower friction coefficient and also helps to keep
engine components clean and fully functional thereby effectively delivering
maximum combustion efficiency. Industrial engine oils broadly help in keeping
piston, filters, ports, and crankcase clean for a longer period of time.
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Motor oil is usually classified under two main
headers which includes viscosity based (Society of Automotive Engineers)
classification and performance based (European Automobile Manufacturers'
Association and American Petroleum Institute) classification. According to SAE
classifications, multi-grade engine oils are typically classified based on
their resistance to temperatures, wherein, for a typical passenger vehicle
running at temperature grounds of 32°F, the type of oil preferred are 20W-50,
10W-30, 5W-30, 10W-40 and 5W-20, whereas for vehicles operating at 0°F, the
preferred oil grades are 10W-40, 5W-30, 10W-30, and 5W-20. 5W-30 and 5W-20 are
preferred for temperature conditions below 0°F.
Grand
View Research has segmented the global lubricants market report on the basis of
application:
Application
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·
Industrial
o
Process Oils
o
General Industrial Oils
o
Metalworking Fluids
o
Industrial Engine Oils
o
Greases
o
Others
·
Automotive
o
Engine Oils
o
Gear Oils
o
Transmission Fluids
o
Brake Fluids
o
Coolants
o
Greases
·
Marine
o
Engine Oil
o
Hydraulic Oil
o
Gear Oil
o
Turbine Oil
o
Greases
o
Others
·
Aerospace
o
Gas Turbine Oils
o
Piston Engine Oils
o
Hydraulic Fluids
o
Others
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
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