With the presence of a large pool of participants, the Global Lubricants Market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Royal Dutch Shell, Total S.A., Chevron Corporation, Exxon Mobil Corporation, and BP P.L.C are some of the key vendors of lubricants across the world. These players are aggressively focusing on innovation as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the lubricants market study.
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For instance, in September 2018, Kluber Lubrication and Wilhelmsen Ships Service have entered into a distribution partnership. Reportedly, Wilhelmsen is likely to be a worldwide partner of Kluber for marine lubricants.
Recently, Marine lubricants division of Chevron Corporation launched a number of lubricants compatible with major engine versions and marine bunker fuels as well as abatement technologies that are projected to be used for complying with international maritime organization’s global sulfur cap in 2020.
As estimated in this report, the global lubricants market stood at $ 117.4 billion in 2017. Witnessing a tremendous rise over the period from 2017 to 2024, the revenue in this lubricants market is expected to reach $ 146.3 billion by the end of the forecast period The main products available in this lubricants market are greases, bio-based lubricants, synthetic oil, and mineral oil. Among them, the demand for mineral oil is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Requirement For Reducing Wear & Friction To Boost Product Sales
“Massive demand for the product across aerospace, automotive, and marine sectors is likely to drive the growth of lubricants market in the years to come,” says the author of this study. Apart from this, large-scale R&D activities witnessed in automation of operations, data management, and steering systems are anticipated to favorably impact lubricants market revenue. In addition, legislations favoring construction activities in countries such as South Korea, Japan, and India are projected to enhance the demand for construction equipment such as earthmoving equipment, thereby offering immense growth opportunities for lubricants market in the years ahead.
Furthermore, immense need for controlling wear and friction between moving surfaces of machinery will create lucrative demand for lubricants market in the years ahead.
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Thriving Automotive Sector To Augment APAC’s Regional Dominance
Regionally, Asia Pacific has been leading the worldwide lubricants market and is anticipated to continue in the dominant position in the years to come, states the lubricants market study. Flourishing automotive sector is the main factor behind the dominance of the Asia Pacific lubricants market. The high number of market players being headquartered in Asia Pacific is another significant factor that is supporting the growth of this regional lubricants market. The presence of many power plants in countries such as China will further contribute towards the Asia Pacific lubricants market size over the coming years.
The global lubricants market is segmented as follows:
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The Middle East and Africa