In 2015, the global lubricants market was valued at 37.09 million tons and is said to touch 43.87 billion by 2022, growing at a CAGR of 2.4% from 2015 to 2022. Growth of automobile market and industrial production, especially in the developing economies of Latin America and Asia Pacific will tentatively propel the lubricants market's demand during the forecast period. The lubricant market is differentiated by escalated demand for transmission fluids, engine oils and hydraulic fluids both in consumer as well as commercial automotives. Sales of motorcycles and passenger cars are predicted to ascend significantly and thereby further propelling the market trend over the forecast period. Another factor which is predicted to fuel the overall demand for industrial lubricants are the rising industrial output in India, Brazil, China and Russia.
In 2015, industrial lubricants segment dominated the global lubricants market and generated revenue of over 40.36% of the total volume. Next, commercial automotive lubricants and consumer automotive lubricants together gathered more than 61.61% of the total market share in 2015. Consumer automotive lubricants are predicted to grow rapidly at an estimated CAGR of 2.7% from 2015 to 2022.
Global lubricant demand was 35.30 million tons in 2013 and increased by 1.06 million tons in 2014. In terms of revenue, the market was valued at USD 37.29 billion in 2013 and dropped to USD 35.65 billion in 2014. This drop in revenue was attributed to sharp drop in crude oil prices which led to drop in base oil prices for that particular year
The global lubricants market was valued at 37.11 million tons in 2013 and is predicted to reach 44.22 million by 2020, growing at a CAGR of 2.51% from 2014 to 2020. Asia Pacific dominated the global regional market for lubricants and gathered more than 43.24% of the global market volume in 2015. This region having the biggest market is said to witness rapid growth in the lubricants market, at an approximated CAGR of 3% during 2015 to 2022. Because of the statistical surveys, government policies and domestic demand, APAC is dominating the lubricant market even on the global scale. Europe and North America are sort of saturated markets for lubricants and are predicted to grow at a comparatively slow rate during the forecast period.
The key companies in the lubricants manufacturing are Chevron Corporation, British Petroleum, China Petroleum & Chemical Corporation, Fuchs Petrolub SE, Idemitsu Kosan Co. Ltd., PetroChina Co. Ltd., LUKOIL Oil Company, Sinopec, Royal Dutch, TOTAL S.A, Pennzoil, Amsoil Inc., Valvoline, Castrol, PetroChina, Sinopec Corp, Idemitsu Oil & Gas Co. Ltd, Nippon, Oil Quaker Chemical Corporation, PetroFer Chemie, Zeller+Gmelin Corporation, Buhmwoo Chemical Ind. Co, Blaser Swisslube AG, Exxon Mobil Corporation
The Global Lubricants Market is segmented based on Product, Region & Manufacturers:
Lubricants Market - Product Segment Analysis:
-General Industrial Oils
-Metal Working Fluids
-Industrial Engine Oils
-Heavy-duty Engine Oils
-Hydraulic & Transmission Fluid
-Passenger Vehicle Engine & Motor Oil
-Automatic Transmission Fluid
Lubricants Market - Regional Segment Analysis:
-Central & South America
-Middle East & Africa
Lubricants Market – Key Manufacturers
-China Petroleum & Chemical Corporation
-Fuchs Petrolub SE
-Idemitsu Kosan Co. Ltd.
-PetroChina Co. Ltd.
-LUKOIL Oil Company
-Idemitsu Oil & Gas Co. Ltd
-Quaker Chemical Corporation
-Buhmwoo Chemical Ind. Co
-Blaser Swisslube AG,
-Exxon Mobil Corporation