Lubricants, as we know, are materials that help in reducing the friction between moving parts or surfaces to enhance the efficiency of machines. They are used in different applications ranging from automobiles to various other industries. The global lubricants market was estimated to be USD 144.45 billion in 2015, and is projected to reach a value of USD 166.59 billion by 2021, registering a CAGR of 2.4% between 2016 and 2021.
With business models changing constantly and new competitors entering the market, sustaining growth and profitability in today’s business environment has become a little difficult. This makes it necessary for businesses to keep on seeking new growth opportunities. So, how do you identify market opportunities in this situation? Take a look at our step-by-step guide that will take you through various scenarios and segments of the global lubricants market.
Table of contents
Identifying new growth opportunities in any market takes time and requires exploring in different directions and segments before reaching on to a conclusion. Scroll down to any section below to equip yourself with the information you may need to make informed business decisions. You can even bookmark any of the links given below so that it is easier for you to come back and pick up from where you had left during the decision-making process.
- Market Dynamics
- Objectives of this study
- Major Market Developments
- Target Audiences for Lubricants Market
- Scope of the Report
- Major Industries driving the growth of Lubricants Market
The global lubricants market is being majorly driven by the growth in the automotive industry, massive industrial growth in Asia Pacific and the Middle East & Asia, and rising consumer awareness, along with stringent government regulation that are boosting the sales of synthetic lubricants. However, high cost of synthetic and bio-based lubricants and rising popularity of hybrid electric vehicles are expected to hamper the growth of this market. Furthermore, industrial growth in the Middle East & Africa and BRIC countries are expected to offer lucrative growth opportunities for the market.
Objectives of this study
The major objectives of this research include forecasting and analysis of the market segmented into type, application, and region. The market is also analyzed at the country level for each region, along with identifying significant market trends and factors driving or inhibiting the market growth. Analysis of the competitive developments, such as expansions, joint ventures, new product launches, and acquisitions is also carried out by strategically profiling the key market players and the growth strategies adopted by them.
Major Market Developments
The global lubricants market witnessed some major developments in the past few years. In January 2016, Royal Dutch Shell (Netherland) announced its plans to expand the lubricants business in next five years. The company plans to begin new lubricant blending plant in Singapore in 2016. Total S.A. (France) acquired the Dominican fuel, a retail Company from Putney Capital Management (Caribbean) in January 2016. In October 2015, Idemitsu Lube (China), a wholly-owned subsidiary of Idemitsu Kosan Co., Ltd (Japan) increased the production capacity of its lube blending plant in China, which helped the company to meet the growing demand from the automobile industry
Target Audiences for Lubricants Market
The major target audience for lubricants market includes lubricants manufacturers, raw material suppliers, investment banks, lubricants distributors, and government bodies.
Scope of the Report
This report categorizes the global market for lubricants on the basis of type, application, and region, which have been further broken down into a particular country, additional application, and type.
Major Industries driving the growth of Lubricants Market
Transportation and industrial machinery & equipment applications are expected to drive the growth of lubricants market.
a) Premium Insights
b) Industry Trends
c) Competitive Landscape
The major companies functioning in the global lubricants market are Royal Dutch Shell Plc. (Netherlands), Exxon Mobil Corporation (U.S.), Petrochina Company Limited (China), Sinopec Limited (China), Total S.A. (France), Lukoil (Russia), BP Plc. (U.K.), Chevron Corporation (U.S.), Fuchs Petrolub AG (Germany), Idemitsu Kosan Co., Ltd. (Japan), and others.
Overall, the market for lubricants is expected to witness a steady growth in the coming years.