The global lubricants market size is projected to reach USD 152.95 billion by the end of 2026. Lubricants are widely used for numerous industrial applications. The rapidly rising industrialization has emerged in favor of the companies operating in this market. The demand for lubricants is increasingly at a rapid pace, driven by the rising adoption of automobile in major countries across the world. The use of large scale machinery and equipment has opened up a huge potential for market growth.
The growing demand for lubricants has caught the eye of several investors from around the world. The high emphasis on lubricants will yield better products and subsequently contribute to wider product adoption. Increasing adoption and availability in the requirement-specific form will aid the growth of the market in the forthcoming years. According to a report published by Fortune Business Insights, titled “Lubricants Market Size, Share & Industry Analysis, By Type (Automotive, Industrial, Marine Oil and Process Oils), By Grade (Mineral, Synthetic and Semi-synthetic), By Application (Automotive, Industrial and Others), and Regional Forecast, 2019-2026,” the market size was USD 120.67 billion in 2018 and will exhibit a CAGR of 3.03% during the forecast period, 2019-2026.
The report provides an in-depth analysis of the Lubricants Market share and future growth. It highlights the latest products and innovations in the market and discusses their impact on the growth of the market. Leading market players have been labelled out based on their performances in recent years. Forecast values have been provided for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals.
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List of best companies that are operating in the global lubricants market;
- Petro China Company Limited
- Chevron Corporation
- ExxonMobil Corporation
- Royal Dutch Shell Plc.
- Total Group
- British Petroleum
- Valvoline LLC
- Global Lubricant Industry LLC
- Shield Lubricants
- BP plc.
- JXTG Nippon Oil & Energy Corporation
- The FUCHS Group
- AMALIE Oil Co.
Increasing Number of Mergers and Acquisitions Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers have made the highest impact on the market. In February 2019, Amalie Oil Co., a producer and distributor of lubricants completed the acquisition of Lubricating Specialities Co. (LSC). The company has here production facilities across the United States.
Through this acquisition, Amalie plans to extend its service portfolio and in doing so, plans to establish a strong presence in the market. In November 2019, Fuchs Group signed an agreement with Nye Lubricants, a company engaged in formulation and manufacturing of synthetic lubricants. This agreement will not only help the company generate substantial market revenue, but will have a direct impact on the market in the coming years.
Driven by Rising Expenditure Across Major Industries, Asia Pacific Will Exhibit Strong Growth
The Lubricants Market is segmented on the basis of regional demographics into Latin America, Europe, North America, Asia Pacific, and the Middle East and Africa. The market in Asia Pacific will witness considerable growth, owing to the increasing use of lubricants in industrial and automotive applications. Increasing overall population and rising expenditure across diverse industries will have a direct impact on the growth of the market in the forthcoming years. Besides Asia Pacific, the market in North America will witness significant growth due to the high product demand in recent years. The Lubricants Market in North America was worth USD 26.62 billion in 2018 and is projected to increase further in the coming years.
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