Lubricants Market Key Opportunities & Development 2020

The global lubricants market was valued at $88,230.8 million in 2014, and it is expected to grow with a CAGR of 2.6% during 2015 – 2020. The factors driving the growth of the market include growing automotive industry, increasing consumer awareness and government regulations. The power to regulate the petroleum industry lies with the minister of petroleum industries, but if license is to be issued, then there is a need for advice and assistance from Energy Supply Committee (ESC). In the global market, standards issued by organizations, such as Japanese Automobile Standards Organization and American Petroleum Institute, govern the quality of lubricants.

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Geographically, the Asia-Pacific market accounted for the largest share in the global lubricants market in 2014. The lubricants market in Asia-Pacific is growing mainly due to increasing pressure of global warming, changing policies regarding emissions, which results in regulatory requirements for manufacturers to make superior quality engines compatible with high quality lubricants. Due to such reasons, Middle East and Asia-Pacific is expected to observe an increase in requirement of synthetic lubricants.

A top down approach has been used to calculate the market size of the global lubricants market. P&S Intelligence analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in this report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed online and offline research.

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The automotive industry is one of the major application areas for the lubricants market. Automotive lubricants are generally used in the crankcase of a vehicle engine, which ensures efficient operation of the vehicle. Lubricants are used in vehicles to reduce friction, which leads to longer lifespan and reduced wear and tear of the vehicles. The growth of the lubricants in automotive industry is mainly due to prices of convention fuels, increasing demand for heavy duty vehicles and light passenger vehicles, and increase in average lifespan of the vehicles.

The key companies operating in the global lubricants market include BP PLC, Chevron Corporation, China Petroleum & Chemical Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, Idemitsu Kosan Co. Ltd., LUKOIL Oil Company, PetroChina Co. Ltd., Royal Dutch Shell PLC, and TOTAL S.A.