Lubricants Industry To Grow Up Due To Rising Focus Of Consumers On Enhancing Vehicle Performance
Lubricants Industry Data Book Covers Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Markets.
The economic value generated by the lubricants industry was estimated at approximately USD 134.65 billion in 2022.
Access the Global Lubricants Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies.
Automotive Lubricants Market Growth & Trends
The global automotive lubricants market is expected to reach USD 94.87 billion by 2030, registering a CAGR of 3.5% over the forecast period, as per the new report by Grand View Research, Inc. The industry growth is majorly driven by the increasing demand for automotive oils and greases owing to the growing trade of vehicles and their spare parts across the globe.
The growth of the lubricants is driven by growing consumer focus on enhancing the performance of the vehicle along with the launch of innovative & premium product offerings. Consumers want standard and specialized lubricants for their everyday vehicles to ensure smooth operation and save long-term maintenance expenses. Automotive lubricant makers are concentrating on developing lubricants that improve engine component performance while also reducing environmental deterioration by lowering carbon emissions.
Industrial Lubricants Market Growth & Trends
The global industrial lubricants market size is expected to reach USD 72.08 billion by 2030, registering a CAGR of 3.9% according to a new report by Grand View Research, Inc. Improving PMI indices across the globe and resultant rise in production capacities are anticipated to boost the demand for industrial lubricants. Moreover, rising manufacturing activities are touted to spur investments in production machinery, thereby creating a strong growth potential for industrial lubricants.
High consumption of general industrial oils generate significant revenue attributing to the growth of industrial lubricants market. Related industries, such as chemicals, unconventional energy and mining, are slated to witness considerable growth. This trend is anticipated to further boost the product demand in compressors, industrial engines, hydraulics, centrifuges, and bearings. Companies are investing heavily in R&D for the development of innovative products to gain competitive edge in the industry. There has been a shift in trend towards use of bio-based raw materials due to rising awareness regarding the need for emission reduction and energy conservation.
Order your copy of Free Sample of “Lubricants Industry Data Book - Automotive Lubricants, Industrial Lubricants, Marine Lubricants and Aerospace Lubricants Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Marine Lubricants Market Growth & Trends
The global marine lubricants market size is expected to reach USD 10.27 billion by 2030, registering a CAGR of 4.2% over the forecast period, according to a new report by Grand View Research, Inc. Growing concerns regarding oceanic pollution caused by improper engine function and subsequent demand for fuel-efficient engines are estimated to trigger the growth of the market.
Marine lubricants are widely utilized in the shipping industry to help protect engines and equipment as well as enhance efficiency. These are essential high-performance additives for engines, specially designed to enable optimal performance in marine operations.
Growth in international trade, removal of trade barriers being the principal reason, is encouraging developing countries to concentrate more on the improvement of their infrastructure, such as roads, airports, and seaports, which play a vital role in the development of the economy. Product storage, along with the capacity to move large shipments, has placed the shipping industry in a very advantageous position.
Aerospace Lubricant Market Growth & Trends
The global aerospace lubricant market is expected to reach USD 998.1 million by 2022, according to a new report by Grand View Research, Inc. Rising number of trade activities in Asia Pacific and Middle East region has resulted in need for expansion of aviation capacity further driving lubricant demand.
Fuel economy improvement, supportive regulatory policies and fuel emission norms have been creating additional demand for lubricant. At the same, these factors have also been pushing producers to invest in R&D and formulate usage specific products with higher serviceability and viscosity.
Increasing air passenger traffic as a result of rapidly developing civil aviation sectors in high growth Asian markets coupled with reduced airfares as a result of high competition from aviation companies is a key factor driving aircraft utilizations and miles. This is further expected to complement the global industry growth.
Go through the table of content of Lubricants Industry Data Book to get a better understanding of the Coverage & Scope of the study.
Competitive Landscape
Key players operating in the Lubricants Industry are –
• ExxonMobil Corp. • Royal Dutch Shell Co. • British Petroleum • Total Energies • Chevron Corporation • Fuchs Group • Amsoil Inc • CASTROL LIMITED • Philips 66 Company • Valvoline LLC • Idemitsu Kosan Co. Ltd • Lukoil • PetroChina Company Limited • Petrobras • Petronas Lubricant International • Quaker Chemical Corp • PetroFer Chemie • Zeller Gmelin GmbH & Co. KG • Buhmwoo Chemical Co. Ltd • Blaser Swisslube Inc • Zeller Gmelin GmbH & Co. KG • BELLZOIL OVERSEAS PVT LTD • Carol Petroleum Private Limited
Grand View Research’s Lubricants Industry data book is a collection of market sizing information & forecasts, regulatory data, competitive benchmarking analyses, macro-environmental analyses, and technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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