Lubricants Market Is Anticipated to Grow $146.3 Billion by 2024

Sarasota, FL -- (SBWire) -- 07/30/2018 --Zion Market Research has published a new report titled "Lubricants Market by Product (Greases, Bio-based, Synthetic and Mineral oil) by Application (Industrial, Automotive, Marine and Aerospace) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024''. According to the report, global lubricants market was valued at around USD 117.4 Billion in 2017, and is expected to reach approximately USD 146.3 Billion by 2024, growing at a CAGR of slightly above 3.0% between 2017 and 2024.

Lubricants are used to reduce wear and friction between surfaces in contact that are in relative motion. Based upon the nature of lubricant they are also used to eliminate wear debris and heat, to seal, protect and transmit power along with acting as a supply additive into the contact. A lubricant is in semisolid, gaseous, solid or liquid forms. Many lubricants consist of additive in the range of 5 to 30% to enhance their performance.

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The marine industry is expected to register significant growth owing to increasing leisure boat production to cater to enhanced tourism. Leisure boat includes cabin cruisers, propulsion systems, personal watercraft, jet boats, drive power boats, pontoon boats, sailboats, fishing boats, towboats, and runabouts. There is a growing demand of these boats worldwide in the past decade that has induced lubricants consumption in the industry. Recreational boating is anticipated to have a positive outlook along with new avenues in a sailboat, outboard, stern drive, and inboard. Lubricants market will witness substantial gains in coming years owing to the bulging tourism industry globally.

Automotive production will depict an exponential growth scenario in emerging countries as compared to developed economies during the forecast period. The growth can be attributed to stabilizing economic conditions and rising urbanization in the corresponding regions. Vehicles fleet will flourish by a modest CAGR owing to higher adoption and production rate of passenger cars. Further, to comply with regional safety rules & regulations, producers are increasingly making use of lubricants in their vehicle variants. Lubricants are even utilized to provide better fuel efficiency to high powered engines. European regulations restricting vehicle emissions has induced owners to maintain their cars by periodically lubricating their engines and various parts.

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Based on product, lubricants market is classified as greases, bio-based, synthetic and mineral oil. Greases are anticipated to register significant gains over the forecast timeframe owing to its wide applications in mining, unconventional energy, and chemicals sector and will strengthen its demand in industrial engines, hydraulics, centrifuges, bearings and compressors in future. Various applications involving the use of lubricants are industrial, automotive, marine and aerospace. Industrial machinery will account for major share of the market, as there is increasing adoption of this machinery in power generation, manufacturing and agricultural sectors.

The Asia Pacific will witness substantial growth over the forecast timeframe subject to rising demand from metal forming, plastics, mining, and machining industry majorly in India and China. India lubricants market is anticipated to register gains of above 11% in revenue generation due to strong lubricant consumption in manufacturing and automotive industries. Increasing concerns over carbon dioxide emission and fuel economy will stimulate Europe lubricants market till 2024. Germany contributes over 10% in regions volume share and will witness the growth of above 5% in revenue generation till 2024. Increasing construction sector, capital, and consumer goods will complement regional industry outlook during the forecast period.

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Global lubricants producers are adopting aggressive strategies to expand their footprints in the market. The industry is dominated by few major companies and new entrants find it difficult to set themselves in the global market. Giant manufacturers in the competition include Royal Dutch Shell, Total S.A., Chevron Corporation, Exxon Mobil Corporation, and BP P.L.C. These players account for more than 40% of the market share.