Albany, NY -- (SBWIRE) -- 04/08/2015 -- Lubricating oil are substances that are used in various processes to minimize friction between surfaces, which eventually reduces the amount of heat generated. In a given process, a lubricant may transmit forces and transport foreign particles, heat, or cooling to the surfaces. The intrinsic property of a substance to reduce friction is called lubricity. Properties of a good lubricant are thermal stability, high boiling point and low freezing point, demulsibility, corrosion prevention, high viscosity index, and high resistance to oxidation.

The lubricating oil market has been witnessing tremendous amount of growth in the past few years due to their increasing adoption in various industries. The global lubricating oil market consists of various kinds of lubricants that are generally made of 90% base oil, most of which are mineral oils or petroleum fractions with less than 10% additives. Some of the lubricants in the global lubricants market are vegetable oils or synthetic liquids such as esters, silicones, fluorocarbons, and hydrogenated polyolefins. Additives give lubricants the ability to reduce friction and wear and tear, enhance viscosity, prevent chances of aging and contamination, and create a resistance to oxidation and corrosion.

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Multiple End Users of Lubricating Oil

With recovering economies and emerging markets the global lubricating oil market finds an impetus with the proliferation of automotive, construction, transportation, and industrial machinery sectors. Developments in the machine, automobile, and transportation industry are pushing the global lubricating oil market to newer highs.

Automobile Industry Records Highest Demand for Lubricating Oils

Factors contributing to the growth of the global lubricating oil market are changing lifestyles, development of machines that ensure comfortable living, and rising disposable incomes. As the automobile industry is growing at an exponential rate, it is further fueling the demand for lubricating oils. As ancillary industries grow and expand, they are likely to lead to a rise in the production of and demand for lubricating oil in the coming few years.

India and China to Lead the Global Lubricating Oil Market

The global lubricating oil market is expected to witness steady growth over the next five years. Industrial growth in regions countries such as India and China will accelerate the growth of this market. Analysts predict that the global lubricating oil market will grow at a CAGR of about 2% from 2014 to 2019.

Transportation to Accelerate the Growth of Global Lubricating Oil Market

In addition to the automobile industry, usage of lubricating oil in the transportation segment will also contribute to the growth of the global lubricating oil market. The transportation segment is further sub-divided into aviation, commercial vehicles, passenger vehicles, and marine. Out of these segments, the marine lubricants sub-segment is expected to grow at a rapid rate, followed by the passenger vehicles sub-segment. Furthermore, the synthetic lubricants sub-segment will replace the demand for traditional lubricants as vehicle owners now prefer high-performance lubricants to conventional lubricants.

Synthetic Lubricating Oil Market to Grow Due to Delivery of High Performance

The global lubricating oil market faces certain restraints such as high cost of synthetic and bio-based lubricants. However, the market for these lubricating oils is expected to do well in the coming few years despite their high cost. High performance delivered by synthetic lubricating oils and features such as biodegradability and non-toxicity of bio-based lubricants will drive the market for these lubricants.

Some of the key players in the global lubricating oil market are Mahtab Motor Gorgan Company, Mident Industrial Company Ltd., Chongqing Tongrui Filtration Equipment Manufacturing Co. Ltd., Tianjin Hengyong Hose Company Limited, Flopower Industry Company Limited, Shiyan Jiaxin Yuanda Industrial & Trade Co. Ltd., Shijiazhuang Heavy Pump Company Limited, Yongkang Cooper Industry and Trading Company Limited, Sichuan CRUN Co. Ltd.,Vernon Oil Product Company, and Great Lakes Oil Company.

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