Albany, NY -- (SBWIRE) -- 03/14/2018 -- The global independent lubricant manufacturers market features a consolidated vendor landscape, wherein leading four companies collectively held almost 58% market share in 2016, as per a recent report by Transparency Market Research (TMR). Of them, Germany-based FUCHS alone contributed nearly 37% revenue generated in the overall market for independent lubricant manufacturers in 2016, pointing towards the stronghold of the company in the global market.
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Despite the stronghold of top vendors, the presence of a large number of small players stiffens competition in the global independent lubricant manufacturers market. Product pricing, innovative product offerings, and distribution channels are the key aspects that based on which companies in this market compete to garner larger market share. The emergence of bio-based lubricants and the vast growth opportunities on account of demand for these products is expected to intensify competition in the market.
Furthermore, penetration into high-growth emerging economies and development of environmentally sustainable products could be the most rewarding strategies for companies contending to establish their presence in the global independent lubricant manufacturers market.
TMR estimates that the global independent manufacturers market will reach a valuation of US$9,454.04 mn by the end of 2025 increasing from US$6,800.79 mn in 2016, at a CAGR of 3.80% between 2017 and 2025.
In 2016, the mineral lubricants product segment led the market holding a massive 60.8% share. However, the segment is expected to witness a nominal decline over the forecast period, on account of a notable rise of the synthetic lubricants product segment.
On the basis of geography, in 2016, Asia Pacific led the global independent lubricant manufacturers market in terms of revenue share, followed by North America.
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Growth of Automotive Industry Catapults Demand for Lubricants
Some of the key factors driving growth of the global independent lubricant manufacturers market is the healthy growth of the automotive industry and immense demand for bio-based lubricants. The significant expansion of the automotive industry, which is one of the key end users of lubricants, predominantly in emerging economies due to a rapidly growing middle-class population and strengthening financial conditions is majorly fuelling the market's growth.
The implementation of environment protection regulations across key regional markets has led to a massive demand for high-quality lubricants. With these regulations expected to remain in place in the forthcoming years, the trend is anticipated to have an immense positive impact on the growth of independent lubricant manufacturers market. Furthermore, environment protection stipulations is also expected to witness demand for bio-based lubricants, thereby presenting growth opportunities for independent lubricant manufacturers that offer bio-based products.