Albany, NY -- (SBWIRE) -- 09/19/2017 -- The global lubricants market and its crucial elements are analyzed in a recent market research report published by Transparency Market Research. The report states that the market will expand at a meagre 1.72% CAGR over the period between 2014 and 2020. As a result, the market, which had a valuation of 39,140.12 kilo tons, will reach 44,165.11 kilo tons by 2020.The report is titled "Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020" and is available on the company website for sale.
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The report credits the market's future growth prospects to the rapid industrialization in Asia Pacific and the rising number of vehicles in the global market. On the other hand, factors such as the advent and rising popularity of hybrid and electric vehicles and the trend of extending engine oil drain intervals beyond the timeframes recommended by engine manufacturers are expected to have a negative impact on the growth prospects of the market to a certain extent.
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The report segments the global lubricants market on the basis of three criteria: product type, application, and geography.On the basis of product type, the market has been segmented into biobased, mineral oil, and synthetic lubricants. Of these, the segment of mineral oil held the largest share in the global market, nearly 80% in 2013. Owing to the rising concerns regarding the ill-effects of petroleum-based and a variety of synthetic lubricants on the environment, the market for biobased lubricants is expected to garner increased attention over the report's forecast period.
On the basis of application, the market has been segmented into automotive oils, grease, metalworking fluids, industrial oils, and others. Of these, the segment of automotive oils led the global market, accounting for over 50% in the market in 2013. Improved GDPs and rising disposable incomes of the population have significantly propelled the automotive market in Asia Pacific, subsequently driving the lubricants market.
On the basis of geography, the market has been segmented into Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific accounted for the largest share in the global market, nearly 40% in 2013. The rising number of infrastructure development activities, coupled with the continuously increasing number of passenger cars in China, has significantly contributed to the overall growth of the lubricants market in Asia Pacific.
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The report also presents a detailed overview of the competitive landscape of the global lubricants market, which features the dominance of a handful of MNCs. The report includes detailed business profiles of some of the key market vendors, presents qualitative as well as quantitative data about their finances and business strategies, and analyzes the impact of recent developments on the market's future growth prospects. The market is difficult to enter for new entrants. Some of the key companies operating in the global lubricants market are Idemitsu Kosan, BP, Chevron, Fuchs Petrolub, ExxonMobil, Total, Lukoil Oil Company, Royal Dutch Shell, Sinopec, and PetroChina.
Global Lubricants Market Report is available at US$ 5795 -http://www.transparencymarketresearch.com/checkout.php?rep_id=156