Lubricants are primarily used to reduce friction between moving surfaces and for better performance of machines. Lubricants can be mainly divided into three product segments including mineral, synthetic and bio-based lubricants. Bio-based lubricants are renewable and biodegradable in nature and are manufactured from either vegetable (palm oil, castor oil, sunflower) or animal derived oils.
Albany, NY -- (SBWIRE) -- 07/29/2016 -- The expanding automotive industry has triggered robust technology trends in the lubricants market. Lubricants ensure smoother mechanical performance by reducing friction between moving surfaces. There are three main types of lubricants available in the market. These are: mineral, synthetic, and biobased lubricants. Of these, synthetic and biobased lubricants are expected to demonstrate a steady growth in demand worldwide.
The report studies the present market prospects, growth trajectory, and technology trends in the lubricants market. It cites the major growth drivers propelling the market and identifies the potential restraints that are likely to impede the global lubricants market. While applications of lubricants are abundant, the market is predominantly impelled by the substantial demand for compressor oil, turbine oil, hydraulic oil, gear oil, heat transfer fluid, bearing oil, refined based oil, and nanomaterial-based lubrication.
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The report constitutes an analytical overview of the market. Historical data is used to study the growth trajectory exhibited by the market and investigate the potential impact of prevailing market forces. To study and measure market competitiveness, leading players have been profiled in the report. Data obtained from their financial reports has been evaluated in this regard. Using analytical tools such as SWOT analysis and Porter's five forces analysis, the report identifies the strength, weaknesses, threats, and opportunities of the major players and factions in the market.
Overview of Technology Trends in the Lubricants Market
The global lubricants market is expected to reach a capacity of 44,165.11 kilo tons in 2020, exhibiting a steady 1.72% CAGR. The market stood at 39,140.12 kilo tons in 2013 in terms of volume. Accelerating demand for automobiles is the key factor driving the lubricants market.
Regulatory sanctions imposed on mineral lubricants owing to their adverse environmental impact are bolstering the market for biobased lubricants. Regulations imposed in Europe and North American countries to curb the emission of greenhouse gases is also likely to boost the biobased lubricants market.
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The aforementioned factors augur positive growth and acceptance of lubricant products. However, vulnerability to crude oil prices and high cost of synthetic and biobased lubricants will pose a threat to the market. Nevertheless, the key players are expected to capitalize on the new technology trends in the lubricants market. Increased R&D investment to develop innovative products is also likely to create opportunities in the lubricants market.
Geographically, Asia Pacific leads the global lubricants market owing to increasing demand from emerging economies such as India and China. Rapid industrialization, followed by expansion of the automobiles market, registered in the region has helped the lubricants market to prosper in Asia Pacific. North America is the second largest regional lubricants market. Meanwhile, Europe has registered sluggish growth prospects in terms of demand for lubricants, since the lubricants market in this region has already reached saturation.
Companies mentioned in the research report
Exxon Mobile, Royal Dutch Shell, Castrol, Total, British Petroleum, and Chevron are among the leading players in the biobased lubricants market. Royal Dutch Shell led the biobased lubricants market, accounting for 20% of the total demand registered in 2011. It was trailed by Exxon Mobile and British Petroleum, which collectively held 32% of the biobased lubricants market in 2011.
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The scenario didn't alter much in the case of the mineral and synthetic lubricants market, which was also led by Royal Dutch Shell with a 13.5% market share. It was followed by British Petroleum and Exxon Mobile, collectively accounting for 20% of the mineral and synthetic lubricant market.
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