News Crusader

Lubricants Market Driven By Increasing Demand From Automotive And Industrial Machinery Till 2022: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to new report published by Grand View Research, the global lubricants market size is expected to reach $68.54 billion by 2022. Growing demand for oilfield chemicals due to increasing drilling and exploration activities are likely to make positive impact on the market.

According to a report by Grand View Research, Inc.; the worldwide lubricants market is predicted to attain a valuation of USD 68.54 billion through 2022. Lubricant is a substance used for reducing friction between two surfaces.

Increasing demand from construction, automotive, and industrial machinery can propel demand for lubricants during the forecast period (2012 to 2022). In addition, growing Research and development (R&D) initiatives like development of bio-based products to reduce harmful environmental effects are also expected to further boost market growth. Also, growing demand for oilfield chemicals due to increasing drilling and exploration activities are likely to make positive impact on the market.

Growing sales of motorcycles, high demand for heavy-duty trucks and other commercial vehicles and lightweight passenger cars has increased production in the automotive sector on the global scale, which is considered favorable for the development of lubricants market. In addition, increasing use of polyamide resins has boosted the requirement for lubricants like stearic acid derivatives, montanic waxes, and modified ethylene waxes.

Full Research Report On Lubricants Market Analysis:
https://www.grandviewresearch.com/industry-analysis/lubricants-market

Global lubricants market volume by product, 2012 – 2022 (Million Tons)

Global lubricants market volume by product, 2012 - 2022 (Million Tons)

Recycling used lubricants is a major issue that has contributed to enforcement of strict regulations from various agencies worldwide. The international market is controlled by policies from several environmental agencies like the United States Environmental Protection Agency (U.S. EPA), the European Chemicals Agency (ECHA), and Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH). For example, in Europe, lubricant products manufactured or imported are necessary to be preregistered with REACH and comply with the ECHA rules. Similarly in the US, guidelines are set by EPA for ensuring toxicity, biodegradability, and labeling of lubricants.

The global lubricants market can be fragmented on the basis of products and regions. Based on products, the market is trifurcated into commercial automotive, consumer automotive, and industrial. The industrial products can be further classified into general industrial oils, process oils, industrial engine oils, metal working fluids, and others. In 2014, industrial lubricants emerged as the major segment with a volume of around 14.40 million tons. Commercial automotive can be further classified into hydraulic and transmission fluid, gear oil, heavy-duty engine oil, and grease. Consumer automotive can be further categorized into passenger vehicle and motor oil, gear oil, automatic transmission fluid, and grease.

View More Reports Of This Category By Grand View Research At: https://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives

Geographically, the market for lubricants can be divided into North America, Europe, Asia Pacific, Central and South America, and Middle East and Africa. In 2014, Asia Pacific was estimated as the largest market with over 40% of the total market share in terms of volume. The region is expected to grow at a CAGR of 3.0% over the forecast period. Rising automotive sales is expected to boost the market growth in the region. Growing industrial production in China and India is projected to drive the industrial lubricants demand. Rising construction spending in the region is also considered as one of the key drivers for the market. These products are widely used in construction as well as infrastructure sectors for various purposes such as engine oil, hydraulic oil, wire rope, and bearings.

Europe is anticipated to generate considerable growth on account of increasing demand from end use application sectors. Central & South America, on the other hand, may attain low volume share, but is likely to display momentous growth during the forecast period. This expansion is attributed to escalating automotive and construction industries in the region.

Some of the leading companies working in the global lubricants market include ExxonMobil, Shell, Chevron, and BP. Many market players are involved in acquiring small companies for expansion of their worldwide reach and for easy access to local markets and hefty global share. Technological developments, business sell-offs and collaboration agreements are also considered as some other key activities taking place in the competitive segment of the market.

To put this in perspective, on May 16, 2017; Bel-Ray, manufacturer of total performance lubricants launched a new mining product called Molylube Open Gear and Rope Lubricant. It is a heavy-duty multiservice aerosol spray. This aerosol lubricant can offer water resistance, anti-wear, and protection against rust and corrosion associated with mining applications. This mining lubricant can provide resistance to gear teeth and can be used in rack and pinions, girth gears, and open gear, which are present in different types of equipment including shovels, draglines, kilns, mills, and stationary as well as mobile cranes. This product can also be utilized in pins and bushings, chains, general industrial open gears, wire ropes, drive chains, cables, and sliding surfaces.

Access Full Press Release Of This Report By Grand View Research: https://www.grandviewresearch.com/press-release/global-lubricants-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: www.grandviewresearch.com

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
State: California
Country: United States
Website: www.grandviewresearch.com/industry-analysis/lubricants-market

Calendar

February 2018
M T W T F S S
« Jan    
 1234
567891011
12131415161718
19202122232425
262728  

Latest News

MECOOL M8S Pro+ TV Box is very popular in EU review, Introduced by Top 10 TV Boxes, with VIVIBRIGHT GP100 Projector featuring 3200 lumens recommended

Read Full Article

Alfawise S95 TV Box (2+16GB) On Sale, introduced by Top 10 TV Boxes, with Xiaomi Mi Robot Vacuum Cleaner recommended

Read Full Article

Automotive Filter Market amounted to USD 5.6 Billion in 2016 and it is expected to expand at a CAGR of 8.8 % during the forecast period 2017-2024.

Read Full Article

Automotive Radiator Market size is over USD 14.2 Billion in 2024 with 4.5% CAGR estimation from 2017 to 2024, According to Research Nester

Read Full Article

FIWIA.org Releases Report on Storm Tight Window and Door

Read Full Article

EliKine™ Human Beta-NGF ELISA Kit is Officially Released by Abbkine

Read Full Article

SCISHION V88 TV Box review, featuring Quad-core CPU, Introduced by Top 10 TV Boxes, with Beelink GS1 6K TV Box recommended

Read Full Article

Discount Romeo Santos Tickets: CapitalCityTickets.com is Slashing Their Prices on Romeo Santos Concert Tickets for his 2018 North American Tour Dates with Promo Code

Read Full Article

Judas Priest Concert Tickets: CapitalCityTickets.com is Slashing Their Prices on Judas Priest Concert Tickets for their 2018 Tour Dates

Read Full Article

Kevin Hart Tickets: CapitalCityTickets.com is Slashing Their Prices on Kevin Hart Comedy Tickets for his 2018 “Irresponsible Tour” Dates

Read Full Article

Spring Training MLB Tickets: CapitalCityTickets.com is Slashing Their Prices on 2018 Spring Training Baseball Tickets at Venues Nationwide

Read Full Article

Jason Mraz Tickets: CapitalCityTickets.com is Slashing Their Prices on Jason Mraz Concert Tickets for his 2018 Good Vibes Tour with Promo Code

Read Full Article