NEW YORK, March 9, 2021 /PRNewswire/ — From 66 million in 2005, worldwide vehicle sales jumped to 91 million in 2019, as per Organisation Internationale des Constructeurs d’Automobiles (OICA). Due to the expanding automotive industry, the global lubricants market is predicted to grow from $95,403.9 million in 2019 to $115,350.6 million by 2030, witnessing a 2.3% CAGR between 2020 and 2030, according to the market research report published by P&S Intelligence.
The automotive sector is one of the biggest end users in the lubricants market, as such fluids find widespread application in automobiles. The crankcases of engines are widely lubed in order to reduce friction between components that are in contact. This not only reduces wear and tear, but also keeps the vehicle running smoothly and with the optimum mileage. With people’s rising disposable income and strict norms regarding vehicular emissions and fuel efficiency, the consumption of lubricants in the auto sector continues to rise.
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During the COVID-19 pandemic, the lubricants market is witnessing negative growth. Not only have the lockdowns implemented in several nations led to the closure of a large number of manufacturing plants, but non-essential movement has also been curtailed. Thus, due to few people using their personal vehicles, or using them at a much smaller scale than before, the need to regularly lubricating them has reduced.
Browse detailed report with COVID-19 impact analysis on Lubricants Market Research Report: By Base Oil (Mineral Oil, Synthetic Oil, Bio-Based Oil), Product Type (Engine Oil, Transmission and Hydraulic Fluid Oil, Gear Oil, General Industrial Oil, Grease, Metalworking Oil, Process Oil), End User (Automotive and Other Transportation, Heavy Equipment, Food and Beverages, Metallurgy and Metalworking, Chemical) – Global Industry Analysis and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/lubricants-market
In the past, the engine oil category held the largest share in the lubricants market, based on product type. The growing automotive industry, on account of the rising demand for vehicles for public and private transport, has been pushing the demand for engine oil. Engine oils play a vital role in making vehicles fuel-efficient, which is one aspect of transportation almost every vehicle owner worries about presently.
APAC has been the most-productive region in the lubricants market in the past few years. As regional countries have weaker environmental regulations and offer lower manufacturing costs than North American and European countries, lubricant manufacturers based in the latter two regions are shifting their production base to APAC.
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The highest CAGR in the lubricants market is predicted to be observed in the Middle East and Africa (MEA) region during the next decade. As the largest oil-producing region on earth, the MEA boasts low lubricant prices, which encourage their wide adoption in industries. Further, with regional countries taking steps to reduce their dependence on oil and gas trade, they are giving impetus to other industries. Thus, with the construction of more manufacturing plants, the consumption of lubricants would rise massively here.
The most prominent companies in the global lubricants market are BP p.l.c., PetroChina Company Limited, Royal Dutch Shell p.l.c., China Petroleum & Chemical Corporation (Sinopec), Idemitsu Kosan Co. Ltd., FUCHS PETROLUB SE, Illinois Tool Works Inc., Chevron Corporation, Castrol Ltd., Buhmwoo Chemical Ind. Co. Ltd., Hindustan Petroleum Corporation Limited, Petróleo Brasileiro S.A., Valvoline Inc., PT Pertamina, Lukoil PJSC, Zeller+Gmelin GmbH & Co. KG, ENEOS Holdings Inc., Amsoil Inc., Petrofer Chemie H.R. Fischer GmbH Co. KG, Indian Oil Corporation Limited, Phillips 66, Total S.A., Gazprom Neft PJSC, Petroliam Nasional Berhad (PETRONAS), Exxon Mobil Corporation, Blaser Swisslube AG, Eni SpA, and Bharat Petroleum Corporation Limited.
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