According to a new market report published by Credence Research Global Lubricants Market– Growth, Future Prospects & Competitive Analysis, 2017 – 2025, the Global Lubricants Market is expected to reach US$ 75.6 Bn by 2025, expanding at a CAGR of 3.3% during the forecast period 2017 – 2025.
Browse the full Global Lubricants Market by Product Type, Application and Geography – Growth, Future Prospects & Competitive Analysis, 2017 – 2025 report at https://www.credenceresearch.com/report/lubricants-market
Lubricants market is projected to witness significant growth with increasing demand end use industry for the variety of lubricants. Transportation sector to remain the key driver in global lubricants market. Rapid growth in number of passenger vehicles sales due to growth in disposable income of the consumers across the globe is projected to fuel the demand for the demand for the lubricants over the forecast period. Growing international trade fueling the demand for the commercial vehicles, marine services and cargo aircrafts. Growth in number of commercial vehicles, cargo aircrafts and marines for the transportation of goods is anticipated to drive the demand for lubricants. Further, growth in population driving the demand for the finished products which in turn is fueling the demand for lubricants over the forecast period. Increasing investment in expansion of manufacturing units especially in the emerging economies including China, India, Brazil and others are anticipated to witness high growth in demand for lubricants during the forecast period. However, high prices of synthetic and bio based lubricants is anticipated to hamper the growth of lubricants market during the forecast period (2017-2025).
Global lubricants market is segmented on the basis of product type, application and geography. By product type, mineral oil lubricants segment was estimated to be the largest segment among all the source segments and anticipated to maintain its position over the forecast period. Easy availability along with low prices are the factors anticipated to drive the growth of the segment during the forecast period. By application, in 2016 transportation segment was the most dominant segment accounting for largest revenue share in global lubricants market. Growing sales of passenger and commercial vehicles, growth in number of air passengers along with increasing demand for marine and cargo air services due to growing international trade is projected to drive the growth of the segment during the forecast period (2017-2025). On the basis of geography, Asia Pacific was estimated to be the largest market for lubricants in 2016. Increasing sales of automobiles especially in China and India along with increasing trade from the region is projected to spur the demand for lubricants in the region during the forecast period.
Major players in global lubricants market are investing in expansion of production capacity, merger and acquisition with focus on increasing market penetration.
Overall, global lubricants market is anticipated to register significant growth over the forecast period (2017-2025).
- Merger & Acquisition
- Production capacity expansion
- Investment in research and development