Kenneth Research recently added a report on the Global Lubricants Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
By Product (Greases, Synthetic, Bio-based, Mineral Oil), Application (Transportation, Industrial and Machinery) and Regional Market Size, Status and Forecast to 2025
The global Lubricants Market was valued at USD 147.63 billion in 2016 and is projected to reach USD 179.57 billion by 2025, growing at a CAGR of 2.2% from 2017 to 2025.
Lubricants have been predominantly been in huge demand. The demand for these products is expected to grow at a steady rate due to large scale commercialization. The rise in manufacturing activity especially in India and China is expected to force manufacturers to focus on emerging countries rather than the developed countries.
1. Market Drivers
1.1 Rise in manufacturing activity in Asia Pacific
1.2 Increase consumer awareness regarding bio-based lubricants
2. Market Restraints
2.1 High price of synthetic and bio-based lubricants
2.2 Steadily growing demand for electric vehicles
The global Lubricants Market is segmented on the product, application, and region.
1. By Product:
1.1 Mineral Oil
2. By Application:
2.2 Industrial and Machinery
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
2. Royal Dutch Shell PLC
3. BP PLC
4. Exxonmobil Corporation
5. Total SA
6. Fuchs Petolub SE
7. Sinopec Limited
8. Petrochina Company Limited
9. Chevron Corporation
10. Idemitsu Kosan Co. Ltd.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Lubricants Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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