Post Covid-19 Update: Lubricants Market To Reach USD 196.2 Billion In 2027 | CAGR 2.2% — Forencis Research
Global Lubricants Market: Key Highlights
- According to the new market research report “Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, and Others) by Product Type (Grease, Engine Oil, Hydraulic Oil, Gear Oil, Coolant Liquids, Compressor Oil, and Others) by Application (Automotive and Industrial) by Region (Asia Pacific, North America, Europe, Middle East & Africa, and South America) — Global Forecast From 2020 To 2027”, the global lubricants market is estimated to reach USD 196.2 Billion in 2027 at a CAGR of 2.2% during forecast period 2020–2027.
- Constant demand from the automotive sector and increasing demand for high-performance lubricants are expected to boost the global lubricants market
- However, increasing demand for electric vehicles and fluctuation in crude oil prices is expected to hinder the market growth up to a certain extent
Global Lubricants Market: Key Market Dynamics
- Continuously growing replacement market due to growing awareness among consumers is anticipated to boost the demand for lubricants in the automotive sector.
- Moreover, growing demand for high-performance lubricants is also a key factor behind the growth of the market
- Furthermore, the growing e-commerce industry globally is anticipated to create an opportunity for the market growth uphill
- However, increasing demand for electric vehicles and fluctuation in crude oil price is expected to hinder the market growth up to a certain extent
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Global Lubricants Market: Regional Overview
The Asia Pacific region is expected to account for the largest shares of the global lubricants market. This highest growth can be attributed to the presence of the huge industrialization coupled with rising in process automation in emerging economies. Moreover, increasing population accompanied by the growing spending in the industrial sector and increasing infrastructure sectors in developing countries is expected to drive the lubricants market in the Asia Pacific region
Strong growth in the industrial and automotive sectors is the major driving factor behind the growth of the lubricant market. The total turnover generated by the automotive sector represents 7% of Europe’s total GDP. The growth and decline of the automotive sector are directly affecting the economy of Europe. Thus European countries are continuously focusing on to develop new technology in the automotive sector which is expected to grow the whole automotive sector. These factors are expected to grow the lubricant market during the forecast period.
Global Lubricants Market: Key Players Overview
- Royal Dutch Shell
Royal Dutch Shell is one of the leading company in the lubricant market. The company associated with the production, exploration, refining, and marketing of oil &natural gas. Royal Dutch Shell also offers the marketing and manufacturing of the chemicals. In March 2019, Royal Dutch Shell introduced specially designed fluids for battery electrical vehicles. The new fluids include E-transmission fluids, E-thermal fluids, and E-greases which help to increase the performance of EVs and be more efficient.
- Exxon Mobil Corporation.
Exxon Mobil Corporation is a publicly-traded international oil and gas company. The company continuously develops technologies to deliver energy and hold the market position in the global market. Exxon Mobil Corporation engaged in manufacturing the sell crude oil, natural gas, and petroleum products. In November 2019, Exxon Mobil Corporation and GE together launched turbine oil by name SHC 918 EE. the product was manufactured by new technology, which will help to improve the bearing efficiency up to 15.
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