In a time when saving resources and energy as well as cutting emissions have emerged as the prime environmental concerns, lubricating oils are majorly generating public awareness. The increasing vehicle ownership in a number of developing nations is a key factor stimulating the market for lubricating oils. There is a soaring demand for a wide range of manufactured finished goods globally in addition to the growing need for expanding production capacities. This has resulted in manufacturers relying on machinery for the automation of their processing and production activities. Thus, the increasing significance of such machinery and the requirement to prevent the failure of equipment owing to the absence of lubricity and excess friction will also positively impact the global lubricating oil market.
This study encapsulates a thorough analysis on the market and also presents information on the market’s expansion in key regions, major development trends, and the players dominant in the market. In order to present a comprehensive understanding of the market, the analysis within the report is categorized on the basis of product, application, and geography. Market projections and estimates have been presented in thousand gallons for all the major regions dominant in the market.
The report entails information for the years ranging from 2012 to 2018. The study also entails an evaluation on the lubricating oil market in terms of both volume and revenue. Market dynamics such as trends, drivers, opportunities, and challenges and their respective impact on the growth of the market also form a key part of this study.
Overview of Lubricating Oil Market
Lubricating oils are majorly employed in the reduction of wear, heat and friction between mechanical parts that are in contact with each other. Hence, lubricating oils are primarily utilized in vehicles, internal combustion engines, industrial gearboxes, hydraulic systems, and turbines. There are two main types of lube oils, namely synthetic and mineral lubricating oil. Crude oil or naturally occurring petroleum is utilized for refining mineral lubricating oils, while synthetic lubricating oils refer to manufactured polyalphaolefins, which are ester oils or hydrocarbon-based polyglycols.
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The exponentially growing automobile industry and the rapidly increasing industrialization globally are amongst the prime factors propelling the growth of the lubricating oil market. In addition, the increasing modernization of industrial machinery and the growing demand for low viscosity fluids in the automotive industry will also positively impact the development of the market.
On the basis of end use, the market is segmented into construction, transportation, automotive, and industrial machinery. Amongst these, the utilization of lubricating oils is the highest in the automotive industry. Automotive lubricants are utilized within the crankcase of vehicle engines for ensuring smooth operation. On the other hand, industrial machinery is also a prime end-use segment in the global lubricating oil market.
On the basis of geography, the market is segmented into Asia Pacific, North America, Europe, and Rest of the World (RoW).
Key Players in the Lubricating Oil Market
The prominent players dominant in the global lubricating oil market are Mident Industrial Company Ltd., Flopower Industry Company Limited, Shijiazhuang Heavy Pump Company Limited, and Chongqing Tongrui Filtration Equipment Manufacturing Co. Ltd., among others.
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