January 03, 2019
WELLESLEY, Mass., Jan. 03, 2018 – Stemming from the rise in new vehicle sales, demand from emerging economies, government regulations and the use of high-performance lubricants, lubricants are in high demand across the globe, according to BCC Research.
The global market for lubricants was valued at $146.1 billion in 2018 and is expected to reach $166.0 billion by 2023 at a compound annual growth rate (CAGR) of 2.6% during the forecast period, according to the report “Lubricants: Global Markets to 2023.”
Key players in the industry include: Royal Dutch Shell plc (RYDAF), Exxon Mobile (XOM), BP plc (BP), Chevron Corp. (CVX), Total S.A. (TTFNF), PetroChina Co. Ltd. (PTR), Idemitsu Kosan Co., Ltd. (IDKOF), Sinopec (SNPMF), FUCHS Petrolub SE (FUPBY), Valvoline and Gulf Oil International.
“Asia-Pacific has emerged as a major market for lubricants,” the report states. “The region’s increasing population and growing automotive and manufacturing industry are key drivers of its lubricants market. Currently, China, India and Japan hold the largest market shares of the lubricants market in Asia-Pacific. China has passed the U.S. as the largest consumer of lubricants in the world.”
Factors Hindering Growth in the Global Lubricants Market
The increased electrification of vehicles from combustion engine vehicles is one restraint to the global lubricants market, as battery electric vehicles do not use engine oil. Additionally, extending oil drain intervals are limiting growth of the market, as more companies are developing formulations to prolong the life of engine oil.
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Lubricants: Global Markets to 2023( CHM116A )
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