Energia
Lubricant Market to Reach US$9,454.04 Mn by 2025 Due to Rising Demand From Numerous End Use Industries - TMR
According to TMR, the global lubricant market accounted for a revenue of US$6,800.79 mn in the year 2016 and is expected to reach US$9,454.04 mn by 2025-end. The market is expected to expand with a CAGR of 3.80% over the forecast period from 2017 to 2025.
On the basis of application, the automotive segment dominated the global lubricant market and likely to hold the major share in the overall market. Based on the regions, Asia Pacific is anticipated to offer lucrative opportunities for key players. The growth in the region is attributable to the growth of automotive industry coupled with the presence of major suppliers of base oil in the region.
The lubricants market is primarily driven by the extensive demand for lubricant and oils across the automotive industry globally. Growing demand for lubricants and metalworking fluids across industries such as booming automotive sector, marine, aerospace, and manufacturing industries is augmenting the growth of the lubricants market. This growing demand for lubricants is attributable to the properties of the lubricants such as its water and temperature resistance and its lightweight. These properties are widening applications of lubricants across numerous applications, which are propelling growth of the global lubricant market.
Additionally, the rise in demand for high-performance lubricant by various end-use industries in order to obtain better efficiency is supporting growth of the lubricants market. Furthermore, raising awareness assisted by the stringent implementation of governmental regulations, which favors the environmental-friendly lubricants and metalworking fluids. This is a key factor in boosting the lubricants market and likely to remain key factor during the growth of the lubricant market over the forecast period.
Despite these factors, the factors such as continuous fluctuating prices of feedstock and raw materials are restraining growth of the global lubricants market. Across the price, sensitive regions and mainly the developing regions is hampering its adoption due to price fluctuations of the final products, which is restraining the growth of the global lubricants market.
Nevertheless, a growing acceptance of oil additives is expected to offer lucrative opportunities for growth of the market in a positive direction. Additionally, the emergence of bio-based additives is attracting numerous consumers as well as manufacturers, which is expected to boost demand for environmentally friendly products and lubricants. These factors are expected to open numerous doors of opportunities and reflect positively on the growth of the global lubricant market over the forecast period.
This information is encompassed in the report by TMR, titled, "Lubricant Market Opportunity Analysis by Independent Manufacturers (Type - Mineral Lubricants, Synthetic Lubricants, and Bio-based Lubricants; Application - Automotive, Aerospace, Marine, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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