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The global lubricants market is projected to grow at an annual rate of 2.5 percent between 2014 and 2019 and be worth $162.3 billion by 2019, according to a recent report by MarketsandMarkets.
Asia-Pacific is the fastest growing lubricants market, with an annual growth rate of 3 percent between 2014 and 2019. Asia-Pacific, the Middle East and Africa are the regions expected to drive the lubricants materials market. These markets together accounted for nearly 51 percent of the total market in 2013.
The growth of end-user industries in key countries such as China, India, South Africa, Brazil and Iran is driving the growth of the lubricants market. The Chinese market is the largest lubricants market, comprising more than 56 percent of the total Asia-Pacific market in 2013. The Chinese market is estimated to grow at a high rate over the next five years due to increasing industrial activities in the country. It surpassed the top lubricants market — the United States — in the recent past and is projected to continue to dominate the lubricants market. The North American market has reached a mature stage and is expected to register sluggish growth.
The adoption of bio-based lubricants to reduce harmful environmental effects is the current trend in the lubricants market and is boosting the overall growth of the market. The need to enhance fuel efficiency of vehicles has led to replacement of traditional materials with synthetic lubricants. This trend also has a high influence on the overall market.
The growing automotive sector and industrial production have resulted in enhanced demand for lubricants. In terms of volume, the transportation segment accounts for the largest share at nearly 57 percent of the total lubricants market. The transportation industry is increasingly utilizing synthetic and bio-based lubricants to replace conventional lubricants. The shift is primarily attributed to the higher performance characteristics of synthetic and bio-based lubricants and stringent vehicle emission regulations.
The top companies in the lubricants market include Shell, Lukoil, Exxon Mobil, BP, Total and others.
For more information, visit www.marketsandmarkets.com.