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The global independent lubricant manufacturers' market is expected to reach $8.5 billion by 2019, according to a new report by Transparency Market Research.
Growing applications in the automotive and industrial sectors are likely to drive the market growth rapidly over the coming years. However, volatility in mineral oil prices and the high cost of bio-based lubricants are some of the key challenges that are expected to confine the market growth. Increased research and development efforts are expected to pave the way for new opportunities for independent lubricant manufacturers worldwide.
The independent lubricant manufacturers market is classified based on key product segments including automotive and industrial lubricants. The industrial lubricants product segment dominated the overall market in 2012. Rising automotive sales are expected to fuel the demand for automotive lubricants over the forecast period. Independent lubricant manufacturers generally supply lubes to OEM car manufacturers and heavy industries, namely mining, steel and agricultural industries.
The Asia-Pacific region dominated the global independent lubricant manufacturers market, accounting for more than 40 percent of the overall market share in 2012. It was followed by North America and Europe. A significant growth in automotive sales was witnessed particularly in the United States, which is expected to create new opportunities for U.S. independent lubricant manufacturers.
The report, "Independent Lubricant Manufacturers' Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019," analyzes and estimates the performance and market of independent lubricant manufacturers globally, providing detailed trend analysis of the market by geography and comprehensive analysis of companies that are dealing in lubricants.
To browse the full report, visit www.transparencymarketresearch.com/independent-lubricant-manufacturers.html.