The global lubricant market is predicted to reach $68.54 billion by 2022, according to a new study by Grand View Research Inc. Growth of the automotive industry in the emerging markets of Asia-Pacific and Latin America is expected to drive automotive lubricant demand. This market is characterized by the growing demand for engine oils, transmission fluids and hydraulic fluids in both commercial and consumer automobiles. Increasing sales of passenger cars and motorcycles should further strengthen the trend over the forecast period. Rising industrial output in China, India, Brazil and Russia is projected to drive the demand for industrial lubricants.
The global lubricant market was 36.36 million tons in 2014 and is expected to reach 43.87 million tons by 2022, growing at a rate of 2.4 percent from 2015 to 2022.
Industrial lubricants emerged as the largest product segment and accounted for more than 39 percent of the total market volume in 2014. Increasing consumption of general industrial lubricants and process oils in industrial machinery such as centrifuges, rotary compressors, air compressors and machine bearings is expected to drive industrial lubricants demand over the forecast period.
Asia-Pacific was the largest lubricant market and accounted for more than 40 percent of the total market volume in 2014. High industrial production in China and India is expected to drive industrial lubricant demand, which in turn is expected to complement regional market growth. Increasing automotive sales in the region is projected to further complement the regional market growth.
The global lubricant market is fragmented among the top four companies: Shell, ExxonMobil, BP and Chevron. These companies, which account for more than 42 percent of the total market share, are actively establishing strategic alliances with end users in order to secure their lubricant sales.
For more information, visit http://www.grandviewresearch.com/industry-analysis/lubricants-market.