In 2014, the global market for lubricants stood at $88,230.8 million which is projected to witness a growth rate at a CAGR of 2.6% during the forecast period. This significant growth rate in the lubricants market is ascribed to the factors including growth in the automotive industry, increase in consumer awareness, and government regulations on both fuels and non-fuels.
In several countries, the ministry of petroleum industry has the controlling power of upstream to downstream operations of crude oil and its derivatives, but if the license is issued, then the power of control will be shift to Energy Supply Committee (ESC). In the overall global market, these standards are issued by organizations, including American Petroleum Institute and Japanese Automobile Standards Organization, to monitor and regulate the quality of lubricants.
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On the basis of application, the automotive category is the key application area of the lubricants market. Lubricants for automobiles are basically used in the vehicle engine, to ensure the effective operations of the vehicle engine.
On the basis of geography, the Asia-Pacific (APAC) market held the largest market share in the global market in 2014. The lubricants market in APAC has been growing in recent times, majorly owing to increase in concern for global warming, change in emission regulations, that encourages automobile manufacturers to produce high quality engines which compatible with high quality lubricants. With these reasons, APAC market is expected to register a growth in demand for synthetic lubricants.
The major global market players in the lubricants market are Chevron Corporation, BP PLC, PetroChina Co. Ltd., China Petroleum & Chemical Corporation, Royal Dutch Shell PLC, Fuchs Petrolub SE, Exxon Mobil Corporation, LUKOIL Oil Company, Idemitsu Kosan Co. Ltd., and TOTAL S.A.
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LUBRICANTS MARKET SEGMENTATION
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Saudi Arabia
This post was originally published on Financial Sector