Global lubricants market size is predicted to grow to a value of $ xx billion till 2025, evolving at a CAGR of xx% during the foremost period. The demand for lubricants is increasing due to the developing automotive and transportation industry, changing government rules and the efficiency and benefits they provide. The transportation industry has the largest share of 57% in the global lubricants market due to the use of bio-based and the synthetic lubricants which are replacing conventional lubricants.
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On the basis of products, the lubricants market has been making the maximum revenue from mineral oil lubricants, accounted for almost more than 80% followed by synthetic, bio-based lubricants. As per the market analysis the bio based lubricants section is predicted to grow with the highest CAGR over the forecast period. Based on lubricants markets’ applications analysis, automotive sector held the largest market share in 2014 and is anticipated to grow with a CAGR of xx% in the coming years. The demand for bio based lubricants amongst consumers is increasing given to their renewable and bio degradable nature thus making them stay in the environment for a shorter period of time. They can also be consumed in lessor quantities compared to traditional lubricants. In BRIC countries, fast growth in demand for energy is anticipated to grow the lubricants industry over the forecast period.
The lubricants market growth is also driven rapidly by the stringent rules and regulations standardized by the governments. The guidelines standardized by the U.S. Environment Protection Agency (EPA) have drastically reduced the carbon emissions from vehicles as per the Clean Air Act, applied from October 2008 and has increased the value and demand for fuel-efficient cars. The new age of digitalization has promoted the sales of intelligent and connected cars with joint electronic systems which imply safety and control for purchasers. The global lubricants market size is predicted to benefit from this development and the consumer demand for upgraded passenger cars with efficient functioning will be on a rise.
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Major lubricant manufacturers are coming together to find easy solutions for issues faced with traditional lubricants. New innovations in industry is boosting the production of efficient lubricants like bio based ones. Companies are also going for OEM alliances for better emergence of technologies and strategies. OEM’s bridge the gaps between industry experts and manufacturers with their knowledge and expertise to provide product and services satisfaction to consumers. In a recent initiative, Shell announced its new mobile chat application named ‘LubeChat’ to help customers attain efficient services with lubricants. The companies which are focusing on the global lubricants market are ConocoPhillips, Pemex, PetroChina, Kuwait Petroleum Corporation, Royal Dutch Shell, Castrol, British Petroleum, Valvoline, Petronas, Pertamina, Caltex Australia Group, Chemtura Corporation, Exxon Mobil Corporation and many more.
China saw the highest number of manufactured motor vehicles in the year 2017, more than 20 million followed by USA and Japan. This production rate is bound to increase the demand for lubricants in these countries. USA saw the highest manufacturing of commercial vehicles thus increasing the demand for synthetic lubricants.
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