Future of Industrial Lubricants Market Industry
The global Industrial lubricants market is estimated to be worth of $140.5 billion in 2013 and is projected to reach $162.3 billion by 2019 and is growing with a CAGR of 2.5% between 2014 and 2019.
Asia-Pacific is the fastest growing lubricants market, at a CAGR of 3.0% between 2014 and 2019. Asia-Pacific and The Middle East & Africa regions are expected to drive the Industrial lubricants materials market. These markets together accounted for around 51.0% of the total market in 2013. The growing automotive sector and industrial production have led to an enhanced demand for more industrial lubricants. The transportation industry in these regions has a high share in the Motor oil lubricants market.
The Chinese market is the largest for Industrial lubricants comprising more than 56.0% of the total Asia-Pacific market in 2013. The market in China for Industrial lubricants is estimated to grow at a high rate in the next five years due to increasing industrial activities in the country. It surpassed the top lubricants market the U.S. in the recent past and is projected to continue to dominate the lubricants market. The North American market has reached its mature stage, and hence, will register a 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 top companies in the Industrial lubricants market include Royal Dutch Shell plc (TheNetherlands), Lukoil (Russia), Exxon Mobil Corporation (U.S.), BP plc (U.K.), Total S.A. (France) among others. The lubricants market has witnessed number of expansions and new product launches in the recent past.