Auto sales, rapid urbanization expand lubricants consumption in APAC region

Auto sales, rapid urbanization to expand lubricants consumption in APAC region

7:16 AM, 19th January 2021
Lubricants Market
Lubricants are essentially organic or synthetic substances that impart properties useful for improving the overall efficiency of engine components by minimizing friction. Surge in automobile sales, as well as rapid urbanization in APAC region, will expand the global lubricant market

Lubricants are essentially organic or synthetic substances that impart properties useful for improving the overall efficiency of engine components by minimizing friction. A significant surge in automobile sales, as well as the rapid urbanization in the APAC region, will expand the global lubricant market forecast over the next few years. As per OICA, vehicle sales reached over 35 million units in 2019 in the Asia Pacific.

Considerable investments in the exploration and generation of conventional as well as unconventional resources have led to an increased demand for oil field chemicals. There is additionally a higher demand for various types of lubricants in manufacturing applications like 3D printing and medical equipment.

A research report compiled by Global Market Insights Inc reveals that the global lubricants market share will cross a yearly estimation of more than $74 billion by 2022. Enumerated below are some of the prominent trends likely to influence the industry forecast over the coming years.

Consistent demand in the industrial sector

Adoption of lubricants across the industrial application grossed more than 35 percent of total industry share in 2014 and this application segment is expected to amass significant revenues through 2022. The growth can be attributed to the rising demand for industrial products across expanding engineering verticals like machinery, mining, and metal forming.

Leading lubricant distributors are consistently working with upstream companies to offer a continuous supply of feedstock to consumers. Global brands including ExxonMobil, BP, Shell and Chevron accounted for 40 percent of the overall market share in 2015. Sinopec, Castrol, PetroChina and Nippon Oil are some of the other major lubricant manufacturers in the business.

Infrastructure development to boost regional trends

US lubricant industry contributed more than $6 million in 2014 and is pegged to witness an exponential growth rate up to 2022 on account of an aging infrastructure in the country. As per the American Society of Civil Engineers, the annual remuneration associated with infrastructure replacement and maintenance in the US will exceed $3.3 trillion by 2020.

 

The Middle East and Africa region will bring significant sales to the global market owing to the vast availability of base oil and low manufacturing costs of lubricants. Severe government norms have also been formulated in eliminating air pollution. Brazil is likely to lead the MEA regional landscape due to increasing infrastructure spending and the expansion of the automobile sector across the country.

Asia Pacific market to gain traction

Asia Pacific can be regarded as a major shareholder in the global lubricant industry considering the rapid developments in the automotive sector, along with a surge in infrastructure requirements from growing economies across the region. China witnessed a higher installation of power plants and the regional market was responsible for close to $6 billion in annual revenue in 2014. Furthermore, a jump in automobile sales with reduced sales tax will augment the regional forecast.

Chevron Lubricants, in November 2020, unveiled its Caltex Meropa EliteSyn XM Series, a refined formula for synthetic industrial gear oils in the APAC region. The product is an industrial lubricant extensively adopted across the mining, construction, and manufacturing sector to lubricate gearboxes operating at an elevated temperature.

Rising consumer preferences from conventional to bio-based fuels as a result of inclining environmental concern to eradicate toxicity may add impetus to the demand for natural lubricants. However, the regulation of initiatives like ECHA and REACH to control recyclability, toxicity, and bioaccumulation could negatively influence the overall industry outlook. The ongoing COVID-19 pandemic had also hampered the supply and distribution of various fuels to a certain extent, but the industries are now back to business and have resumed most operations, complimenting the market potential.

Lubricants market size by application (automotive [hydraulic & transmission fluid, grease, passenger vehicle engine oils, heavy-duty engine oils, automatic transmission fluid, gear oil], industrial [process oils, metal working fluids, general industrial oils, industrial engine oils]), industry analysis report, regional outlook, application potential, price trend, competitive market share & forecast, 2015 – 2022 in details on the link - https://www.gminsights.com/request-sample/detail/356  

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Contact Info:

Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Website: https://www.gminsights.com

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