Overview The increasing depletion of crude oil resources and the increasing awareness about their environmental implications have led to the development of environment-friendly lubricants. This is because crude oil based lubricants have health implications and are also a cause of pollution that environment-friendly products are free of.
Revolutionizing the automotive and industrial sectors The global lubricants market is expected to reach USD Considerable growth of industrial and automotive industries across the globe has positively impacted the market demand.
Also, the rapid growth in BRICS nations along with the rising government regulations regarding environmental protection is expected to fuel the demand for lubricants over the years to come. Lubricants, defined as a substance that is generally used to reduce the friction as well as wear between surfaces that are in mutual contact, mainly in vehicles.
However, they may also be used to eliminate heat and remove debris, transmit power, protect, or supply additives into contact, depending on their nature.
The growing adoption of lubricants in automotive industry is primarily due to the prices of convention fuels, augmenting demand for heavy duty vehicles as well as light passenger vehicles and rise in average lifespan of the vehicles. In addition, several stringent guidelines have been introduced by the government that may further propel the market demand.
Environmental Protection Agency EPA has set various guidelines as well as control techniques regarding carbon emissions in vehicles, which has in turn increased the demand for fuel efficient passenger cars. Moreover, mandatory minimum quality standards for imported and blended lubricants and greases must be met by the market participants.
With the increasing need for enhancing fuel efficiency in vehicles, the traditional materials are getting replaced by synthetic lubricants.
The harmful environmental effects are being reduced, as the consumers have started adopting bio-lubricants. However, the high prices for bio-based lubricants may pose a challenge to the market growth. Also, with the advent of hybrid-electric vehicles, the lubricants market is likely to get affected.
Additionally, the life cycle cost of hybrid-electric vehicles, including maintenance and fuel cost, and cost of purchase, is much lower than that of conventional vehicles Some of the key companies operating in the industry include BP p.The growing automotive industry as well as rapid industrialization, primarily in the Asia Pacific region coupled with several stringent regulations of the government in favor of bio-based lubricants is expected to drive the market over the forecast period.
The report titled “Global Lubricants and Base Oil Market: Trends & Opportunities ( Edition)” analyzes the global lubricants and base oil market, with exhaustive discussion on demand of lubricants in different region across the globe in volume terms. The global industrial lubricant market is expected to grow to 70 billion USD by the end of the year with a CAGR of % till A wide range of application in sectors like, Chemical Industries, Mining, Construction, Electronic, Food processing, Automotive are driving the market growth of .
The report is a complete study of current market trends, growth drivers, and restraints that will impact the growth of the global bio based lubricants market between and Using validated research tools and assumptions, the report presents market size estimates and competitive structure of the market until the end of the forecast Location: State Tower, 90 State Street, Suite , Albany, The global biolubricants market is expected to reach USD billion by , according to a new report by Grand View Research, Inc.
Increasing passenger car sales in emerging economies is one of the major drivers of industry expansion in recent years. The favorable regulatory framework is expected to encourage the production & consumption of bio .
The global lubricants market was valued at $ bn in and is forecast to grow at a steady CAGR of % between and , culminating in global sales of $ bn.