Lubricants Market to grow at 2.18% CAGR during (2019-2024) | Analysis by Key-Brands, Value-Chain, Trends, Restraints, Drivers, Regulatory Policy & Business-Opportunities

OrbisResearch.com has published “Lubricants Market-Growth, Trends, and Forecast (2019-2024)” report to its research store.

The market for lubricants is expected to register a CAGR of 2.18% during the forecast period (2019-2024). The major factor driving the market studied is the increasing demand for, and the usage of, high-performance lubricants (owing to their better and improved properties, such as reduced flammability, reduced gear wear, and increased service life). However, increasing drain intervals in the automotive and industrial sectors are expected to hinder the growth of the market studied.
- Engine oil dominated the market in 2018, and is expected to grow during the forecast period, as it is widely used to lubricate internal combustion engines.
- Growing prominence for bio-lubricants is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption coming from the countries, such as China and India.

Request a sample of lubricants market @ https://www.orbisresearch.com/contacts/request-sample/3585876

Key Market Trends

Demand from the Growing Wind Energy Sector
- Gear oils find application in wind turbines, for lubrication of the main gearbox and other gear motor components.
- The lubricant requirements in wind turbine gearboxes are more stringent, compared to other industrial gear oils. This is because of the high temperatures, bearing wear, corrosion and oxidation, and load weights involved during the process of power generation.
- There is a rising demand for synthetic gear oils in wind turbines, due to their enhanced properties, over their mineral-based counterparts, owing to the performance additives used during the formulation of synthetic oils, as per the requirement.
- Power generation from wind energy is growing at a rapid pace, globally, with continuously increasing installed capacities of wind turbines every year.
- The decrease in prices in the offshore industry has been one of the major contributors to the growth of the wind power generation market, by generating investments in the offshore industries in the European, North American, and Asia-Pacific regions.
- According to the Global Wind Energy Council, the cumulative wind power capacity is expected to reach over 790 GW by 2020, with healthy YoY growth rates.
- Despite facing competition from solar power generation, the wind power sector is expected to continue its growth during the forecast period. This, in turn, is expected to boost the demand for gear oil and overall lubricants in a significant manner.

Asia-Pacific Region to Dominate the Market

The Asia-Pacific region dominated the global market share in 2018. With growing automotive production and the increasing need for wind power in countries, such as China, India, and Japan, the usage of lubricants is increasing in the region. China is the largest lubricant consumer in the region, and the world, followed by the United States. Apart from automotive and wind power, the chemical manufacturing is another prominent end-user industry in China. Many major companies in the market have their chemical plants in China. These companies have increased their production capacities, which, in turn, may increase the consumption of lubricants. India was the world’s fifth-largest and sixth-largest producer of commercial vehicles and passenger cars, respectively, in 2018, and the automotive sector accounts for the largest share of the lubricant consumption in India. This can be majorly attributed to the diverse aftermarket sales of lubricants in the country. Major OEM manufacturers rely on agreements with different lubricant producers during production, as well as the aftermarket service. Apart from the existing tie-ups, recent tie-ups made by few manufacturers in the sector are expected to boost the lubricants supplied through this route in India. The aforementioned factors in China and India are contributing to the increasing demand for lubricants consumption in the region, during the forecast period.

Browse the full report@ https://www.orbisresearch.com/reports/index/lubricants-market-growth-trends-and-forecast-2019-2024

Competitive Landscape
The lubricant market is consolidated among the top ten players. The top five players account for about 40% of the market. The major companies include Royal Dutch Shell PLC, Exxon Mobil Corporation, BP PLC, Chevron Corporation, and Total SA.

Few points from Table of Contents:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Continued…

Direct purchase a single user copy of the report@https://www.orbisresearch.com/contact/purchase-single-user/3585876

About Us:
Orbis Research (orbisresearch.com) is a single point aid for all your market research requirements. We have vast database of reports from the leading publishers and authors across the globe. We specialize in delivering customized reports as per the requirements of our clients. We have complete information about our publishers and hence are sure about the accuracy of the industries and verticals of their specialization. This helps our client’s to map their needs and we produce the perfect required market research study for our clients.

Contact Info:
Name: Hector Costello
Email: Send Email
Organization: Orbis Research
Address: 4144N Central Expressway, Suite 600, Dallas, Texas - 75204, U.S.A
Phone: +1 (210)-667-2421
Website: https://www.orbisresearch.com/reports/index/lubricants-market-growth-trends-and-forecast-2019-2024

Release ID: 88912342