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(MoneyNewsWire.Net, June 03, 2018 ) The global lubricants market is expected to register a CAGR of 2.19% during the forecast period, 2018 to 2023. Asia-pacific is the major consumer of lubricants across the globe holding a global share of almost 45%. It is also likely to expand at a faster CAGR during the forecast period 2018-2023. This is due to the presence of largest manufacturing base in Asia-Pacific coupled with shift of manufacturing activities from the United States.
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RISING AUTOMOTIVE PRODUCTION GROWTH IN ASIA-PACIFIC AND EUROPE
Lubricants are primarily used by OEMs during the production of automobiles. These are also used extensively in the automotive refinish and aftermarket. With rising consumer spending and growing population in Asia-Pacific, the global automotive production has been increasing constantly. According to ACEA (European Automobile Manufacturers Association), the global production of motor vehicles was about 96.1 million units in 2016. Asia-Pacific and Europe have been the prime regions supporting the growth of automotive production, with year-on-year growth rates of 7.6% and 2.5% respectively for 2015-16.
AUTOMOTIVE SECTOR TO DOMINATE THE GLOBAL LUBRICANTS MARKET
Automotive industry requires lubricants pre and post production of the automobile. The increase in the sales of automobiles in developing nations and the growth in aerospace, marine industries is to support the consumption of lubricants. The increasing production and sales of light-duty vehicles is estimated to have a direct impact on lubricant consumption, which, in turn, is anticipated to drive the demand for lubricants during the forecast period. Engine designs have been continually improved to enhance performance, increase efficiency, and at the same time, meet environmental emission regulations. In 2015, 52% of the world lubricant demand, came from the automotive industry alone.
CHINA AND INDIA TO BE THE KEY GROWING MARKETS
China is the largest lubricant market and is expected to remain so, irrespective of the economy witnessing slow economic growth. The government is focusing on replacing the obsolete equipment, in turn increasing the demand for improved and high performance lubricants. India is the second largest lubricant market in the region and the third largest in the world. The country is expected to be one the major contributor to the lubricants market, as the international many manufacturers are focusing on launching new products in the country for both automotive and industrial segments.
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Notable Developments in the Market
Jul 2017: ExxonMobil Corporation entered an agreement with GE, for the supply of lubricants for GE’s Jenbacher gas engines
Jul 2017: Chevron Corporation divested its majority stake in Chevron Oil Nigeria PLC, to another Nigerian indigenous downstream player, MRS Group.
Major players in the market include SHELL, EXXONMOBIL, BP, CHEVRON, TOTAL, etc. and other market players include ROYAL DUTCH SHELL, CHINA PETROCHEMICAL CORP. (SINOPEC GROUP), FUCHS PETROLUB SE, JXTG NIPPON OIL & ENERGY CORPORATION, VALVOLINE INC., LUKOIL, PETRONAS LUBRICANTS INTERNATIONAL, PT PERTAMINA, GAZPROMNEFT - LUBRICANTS, LTD., INDIAN OIL CORP. LTD., GULF OIL CORPORATION LIMITED, HINDUSTAN PETROLEUM CORP. LTD., IDEMITSU KOSAN CO., LTD, PETROBRAS, ILLINOIS TOOL WORKS INC. (ITW), TIDE WATER OIL CO. (INDIA) LTD (VEEDOL INTERNATIONAL LTD.), MOTUL, PETROFER CHEMIE H R FISCHER GMBH + CO. KG, REPSOL, SK LUBRICANTS CO. LTD., BHARAT PETROLEUM CORP. LTD., BASF SE, ENI SPA, AMSOIL INC., BECHEM, BLASER SWISSLUBE AG, CALTEX AUSTRALIA GROUP, KLÜBER LUBRICATION and CHINA NATIONAL PETROLEUM CORP. (PETROCHINA).
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