Global Lubricants Market 2019-2023| Emergence of Bio-Based Lubricants to Boost the Market| Technavio

A new market research study by Technavio on the global
lubricants market projects the market to grow at a CAGR
of close to 3% during the period 2019-2023. This research report
provides an in-depth analysis of the market in terms of revenue, top
drivers, and emerging market trends. It also includes detailed insights
and forecasts for all the market segments across different geographies.

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Technavio has published a new market research report on the global lubricants market from 2019-2023. (Graphic: Business Wire)

Increasing demand from end-user industries

Although the automotive industry is a crucial end-user of lubricants,
the market is also driven by end-users from agriculture, mining and oil
drilling, construction, steel and cement, wind energy, and marine and
aerospace industries. In the construction industry, lubricants are
mainly used in earthmoving equipment owing to their anti-wear
characteristics, excellent lubricity, and resistance to corrosion.
Lubricants are used as hydraulic fluids in the steel industry for
various equipment including blast furnaces, bearings, pulley cranes,
lifts, and engines, among others. Furthermore, lubricants are used in
heavy-duty engine oils, axle and transmission oils, and greases.
Therefore, the widespread application of lubricants in various
industries will propel its demand during the forecast period.

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Emergence of bio-based lubricants

Bio-based lubricants are gaining immense popularity as they produce a
cleaner, less toxic work environment for the engine and hydraulic system
workers. They also cost less over the product lifecycle owing to lower
maintenance, storage, and disposal requirements. These
environment-friendly lubricants offer better safety due to higher
flashpoints, constant viscosity, and less oil mist and vapor emissions.
As a result, the demand for bio-based lubricants is increasing, which is
encouraging vendors to manufacture these biodegradable lubricants.

According to a senior analyst at Technavio, “Apart from the emergence
of bio-based lubricants, other factors such as capacity expansions and
product development, will have a significant impact on the growth of the
lubricants market size during the forecast period.”

Environment impact of lubricants

Lubricants hurt the environment as they are released as toxic
pollutants. Therefore, there is an increasing requirement for
environmentally acceptable materials. Several vendors are focusing on
the development of bio-based lubricants, which will fuel the growth of
the lubricants market size during the forecast period.

Top players in the global lubricants market:

• BP
• Chevron
• Exxon Mobil
• PetroChina
• Shell
• Total

Some of the key topics covered in the global
lubricants market include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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