The global lubricants market size is expected to grow by 1.77 million tons during 2020-2024, progressing at a CAGR of almost 1% during the forecast period. Download latest version with COVID-19 analysis Free Sample Report
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Technavio has announced its latest market research report titled Global Lubricants Market 2020-2024 (Graphic: Business Wire)
Increasing demand from end-user industries is one of the major factors propelling the market growth. However, factors such as fluctuations in crude oil prices, the environmental impact of lubricants, the high price of synthetic lubricants might challenge the growth of the market.
Lubricants are widely used in various industries such as the automotive, construction, steel and cement, wind energy, agriculture, mining and oil drilling, marine, and aerospace industries. This is due to their characteristics such as anti-wear characteristics, resistance to corrosion, excellent lubricity, water tolerance, and filterability. In the construction industry, hydraulic fluids made of lubricants are used in earthmoving equipment such as crawler excavators, mini excavators, wheeled excavators, wheeled dozers, and skid-steer loaders. Similarly, in the steel and cement industry, lubricants are used to increase the re-greasing intervals of the equipment, improve wear resistance of friction pairs, and enhance the lifespan of the equipment. Many such applications across various industries are increasing the consumption of lubricants, which is driving the growth of the market.
More details: www.technavio.com/report/lubricants-market-industry-analysis
Global Lubricants Market: Product Landscape
Mineral oil-based lubricants were the most consumed type of lubricants in 2019. Their high demand and consumption can be attributed to the low cost and easy availability compared to synthetic and bio-based lubricants. They also offer excellent solubility with additives, enhanced compatibility with seals, high viscosity, and high flash point. These factors are driving the growth of the segment.
Global Lubricants Market: Geographic Landscape
APAC was the largest market for lubricants in 2019 and the region will continue to offer significant growth opportunities for vendors during the forecast period. The growth of end-user industries such as the automotive, construction, and refining in China, India, Japan, and South America is increasing the demand for lubricants. In addition, rising investments in heavy engineering, steel manufacturing, mining and refining, and plastics and polymer industries will continue to drive the growth of the lubricants market in APAC during the forecast period.
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Lubricants Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Application
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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