[150 Pages Premium Report] Technology Trends in Lubricants Market (Mineral, Synthetic, and Bio-based) for Turbine Oil, Compressor Oil, Gear Oil, Hydraulic Oil, Bearing Oil and Heat Transfer Fluid Lubricant Applications – Global Industry Analysis, …
Transparency Market Research is Published new Market Report "Technology trends in Lubricants (Mineral, Synthetic, and Bio-based) Market for Turbine oil, Compressor oil, Gear oil, Hydraulic oil, Bearing oil and Heat transfer fluid lubricant Applications – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018," The global lubricant market was worth USD 44.0 billion in 2011 and is expected to grow at a CAGR of 5.5% from 2012 to 2018. The global lubricant consumption was 35,605.6 kilo tons in 2011 and is expected to reach 42,304.7 kilo tons in 2018, growing at a CAGR of 2.5% from 2012 to 2018.
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Increasing automobile demand is expected to fuel lubricant demand over the forecast period. Increasing regulatory support and the need to reduce crude oil dependence are expected to support bio-based lubricant market growth over the next decade. However, volatility in mineral oil prices and high production cost of bio-based lubricants are key challenges faced by industry participants.
Mineral oil based lubricants were the largest product segment and accounted for 96.8% of the overall consumption volume in 2011. Industrial and commercial automotive applications dominated mineral lubricant demand and accounted for 71.6% of the mineral lubricant consumption in 2011. Automotive oils dominated the bio-based lubricant market and accounted for 25.7% of the bio-based lubricant volumes in 2011.
Asia-Pacific dominated the global lubricant market in terms of consumption, owing to strong demand from China and India, and accounted for 40.2% of the global market in 2011. The growth in North America is primarily fuelled by the growth of the U.S. automobiles market. North America is lubricant demand expected to reach 8,756.3 kilo tons by 2018 while Asia Pacific lubricant market is expected to grow at a CAGR of 3.4% from 2012 to 2018. The European lubricants market is expected to continue to be sluggish for conventional lubricant while simultaneously providing attractive opportunities for their bio-based counterparts.
Some of the key players in the lubricant industry include Royal Dutch Shell, Exxon Mobile, British Petroleum, Castrol, Chevron, Total and Fuchs. The report provides an overview of these companies followed by their financial revenue, business strategies, products and recent developments.