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Lubricants Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2020 - 2027

Lubricants Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2020 - 2027

  • May 2020
  • 238 pages
  • ID: 5914187
  • Format: PDF
  • Grand View Research

Summary

Table of Contents

Lubricants Market Size, Share & Trends Analysis Report By Application (Industrial, Automotive, Aerospace, Marine), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2020 - 2027

Lubricants Market Growth & Trends

The global lubricants market size is projected to reach USD 167.5 billion by 2027, expanding at a CAGR of 3.6%. The demand for lubricants is driven by the growth in major end-use industries, especially marine and aerospace. However, the consumption was dominated by the industrial and automotive sectors together contributing to a market share of 93.1% in 2019.

Aerospace lubricants are projected to lead the growth as they provide long-lasting lubrication for various components and increase reliability, in order to operate efficiently in extreme temperatures and high vacuum.The aerospace components have high maintenance due to the increasing regulatory interventions, owing to their ability to carry a large number of people.

In addition, aircraft are gaining high demand from the defense industry and lubricants are of utmost importance to make these vehicles compliant with specific military standards.The demand for aircraft is projected to witness positive growth due to the rise in defense budgets.

Countries including U.S., India, Germany, and Brazil have made a considerable progress in defense, which is projected to boost the aerospace industry globally.

The aerospace lubricants find significant application in pistons as they reduce over 50.0% of the friction and contribute to better fuel efficiency. The substance also acts as a viscosity improver, sealant, and coolant in engine assemblies. Straight mineral oil with zero dispersants is usually recommended by manufacturers for the first 50-hour break-in period on new or newly overhauled engines.

On the other hand, the marine industry in North America is experiencing a renaissance and has a major contribution to national, economical, and homeland security.The domestic marine transportation industry is a major support for the energy infrastructure with the movement of refining petroleum, crude products, and chemicals, especially after the shale oil revolution.

The shipbuilding industry is growing at an accelerated rate. The construction of several types of vessels which include roll-on/roll-off vessels, offshore supply vessels, containers has greatly increased in recent years, thereby boosting market growth.

Lubricants Market Report Highlights
• Aerospace led the market in terms of growth due to the rise in production of commercial aircraft. The production of aircrafts is growing due to the increase in lavish lifestyles among middle class population across the globe
• Gas turbine oils are the most widely consumed aerospace lubricants with a share of 42.2% in terms of value in 2019. The oil allows faster piston ring seating and allows the accumulation of some advantageous deposits which lead to better oil loss control. These factors are expected to further boost product demand over the forecast period
• The global trade of lubricants is divided into three major blocks comprising of European chemical trade, ASEAN trade, and North America free trade area. The European and North American blocks account for around 40.0% of the overall trade
• Latin America is projected to formulate several trade strategies in order to attract Foreign Direct Investment (FDI) for the infrastructure development and is thus expected to witness a CAGR of 3.5% from 2020 to 2027
• Royal Dutch Shell leads the market with an overall share of 11.0% followed by ExxonMobil Corporation with 9.7% market share. Currently, Royal Dutch Shell operates 5 base oil facilities, 40 blending facilities, and 10 grease plants.

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