The latest market report published by QY Research, Inc. “Industrial Lubricants Market By Product Type (Mineral Oil Lubricants, Synthetic Lubricants, Semi-synthetic Lubricants, and Bio-based Lubricants), By Application (Engine Oil, Gear & Brake Oil, Transmission fluids, Greases, Process Oils, Metal Working Fluids, Industrial Engine Oils and Others), and By Region (North America, Europe, Asia Pacific, Latin America, & Middle East & Africa) - Growth, Future Prospects and Competitive Analysis, 2018 – 2026.”
Lubricants in general, are largely based on specifications such as viscosity, seal compatibility, oxidation resistance, wear protection, deposit protection, sludge control, emission control, and detergency that are approved by agencies such as American Petroleum Institute (API) and Japanese Automotive Standards Organization (JASO). The demand for lubricants is witnessing rapid surge owing to an increase in the manufacturing and consumption trend especially in Asia-Pacific and North America. Manufacturing and proper maintenance of automobiles require the application of lubricants in order to increase the overall life of the engine and other components. Moreover, in order to protect the machinery used in metal forming industries, numerous types of lubricants are utilized. The global lubricants market is anticipated to witness a rapid surge owing to increasing growth of the global automotive industry coupled with increasing demand from several industrial applications. Moreover, increasing industrialization especially in the Asia-Pacific region is another major aspect driving the growth of the global lubricants market. Increasing demand for bio based lubricants and implementation of several governmental norms on the use of toxic mineral oil lubricants is another major factor driving the global lubricants market.
Global Industrial lubricants market is anticipated to witness significant growth during the forecast period of 2018 to 2026. Asia Pacific accounted for the largest share in global industrial lubricants market in 2017 and is projected to maintain its dominance during the forecast period. Rapid growth in disposable incomes is fueling the demand for automobiles especially in India and China, which in turn is driving the demand for the lubricants. North America accounted for the second largest share in the global lubricants market in 2017 owing to high volume of automobile sales along with robust international trade in the region. Industrial Lubricant market is highly fragmented with more than 1000 players ranging from large to small, whereas market is mainly dominated by the few large oil companies involved in manufacturing of high-volume lubricants such as engine, gear, and hydraulic oils. Few prominent players operating in the lubricants market are Exxon Mobil Corporation, BP PLC, Shell, Lubricants, Sinopec, Chevron, among others.
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