Product ID: SQMIG15E2157
Global Lubricants Market Size, Share, Growth Analysis, By Grade(Synthetic Oils, Mineral Oils), By Application(Industrial Lubrication, Gear and Engine Oil), By End-Use(Automotive Industry, Aerospace Industry) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2157 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|
Tables:
96 |
Figures:
79
Global Lubricants Market Regional Insights
The Asia-Pacific region is anticipated to dominate the global Lubricants market. The rapid growth of the automobile sector, as well as industrial development and the existence of automotive manufacturing industries in countries such as Japan, India, and China, are credited to the rise. Automotive engine oils, greases, and hydraulic fluids are the most widely utilized lubricants in the Asian market. Asia Pacific has begun to mimic the regulatory regimes of the United States and Europe, and countries such as Japan and South Korea are prioritising eco-labeled lubricants as a result.
Furthermore, the Asia Pacific region is expected to develop at the quickest CAGR throughout the projection period. This is due to a large number of ports and increased trade operations with the United States and other developed economies. Over the projected period, the Chinese, Indian, and Singaporean maritime industries are expected to emerge as international port operators. These characteristics are expected to increase lubricant consumption in a variety of maritime applications. With over 55,000 participating enterprises, China has the largest and most mature lubricant market in Asia Pacific. According to the Society of Tribologists and Lubrication Engineers, China will account for around 65% of global newly added chemical material capacity in 2020. As a result, increased industrialization in the country is expected to boost product demand over the projection period.
The North American lubricants market is anticipated to grow rapidly in terms of revenue. The aerospace industry's quick advancements and the rise in crude oil production are boosting the region's market's revenue growth. After recovering from the impact of COVID-19, the U.S. Energy Information Administration (EIA) predicts that crude oil production will surpass the upper limits of 2019 by the third quarter of 2023. The region's countries are experiencing rapid urbanization and industrial development, so the increased demand for lubricants will be satisfied. An increase in crude supply is anticipated to provide more substrate for lubricant production through distillation.
Global Lubricants Market Report Snapshots
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