World Technology Trends in Lubricants (Mineral, Synthetic, and Bio-based) Market - Opportunities and Forecasts, 2017-2023
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Lubricants are substances that are used to diminish the friction between moving surfaces. Lubricants are primarily, used for machinery maintenance and reliability.
The aim of the report is to analyze the present and projected future trends of the global lubricants market, as the demand for the product is expected to rise. The analysis provides an insight into the market potential in various industry applications.
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The study focuses on the opportunities provided by the emerging economies of the globe so that companies can strategically make region specific plans and gain a competitive edge.
Since automobiles are its main application, the global lubricant market is primarily driven by the rising demand from ‐the automobile industry. Additionally, support from the government/environmental groups for the development and usage of bio-based lubricant stimulates the market growth.
Moreover, the regulatory bodies of certain European and North American countries have started promoting bio-based lubricant, owing to its low emission of greenhouse gases.
However, volatility of raw material price hinders its market growth. In addition to this, lubricant manufacturers are showing a lack of enthusiasm for the production of bio-based lubricant as its application is limited to certain industries.
Furthermore, consumers are also hesitating to adopt bio-based lubricant because it costs more than mineral lubricants. The growing R&D initiatives are creating opportunities for the development of innovative products.
Moreover, the commercialization of soybean and palm oil lubricants would create opportunities for global lubricant market.
Based on application, the market is segmented into turbine oil lubrication, compressor oil lubrication, gear oil lubrication, hydraulic oil lubrication, fire resistant hydraulic fluid, nuclear resistant lubricant, bearing oil lubrication, heat transfer fluid, re-refined base oils & lubricants, nanomaterials based lubrication and others. Hydraulic oil lubricant is a holds the majority share in the global lubricant market due to its wide range of applications such as automotive, aircraft, industrial machinery, construction equipment and marine applications.
Based on geography, the market is segmented into North America, Europe, Asia-pacific and LAMEA. Asia Pacific holds the dominant market share due to the prominence of automotive industries in India and China.
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