Lubricants Market for Off-road Sector by Regional Analysis, Key Players and Forecast 2024
The
top three players in the global lubricants market for off-road sector
held a share of 31.6% in the overall market in 2015. Royal Dutch
Shell Plc., ExxonMobil Corporation, and BP Global have shown
incredible dominance in the global market with terrific brand value.
These companies are expected to lead the pack in the coming years as
they continue to invest in improving their infrastructural facilities
and development of newer and better products.
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According
to the research report, the global lubricants market for off-road
sector was valued at US$13.0 bn in 2015 and is anticipated to reach
US$16.8 bn by the end of 2024. During the forecast period of 2016 and
2024, the global market is anticipated to expand at a CAGR of 2.9%.
Asia
Pacific to Dominate Global Market as Automotive Sector Shows Steady
Progress
On
the basis of product, the global market is segmented into engine oil,
hydraulic fluids, transmission fluids, grease, gear oil, and others.
Of these, the engine oil segment is estimated to rise at a faster
pace than the others. Availability of several brands, growing
automotive industry, and rising awareness about maintenance of
vehicles are some of the important factors slated to drive this
product segment. The report states that this segment will expand at a
CAGR of 4.0% during the forecast period.
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In
terms of geography, the global lubricants market for off-road sector
is divided into North America, Asia Pacific, Asia Pacific, Latin
America, and the Middle East and Africa. Of these, Asia Pacific is
estimated to dominate the global market in the coming years. This
regional market is expected to surge at a CAGR of 3.6%. The growing
sales of automobiles in the region are anticipated to drive the Asia
Pacific lubricants market for off-road sector during the forecast
period. Furthermore, the cheaper price of products in the Asia
Pacific region has also contributed to the soaring sales of
lubricants for off-road sector.
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Consistent
Maintenance of Old Vehicles Improves Revenue for Global Market
Performance
and efficiency of vehicles is adversely affected due to the tough
driving condition and the bumper to bumper traffic that compels drive
to make excessive usage of clutch and brakes. Such circumstances
hamper the engine, negating its performance through the years. Thus,
several vehicles owners and sellers insist on using lubricants to
keep the engines functioning at optimum efficiency. The growing
number of old vehicles in the world have propelled the uptake of
lubricants as the need for maintenance is imperative. The consistent
production of vehicles along with rising disposable incomes have
collectively fueled the consumption of lubricants for the vehicles of
the off-road sector.
The
report states that Asia Pacific will play a key role in defining the
progress of the global lubricants market for off-road sector. The
booming mining industry in this region that demands usage of off-road
vehicles for transportation, will ensure swift uptake of lubricants
during the forecast period.
Efforts
to Reduce Carbon Footprint to Restrain Global Market
Stringent
regulations pertaining to the usage of off-road vehicles in Europe
and North America is expected to have a negative impact on the sale
of lubricants. Furthermore, efforts by developed regions to encourage
public transport systems to reduce carbon emissions are expected to
reduce the uptake lubricants for off-road sector. Introduction of
electric cars is also anticipated to restrain the global market from
achieving its utmost potential in the near future.
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