Lubricant Market to Perceive Substantial Growth During 2025
The
global independent lubricant manufacturers market is largely
consolidated, as the top four vendors accounted for a combined share
of almost 58.0% in 2016, finds Transparency Market Research (TMR).
The frontrunner in the market is FUCHS, a German-based multinational
company and one of the largest independent lubricant manufacturers,
who held a substantial revenue share of around 37% in the same year.
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Some
of the leading players are Forsythe Lubrication Associates Ltd.,
Motul, Carlube, BVA Oils, AMSOIL INC., and ADDINOL Lube Oil GmbH. In
spite of the sway held by a handful of top players, the marked
presence of a number of small players and a number of new entrants is
likely to account for elevating competitive landscape in the coming
years. Players in general consider product pricing and distribution
channels as few key determinants of the prominence in the overall
market. Top players are aiming at offering innovative products in
order to gain a better foothold in the market. Furthermore, several
manufacturers and vendors are expected to shift their focus to
emerging economies to capitalize on promising avenues in the coming
years. The advent of bio-based lubricants and their vastly rising
demand are opening lucrative prospects in these regions.
independent
lubricant manufacturers marketThe various application areas served by
independent lubricant manufacturers comprise aerospace, marine,
industrial sector, and automotive. Of these, the automotive industry
leads the pack, contributing the dominant revenue share in the global
market, indicated by the vast uptake of lubricants in the industry.
This is attributed to an extensively rising demand for lubricants
manufactured by independent manufacturers among automotive players
world over.
Regionally,
Asia Pacific is projected to be the most attractive market and is
expected to witness a steady growth throughout the assessment period.
The growth is attributed to the burgeoning automotive industry and
the marked presence of suppliers of base oils. The low cost of labor
in key in emerging economies is also expected to boost this regional
market.
The
global independent lubricant manufacturers market was worth
US$6,800.79 million in 2016 and is projected to touch a valuation of
US$9,454.04 million by 2025 end. The worldwide market is anticipated
to rise at a CAGR of 3.80% from 2017 to 2025.
Mineral
lubricants are those whose formulations include mineral base oil and
additives. These lubricants include those that are produced from
group I and II base oils. Synthetic lubricants are those whose
formulations include synthetic base oil and additives. They are
artificially made chemical compounds, using chemically modified
petroleum components rather than whole crude oil. Group II+, III and
some of group IV base oils falls under the class of synthetic base
oils. Bio-based oils include oils derived from vegetable oils and
animal fats. They are manufactured from either natural or synthetic
sources.
Global
Independent Lubricant Manufacturers Market: Scope of the Report
The
major application boosting the demand for lubricants is automotive
sector. Rise in demand for automotive is anticipated to drive the
demand for automotive lubricants in the next few years. Increase in
environmental pressure and implementation of strict government
regulations are boosting the demand for high quality lubricants in
automotive and industrial end-use industries.
The
intensifying demand for high quality lubricants among various end-use
industries to increase the efficiency and performance of their
products is catalyzing the growth of the independent lubricant
manufacturers market. In the coming years, soaring awareness
supported by stricter implementation of governmental regulations
pertaining to the use of environmental-friendly lubricants and
metalworking fluids are notable developments boosting the market.
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Marked
Fluctuations in Cost of Feedstock to Hamper Demand
The
fluctuating price of raw materials and the cost of feedstock used for
manufacturing lubricants in various regions has negatively affected
the market to an extent. This has led to marked price fluctuations of
the final products, hampering their demand in emerging economies with
price-sensitive consumers. Nevertheless, the rising popularity of
bio-based lubricants and oils with additives is a significant factor
expected to provide a potential fillip to the growth of the market.
The expected decline in cost of bio-based lubricants in the
forthcoming years bodes well for the overall market.
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