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(USGovernment-News.Com, February 08, 2019 ) The report "Lubricants Market by Type (Mineral Oil, Synthetic Lubricants, Bio-Based, and Greases), by Application (Transportation and Industrial Machinery & Equipment), and by Region (APAC, EU, NA, MEA, AND SA) - Global Forecast to 2021", published by MarketsandMarkets, The market is estimated to have accounted for USD 144.45 Billion in 2015 and is projected to reach USD 166.59 Billion by 2021, registering a CAGR of 2.4% between 2016 and 2021.
The market is driven by the growing automotive industry in the Asia-Pacific region. The increasing demand of automobiles in emerging economies such as China, India, and Japan is fueling the growth of the lubricants market in the region. Another major factor contributing to the growth of lubricants is massive industrial growth in the developing regions such as Asia-Pacific and the Middle East & Africa.
Mineral oil lubricants to account for the major share of the lubricants market till 2021
The lubricants market is segmented by type, namely, mineral oil lubricants, synthetic lubricants, bio-based lubricants, and greases. Mineral oil lubricants are the most preferred type of lubricant and accounts for major share in the global lubricants market. Low cost, easy availability and increased application in all sectors are driving the mineral oil lubricants market.
Growing automotive industry in the emerging regions to drive the transportation application
The transportation application is leading the lubricants market. This is due to the rapid growth of the automotive, aviation, and marine industries in the Asia-Pacific region. The increasing demand of automobiles can be attributed to the increasing disposable income of people and industrial growth in this region. This growth in the automotive industry eventually contributes to the growth of lubricants in the Asia-Pacific region.
Asia-Pacific to be the largest market during the forecast period
The lubricants market is broadly segmented into five regions, namely, Asia-Pacific, Europe, North America, the Middle East & Africa, and South America. Asia-Pacific is the largest market for lubricants, followed by Europe. The Middle East & Africa is projected to be the fastest-growing market during the forecast period. Growing industrialization has offered enormous opportunity for the various manufacturing industries to use lubricants in the Middle East & Africa. Moreover, the increasing number of passenger and commercial vehicles in the region is fueling the growth of the lubricants market.
Currently, the global lubricants market is dominated by various market players such as Royal Dutch Shell Plc. (Netherlands), Exxon Mobil Corporation (U.S.), Petrochina Company Limited (China), Sinopec Limited (China), Total S.A. (France), Lukoil (Russia), BP Plc. (U.K.), Chevron Corporation (U.S.), Fuchs Petrolub AG (Germany), Idemitsu Kosan Co., Ltd. (Japan), and others.
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