GLOBAL LUBRICANTS MARKET FORECAST 2019-2028
KEY FINDINGS The global lubricants market is anticipated to record a CAGR of 1. 09%, during the forecast years of 2019 to 2028. The key factors stimulating market growth are industrialization of emerging and developing countries, and the rise in demand for high-performance lubricants.
New York, July 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "GLOBAL LUBRICANTS MARKET FORECAST 2019-2028" - https://www.reportlinker.com/p05932709/?utm_source=GNW
MARKET INSIGHTS
Lubricants are water-based, or petroleum-based substances introduced between relatively moving parts to reduce friction and wear rate.They are essential for the efficient functioning of machinery, as they decrease the abrasion among components that shift and turn.
Moreover, lubricants also minimize the intermission and downtime of operations, while enhancing the machine’s overall productivity.In addition to reducing friction, lubricants serve several other functions such as cooling, corrosion protection, cleaning, and sealing.
The adoption rate of lubricants in the market is high, as they assist in lowering industrial costs of replacement and maintenance.
The growing rate of industrialization in developing nations is a crucial factor, promoting market growth, and entails the transformation of the economy from agricultural to manufacturing of goods.Global industrialization is emerging as a formidable force in terms of economic competition and ideology, irrespective of the preparedness of developing countries.
Hence, the market is witnessing substantial growth as lubricants are widely used across manufacturing businesses like metal forming, mining, foundry, energy, machining, and plastics, among numerous others.
REGIONAL INSIGHTS
The global lubricants market growth is geographically analyzed across the Asia Pacific, North America, Europe, the Middle East, Africa, and Latin America. The Asia Pacific region is expected to project the highest CAGR of 1.68% and harbor the largest market share by the end of the forecast period. The factors stimulating market growth in the Asia Pacific include, rapid industrialization, high growth in the base oil market, expanding population and urbanization, and an upsurge in primary end-use industries like chemicals, food processing, textiles, and metalworking.
COMPETITIVE INSIGHTS
The level of competition in the industry is high, as existing players continue to propagate their market share through capacity expansions and calculated mergers. The distinguished companies in the market include Shell Corporation, Exxon Mobil, FUCHS, HPCL, Gulf Oil Corporation Ltd, etc.
Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments
Companies mentioned
1. AMSOIL INC
2. BASF SE
3. BHARAT PETROLEUM CORPORATION LIMITED
4. BP PLC
5. BLASER SWISSLUBE AG
6. CARL BECHEM GMBH
7. CHINA NATIONAL PETROLEUM CORPORATION
8. CHINA PETROLEUM & CHEMICAL CORPORATION (SINOPEC)
9. CHEVRON PHILLIPS CHEMICAL COMPANY LLC
10. ENI SPA
11. EXXON MOBIL CORPORATION
12. FUCHS
13. GAZPROM NEFT PJSC
14. GULF OIL CORPORATION LIMITED
15. HPCL
16. IDEMITSU KOSAN COMPANY LTD
17. INDIAN OIL CORPORATION LIMITED
18. ILLINOIS TOOL WORKS INC
19. JX NIPPON OIL & ENERGY CORPORATION
20. KLUBER LUBRICATION
21. SHELL CORP
Read the full report: https://www.reportlinker.com/p05932709/?utm_source=GNW
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