Research Nester’s recent market research analysis on “Lubricants Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global lubricants market in terms of market segmentation by base oil, application, product type, and by region.
Growing Industrial Activities to Promote Global Market Share of Lubricants
There is a robust demand for lubricants worldwide, as industry participants are progressively introducing a broad range of goods at competitive costs. Also, lubricants are primarily used by the rubber and plastics industries, as they are employed in the production of rubber goods as a processing aid and serve as an extender, enhancing process ability and filter integration.
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In addition, like many other industries, construction uses a wide variety of lubricants, such as oils, greases, and their various formulations, that serve as a barrier of defense, preventing rust and corrosion, reducing friction on surfaces and between moving parts, and helping construction machines operate as efficiently as possible.
Specialty lubricants called construction lubricants are used to reduce wear and friction between metal surfaces and to extend the life of tools, machinery, and other construction-related equipment.
Some of the major growth factors and challenges that are associated with the growth of the global lubricants market are:
Growth Drivers:
• Expanding Food & Beverage Industry
• Rising Marine Sector
Challenges:
The rising environmental concern and the stringent regulations developed by governments worldwide are some of the major factors anticipated to hamper the global market size of lubricants. Owing to their high eco toxicity and poor biodegradability, lubricants derived from petroleum could hurt biological life. Uncontrolled lubricant disposal damages aquatic life and waste oil has a detrimental effect on terrestrial ecosystems.
Furthermore, lubricants can cause nausea, vomiting, and diarrhea when consumed, which makes them potentially dangerous for human health in addition to having detrimental effects on the environment. As a result, laws have been passed in many countries to regulate the use and disposal of lubricants and lessen their harmful effects on the environment.
By application, the global lubricants market is segmented into industrial, automotive, marine, aerospace, construction, food processing, chemical, and oil & gas. The automotive segment is set to garner the highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. The growth can be attributed to the growing number of electric vehicles. For instance, it is anticipated that the global revenue landscape of electric vehicles will reach a value of USD 905 billion by 2029. Electric vehicles (EVs) require lubricants in critical electrical components to increase efficiency, prolong vehicle life, and reduce wear and friction on moving parts.
Throughout the forecast period, the synthetic sector is anticipated to grow at the fastest rate. Synthetic lubricants are manufactured from advanced synthetic base stocks, and fewer large-scale crude oil extraction operations are required, which reduces the carbon emissions associated with lubricant distribution and transportation.
By region, the Europe lubricants market is expected to generate the highest revenue by the end of 2036. Europe's need for industrial lubricants is growing due to rising auto demand since many different lubricants are used in automobiles to limit energy loss caused by friction by minimizing friction between surfaces in contact. In 2023, the EU automotive sector is predicted to expand modestly by around 1%.
Furthermore, Europe's market for electric vehicles is expected to rise as a result of government incentives, environmental concerns, and technical developments, which may boost the demand for lubricants in the coming years.
This report also provides the existing competitive scenario of some of the key players of the global lubricants market which includes company profiling of ExxonMobil Corporation, Royal Dutch Shell Co., BP p.l.c., Total Energies, Chevron Corporation, Fuchs SE, Castrol India Ltd., Amsoil Inc., and others.
Access our detailed report at:
https://www.researchnester.com/reports/lubricants-market/6275
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