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Global Lubricant Market Is Expected to Reach USD 33 Billion in the Forecast Period

 



(I-TravelNewswire.Com, January 08, 2018 ) The global lubricant market is estimated to grow to USD 42 Billion by 2024 from USD 33 Billion in 2017, growing at a CAGR 31.5% from 2018 to 2024.



A lubricant is a substance, which is used to lower the friction between two surfaces which are in contact. Lubricant finds various applications in automotive, paints and soaps. Lubricant further classified as synthetic lubricants, bio-based lubricants, and mineral based lubricants. Lubricant obtains multiple characteristics such as viscosity index, resistance corrosion, and thermal stability. Lubricants remove unnecessary deposition in machine parts and acts as a cooling fluid and increases operating lifespan.





Engine oil holds the most significant share of the lubricant market



By product type, the lubricants market is segmented as process oils, greases, gear oil, general industry oil, metal working oil, transmission fluids & hydraulic fluids and engine oil. Among these, engine oil holds the largest share in the lubricant market owing to have the high need for fuels in the automotive industries. The increasing demand in the automotive industries can be attributed to the enhancement of the industry sector. Engine oil followed by general industry oil holds the highest share, owing to have the high usage of oils for the general purposes.





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Automotive and transportation holds the most significant share of the lubricant market



Based on the end user industry, the synthetic lubricant market is segmented as chemical manufacturing, metallurgy & metalworking, food & beverages, heavy equipment, automotive & transportation and power generation. Among these, automotive & transportation holds the most significant share in the synthetic lubricant market, owing to have the high usage of lubricants in the automotive and transportation industries and expected to have a high positive impact for the market growth.



Related Reports

China Lubricant Market: https://www.envisioninteligence.com/industry-report/china-lubricant-market/

Middle East and Africa Lubricant Market: https://www.envisioninteligence.com/industry-report/china-lubricant-market/





The Asia Pacific holds the highest market share in the market



India is expected to have the enormous demand with 4.71% CAGR during the forecast period owing to the growing automotive industry in the country (concerning both automobile production and sales) is the primary factor driving the consumption of lubricants. Middle-East and Africa hold the second place in the market as global urbanization has been increasing. Some of the key vendors of the synthetic lubricant markets are Castrol (India), BECHEM(), Apar Industries Ltd (India), Royal Dutch Shell Plc. (Netherlands), Exxon Mobil Corporation (U.S.), PetroChina Company Limited (China), Sinopec Limited (China).



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