Lubricants Market Research Report - Global Industry Analysis: Hexa Research

Lubricants are extensively used in industrial and automotive application to reduce frictional force between the moving surfaces and to optimize mechanical performance. Various types of lubricants are available in the market differentiated based on parameters such as viscosity index, water separation characteristics, low volatility, anti corrosion, thermal stability, oxidation stability, and low carbon formation among others.
Lubricants market has been witnessing strong growth over the past decade on account of increasing demand from automotive industry and the trend is expected to continue over the forecast period. Lubricants are used in automobiles for various applications including heavy duty engine oils, hydraulic & transmission fluids, gear oils, and passenger vehicle engine oils among others. Increasing application scope of lubricants in automotive industry is the key factor expected to drive the market at a good pace over the next five years. Rapid growth in automotive sector in Asia Pacific regions such as India and China is further expected to boost lubricants demand in near future. However, volatile prices in mineral oils, which are used as raw materials is expected to hamper the market growth in near future.

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Mineral, synthetic and bio-based lubricants are the major lubricant products types. Raw materials used for lubricants manufacturing include palm oil, crude oil, sunflower oil, and castor oil among others.
Mineral lubricant was the largest product segment of lubricants market over the past few years accounting over 85% of the market share. Huge availability of raw material is the key factor to drive mineral lubricants market. Increasing mineral oil prices coupled with fluctuations in crude oil prices is expected to be the restraining factor for the market growth over in near future. However, major key players shifted their focus...