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Impact of COVID-19 on the Lubricants Market 2020-2025 - Lower Crude Oil Prices Will Benefit Lubricants Suppliers After COVID-19

Research and Markets
·4-min read

Dublin, July 22, 2020 (GLOBE NEWSWIRE) -- The "Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Engine Oil, Hydraulic Fluid, Metalworking Fluid), Application (Transportation and Industrial lubricants), Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The Global Lubricants Market Size is Projected to Reach USD 182.6 Billion by 2025 from USD 157.6 Billion in 2020, at a CAGR of 3%.

The growth is anticipated primarily due to development in the Asia Pacific and the Middle East & Africa region post-COVID-19 recovery, coupled with the rise in the Industrial sector. The factors restraining the growth of this market are the high cost of synthetic and bio-based lubricants.

Mineral oil was the largest segment of the lubricants market.

Mineral oil was the largest segment in the global lubricants market in 2019. The easy availability and low cost of mineral oil-based lubricants are expected to drive the market in the transportation application. Moreover, this segment is expected to be driven by the increasing demand from Asia-Pacific and the Middle East & Africa. However, the mineral oil-based lubricants segment in North America and Europe will register low growth due to a change in demand patterns and government regulations.

Engine oil to be the largest type segment in the global lubricants market.

Engine oil was the largest segment in the global lubricants industry, by product type in 2019. Its wide usability coupled with the rising demand from the transportation industry, construction & mining industry, especially from construction & mining vehicles and equipment drives the growth of the segment. However, the metalworking fluid segment is projected to grow at higher CAGR during the forecast period. This high growth is attributed majorly to the rising demand for the metal in various industrial sectors.

Transportation was the largest end-use industry in the global lubricants market.

The need for lubricants is high in the transportation sector. The rising number of on-road vehicles, especially in China, India, and ASEAN, are the major factors contributing to the growth of this segment. Another factor associated with this growth is the growing emphasis on logistics and supply chain requirements for various industrial units. Thus, the growth of the industrial sector will also drive the market for transportation lubricants, especially from the commercial vehicle segment.

APAC is expected to be the fastest-growing market during the forecast period, in terms of both volume and value.

APAC is the largest lubricant market. The high growth of the emerging economies and the increasing disposable income in the region make APAC an attractive market for lubricants. The tremendous growth of production and increased trade are primarily responsible for the high consumption of lubricants, thus, driving market growth.

Research Coverage

This report segments the market for lubricants based on base oil, product type, end-use industry, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies associated with the market for lubricants.

The key players profiled in the report include as Royal Dutch Shell (Netherlands), ExxonMobil (U.S.), BP PLC (U.K.), Chevron Corporation (U.S.), Total S.A. (France), Petrochina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited (China), Fuchs Petrolub AG (Germany), Valvoline (U.S.), Lukoil (Russia), Petronas (Malaysia), Gazprom Neft (Russia), and Pertamina (Indonesia), among others.

The report provides insights on the following pointers:

  • Market Penetration: Comprehensive information on lubricants offered by top players in the global market

  • Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for lubricants across regions

  • Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global lubricants market

  • Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the lubricants market

  • Impact of COVID-19 on the Lubricants Market

Market Dynamics

Drivers

  • Increased Demand for High-Performance Engines Leading the Lubricants Industry to Evolve and Grow

  • Expansion of Refinery Capacities Driving the Market for Group II and Group III Base Oil

  • Emission and Fuel Economy Norms to Drive Demand for Lubricants in Emerging Markets After COVID-19

  • Lower Crude Oil Prices will Benefit Lubricants Suppliers After COVID-19

Restraints

  • Shift Toward Synthetic Lubricants Causing Shrink in the Overall Demand for Lubricants

  • Growth in Demand for Hybrid Vehicles and Increasing Battery Price Parity

Opportunities

  • Leveraging e-Commerce Industry to Increase Customer Reach

  • Demand for Renewable Energy to Positively Impact the Lubricants Market

Challenges

  • Stringent Environmental Norms and Continuous Reforms by Governments

Companies Profiled

  • Royal Dutch Shell

  • ExxonMobil Corporation

  • BP PLC

  • Chevron Corporation

  • Total SA

  • Petrochina Company Limited

  • Idemitsu Kosan Co. Ltd.

  • Sinopec Limited

  • Fuchs Petrolub AG

  • JXTG Group

  • Valvoline

  • Lukoil

  • Petronas

  • Pertamina

  • Gazprom Neft

  • Indian Oil Corporation Limited

  • Phillips 66

  • Hindustan Petroleum Corporation Limited (HPCL)

  • Petrobras

For more information about this report visit https://www.researchandmarkets.com/r/vs6r00

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