Factors that Impact on the Lubricants Market in Upcoming Years !
The global lubricants market size is projectedto reach USD 182.6billionby2025 from USD 157.6billionin 2020, growing at a CAGRof 3.0%, in terms of value during the forecast period.The anticipated growth in emerging economies post COVID-19 are expected to helpthe lubricant demand growth.The demand for lubricants in countries such asChina, India, Japan, Russia, ASEAN,and South Korea from both the transport and theindustrial sector is expected to fuel the growth of lubricants market in the region.
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The lubricants market is evolving, with major players playing a crucial role in the development of new and advanced products.Royal DutchShell plc (Netherlands), ExxonMobil Corporation(U.S.),BP P.L.C. (U.K.),and Total S.A. (France) are the major players in this market.
RoyalDutch Shell PLC (Netherlands)is focused on expansions, new product launches,and agreements to meet the growing demand in the lubricants market. In May 2019, the company opened its first lubricant laboratory in India. The laboratory will serve as a service provider for the increasing demand for innovative lubricant products both in automotive and industrial segments. In May 2019, the company launched e-fluids for electric vehicles. The products include e-transmission fluids, e-thermal fluids, and e-greases, which will help improve the performance of EVs and other battery-operated vehicles. InMay 2018, Shell Lubricants and Aggreko renewed their supply contract, which helped Shell become the largest lubricant supplier to Aggreko in Russia, APAC,and Americas. The expansion helped the company to meet the growing demand for lubricants.
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ExxonMobil(US) is focused on new product launches and expansions to meet the growingdemand for lubricants. In June 2019, the company completed the expansion plans ofits Singapore refinery. The facility will strengthen the supply for group IIEHC base oil, which is used for manufacturing premium grade lubricants. InJanuary 2019, the company launched andcommercialized EHC50 and EHC120 grade products from its Rotterdam Refinery.This will help the company to improve its market position in the group II oil-basedlubricant market, as the company manufactures base oil as well as finishedproducts. In December 2018, the company completed the expansion of itsRotterdam refinery, which saw an increase in the production of Group II baseoil for lubricants. This has helped the company to become the world’s largestproducer of group I and group II base oils. ExxonMobil is also focusing onrenewable power generation to expand its lubricant offerings.
BPPLC (UK) focuses on expansions and new product launchesto strengthen its marketposition in the lubricantsmarket. In December 2019, the company introduced its CastrolEdge Bio-synthetic into China. This is a synthetic base engine oil containing25% plant-based base oil. This will help BP to strengthen its market positionin the premium synthetic lubricants market in AsiaPacific. In January 2018, thecompany launched a new product called Castrol GTX ECO, which is manufacturedfrom 50% re-refined base oil. This has helped the company to fulfill itssustainable development targets as well as diversified its portfolio. InDecember 2017, BP plannedthe largest new lubricant plant in China. It was BP’s thirdlubricant blending plant in China and, with an investment of around RMB1.5billion (USD 230 million), representing BP’s single largest blending plantinvestment worldwide. The expansion helped the company to expand its productofferings.
Total S.A.(France) focuseson new product launch and expansions to strengthen its market position in the globallubricants market. In January 2019, the company launched a new PFPE-based PTFEGrease STATERMIC X400 for all textile applications, where the conventionalmineral or synthetic greases are not satisfactory. In October 2018, the companyinaugurated its new state-of-the-art lubricant oil blending plant, located in theKaluga region of the Russian Federation. The plant has been designed to produceinitially 40,000 tons of lubricants per year, with a scale-up option to bringthis capacity up to 70,000 tons per year. With the launch of this plant,the companyplans to become one of the top leaders in the segment of premium automotive andindustrial lubricants in the Russian market and a significant player amongcompetitors established locally. This will help the company in diversifying itsproduct portfolio.