As per Global Market Insights, Inc., the worldwide lubricants market is anticipated to be valued at USD 74 billion by the end of 2022, in terms of revenue.

Ocean View, DE -- (SBWire) -- 07/03/2020 --Extensively driven by the surging automobile sales across the globe, the worldwide lubricants market is poised to garner phenomenal gains in the upcoming years. Lubricants are liberally used in automobile production to enhance energy efficiency. It is prudent to mention that the global automobile sales crossed a mammoth of 95 million in 2018. These statistics put forth by OICA provide a testament to the fact that proliferating automobile sales will positively influence lubricants industry trends during forecast timeframe.

Lubricant provides robust engine efficiency by minimizing the friction between the surfaces in contact. This property of the substance has exponentially spurred its demand across the globe. In this regard, various companies across the manufacturing sector are calling out for the expanding need of the lubricants.

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With the exceptional requirements for conventional and unconventional resources gradually rising, the investments towards exploration and production of these have observed a massive increase in the past few years. This upsurge in the investment has led to elevating demands for the oil field chemicals leading to the industry expansion.

Concurrently, a paradigm shift toward the use of bio-based fuels considering the rising concerns toward high toxicity levels of conventional fuels is likely to propel the industry growth over the forecast period. However, the advent of various governmental regulations pertaining to the recyclability, bioaccumulation, and toxicity by several legislative authorities may impede the business growth in the near future.

As per Global Market Insights, Inc., the worldwide lubricants market is anticipated to be valued at USD 74 billion by the end of 2022, in terms of revenue.

Lubricants market is defined by a vast application gamut and has gained widespread traction on the account of the same, over the years. On these grounds, the burgeoning demands for industrial products along with the capacity expansion that manufacturing companies are undertaking have enabled the industrial segment to evolve as one of the major revenue pockets for the market in the recent times.

For the record, the industrial application sector acquired 35 per cent of the overall lubricants industry share in 2014 and is probably to grow at a prodigious pace over the foreseeable time span.

Speaking in terms of the geographical standards, Asia Pacific is stated to stand tall in the regional hierarchy of the lubricants market. It is imperative to mention that the region is estimated to accrue hefty proceeds in the upcoming years. This regional growth can be aptly attributed to the mounting infrastructure demands from across the emerging countries including India, China, and Japan. In this regard, China lubricants market size was pegged at USD 6 billion in 2014 considering the expanding power plant installation in the region.

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The rapid surge in the automobile sales across the region is also positively influencing the market dynamics. Estimates claim that APAC recorded the sales of over 38.40 million automobile units in 2015 adding to the growth trajectory of the market.

U.S., on the other hand, is anticipated to emerge out as a lucrative ground for lubricants market perhaps ascribing to the aging infrastructure across the region. The region in 2014 accounted for nearly USD 6 million of the revenue share.

The worldwide lubricants market is highly consolidated and boasts of the presence of prominent key players including Chevron, Shell, ExxonMobil, and various others. These players are indulging into R&Ds to launch new products and expand their production facilities across the globe to sustain their foothold in the market.

In light of this, Texas based ExxonMobil recently announced its take on setting up a lubes blending plant in India which holds a major dominance of Mobil lubricants. This move is expected to lower the energy demand growth by over 25 per cent through the upcoming years.

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