The global lubricants market is estimated to have reached approximately US$144.45 billion in 2015, and is projected to reach US$166.59 billion by 2021, registering a CAGR of 2.4% between 2016 and 2021, according to MarketsandMarkets’ ‘Lubricants Market – Global Forecast to 2021’ report.
Growing automotive industry driving growth
The market is being driven by the rapid growth of the automotive, aviation, and marine industries in the Asia Pacific region. The increasing demand for automobiles in emerging economies such as China, India, and Japan can be attributed to the rise in disposable income and massive industrial growth in this region. Industrial growth in developing regions such as the Middle East and Africa is also driving growth.
Mineral oil lubricants growth
The lubricants market is segmented by type, namely, mineral oil lubricants, synthetic lubricants, bio-based lubricants, and greases. Mineral oil lubricants are the most preferred type of lubricant, accounting for a major share in the global lubricants market. Low cost, easy availability and increased application in all sectors are driving the mineral oil lubricants market.
The lubricants market is broadly segmented into five regions, namely, Asia Pacific, Europe, North America, the Middle East and Africa, and South America. Asia Pacific is the largest market for lubricants, followed by Europe. The Middle East and Africa is projected to be the fastest growing market during the forecast period. Growing industrialisation has offered enormous opportunity for the various manufacturing industries to use lubricants in the Middle East and Africa. Moreover, the increasing number of passenger and commercial vehicles in the region is fuelling the growth of the lubricants market.
Adapted from press release by Rosalie Starling
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