Lubricants market trends.
The Lubricants global market is segmented on the basis of type into automotive, industrial, marine, and process oils.
The automotive segment is expected to hold the largest lubricants market share owing to the escalating demand from automotive sector.
On the one hand, economic growth in the developing countries is further increasing the ownership of vehicles, which will spur the demand.
The Asia-Pacific Area dominated the market and accounted for a revenue share of 42.4% in 2019. The region is expected to emerge as the fastest growing market for lubricants with a CAGR of 4.5% from 2020 to 2027. The rapid industrial development, coupled with an increasing standard of living, has resulted in high demand for high-performance luxurious passenger cars.
On the other hand, the automotive oil market is facing new challenges, due to the ever-increasing demand for electric vehicles, in most developed countries. The electric vehicles market is expected to rise from 15% to 25% till 2025, thus, causing a reduction in the usage of lubricants.
Conversely, rising industrialization is expected to increase the demand for industrial lubricants in the global market.
Europe emerged as the second-largest market for lubricants after the Asia Pacific with a revenue share of 20.0% in 2019. Europe has high growth potential for the industrial lubricants industry due to rapidly growing chemical manufacturing facilities in the region.
The automotive lubricants market is fragmented, with intense competition among the top players. These major companies include Royal Dutch Shell, Chevron Corporation, BP p.l.c., Exxon Mobil Corporation, and Total, among others.
The market competition is intense, as industry participants are engaged in retaining a customer base to have a competitive edge over the other players. This has resulted in competitive pricing in the market for lubricants. The competitive pricing strategy has been a benefit for price-sensitive customers, across the developing regions of the Asia Pacific and Latin America.
For more details and reports, on how lubricants players are focusing on the pricing strategies in different regions and segments, as a key feature to make a difference vs. competitors and attract new potential customers, do not hesitate to contact MarketingPRO. We will be glad to provide targeted comparative analysis, in order to track and pinpoint differences in the product range, in the pricing, and in the characteristics of the makes’ offering.
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