The global lubricants market will be worth over $70bn by 2020, says research.
Oiling the works Image: Commons |
Grand View Research has revealed that the growth of the automotive market and industrial production will be mainly in the emerging economies of Asia Pacific. However, the period to 2020 will also see a boost in demand in Latin America.
According to the research, 2013 saw industrial lubricants topping the statistics, accounting for 38.6% of total finished lubes market volume. Within that sector, general industrial oils led the field, accounting for almost 34% of total market volume. Commercial and consumer automotive lubricants were close behind, together accounting for more than 60% of lubes sales volume. The consumer auto market is expecting to be the fastest growing product segment, at an estimated CAGR of 2.61% from 2014 to 2020.
Asia Pacific's favourable government policies, domestic demand and demographical advantages are the mains reasons for the prediction of the fastest growing market for lubricants. As has been suggested by many surveys over the past few years, slower growth is likely in the fairly mature markets of the US and Europe.
In terms of producers, the global market for lubricants remains highly fragmented, although it continues to be dominated by the top four oil majors which accounted for slightly more than 40% of the total market in 2013.