Global independent lubricant manufacturers' market will reach US$8.5bn by 2019, according to research.
Transparency Market Research's report, which is based on 2012 figures, indicates that market growth will come from increasing applications in the rising automotive sector and the industrial sector.
Independent lubricant manufacturers sell to specialties and niche businesses, purchasing base oils from major oil suppliers and then blending them with additives. Raw materials are purchased on the open market.
OEM car manufacturers and heavy industry both use independent lubricants, the latter significantly boosting the market growth.
The report indicates that regulation around bio-based alternative lubes, together with the sector providing technical support and other services, have also contributed to the growth in this market. Research and development in the industry will produce new opportunities for manufacturers.
However, market growth is expected to be confined by volatility in mineral oil prices and the high cost of bio-based lubricants.
In 2012 Asia Pacific dominated the global independent lubricant manufacturers' market, followed by North America and Europe.