2025 set to see an independent lubes manufacturers' market of almost US$9.5bn.
Fuchs accounted for nearly 37% of overall revenue for global independent lubes manufacturers in 2016. The German-based company's strength in the global market is part of a largely consolidated vendor landscape, according to the latest study from Transparency Market Research, with four leading vendors accounted for nearly 58% of the market in 2016.
Product pricing, distribution channels and innovative product offerings form the basis of a high level of competition in the independent lubes sector, which is set to rise to almost $9.5bn in less than 10 years according to the research.
Independents are particularly expanding into the field of bio-based lubricants. The way forward for companies in this competitive market could also be a move into high-growth emerging economies and the introduction of economic and environmentally neutral products.
2016 saw 60.8% of the global independent lubes manufacturers' market dominated by the mineral lubes product segment, but this is expected to decline with the continued rise in synthetic lubes.
Asia Pacific led market growth potential and revenue share in 2016, followed by North America.