Lubricants Market Size

Lubricants Market Size

Lubricants Market size was over 37 billion tons in 2014 with 2.9% CAGR estimation from 2015 to 2022. Rising automobile demand will stimulate market in future. Lubricant is used to reduce friction and prevent wear and tear in automotive engine components including shaft, connecting rods and piston. Rapid industrialization in developing countries will further complement the industry growth.

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Increasing demand from manufacturing sectors including medical devices and 3D printing will drive the lubricants market size growth during forecast period. Decline in crude oil price results into low base oil prices which will positively impact business growth. Base oils prices are downstream in nature, so it is expected to improve from 2017.

Refining companies have backward integration to ensure raw material supply for petrochemicals manufacturing industries. Stringent environmental regulations coupled with declining crude oil output are expected to have negative impact on supply for downstream and refining and refining operations./p>

Increasing environmental concerns towards aqueous toxicity of conventional products and biodegradability has increased the importance of the bio-based lubricants which will propel the lubricants market share in future. Petrochemical price fluctuation will further complement the industry growth from 2015 to 2022.