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New York, NY, May 23, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Lubricants Market by Product (Greases, Bio-based, Synthetic and Mineral oil) by Application (Industrial, Automotive, Marine and Aerospace) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024’’ . According to the report, global lubricants market was valued at around USD 117.4 Billion in 2017 and is expected to reach approximately USD 146.3 Billion by 2024, growing at a CAGR of slightly above 3.0% between 2017 and 2024.

Lubrication controls wear and friction between moving surfaces with an introduction of friction reducing film. It can be a plastic, solid or fluid substance. Various substances can be used as a lubricant to lubricate surfaces; grease and oil are most common amongst these. Grease consists of a thickening agent and oil, oil actually lubricates whereas a thickening agent is used for consistency. Oils can be mineral/ vegetable based synthetic or can be a combination of these.

The flourishing demand of general, military and commercial aviation has given a positive outlook to the aviation industry, thus increasing usage of lubricants for their fleet maintenance. Boosting air traffic worldwide, especially in developing countries has expanded airlines commercial fleet size. Further, the upsurge in global economy along with rising disposable income has led to passenger’s inclination towards air travel. In 2017, global air traffic increased by 4.5% along with the economic growth of above 2.5% as compared to previous year. Commercial fleet expansion has driven many associated industries, resulting in escalating demand of lubricants during the forecast period.

Increasing need to harvest various crop coupled with rising demand of agricultural products will flourish industrial machinery market over the forecast timeframe. These machines require lubrication at regular time intervals to function efficiently and effectively. Further, growing R&D in various sectors such as automation of operations, data management, steering systems will positively influence industrial machinery growth. Encouraging regulatory norms pertaining to tax benefits in infrastructure ventures will fuel construction activities in South Korea, Japan, and India. This would increase demand for construction machinery such as earthmoving equipment offering potential opportunities to machinery in the sector.

Based on product, lubricants market is classified as greases, bio-based, synthetic and mineral oil. Mineral oil would contribute majorly in the market share owing to its wide application in the chemical and technical industry to enhance the manufacturing process. Various applications involving the use of lubricants are industrial, automotive, marine and aerospace. Aerospace industry will grow substantially due to increasing fleet traffic and maintenance operations of aircraft.

North America is projected to witness a substantial demand of lubricants during the forecast period. The region is a major contributor in overall aircraft strength accounting for above 9,300 aircraft in 2016. Higher commercial aircraft usage along with their increasing age is responsible for product penetration. Aerospace composites demand in the region is projected to increase at above 7% till 2024 with a market size of over USD 1 billion in 2016. This defines the potential of the aviation industry in the region. Regular innovations in the product coupled with fuel-efficient aircraft engines demand will propel the industry growth. Further, ever-increasing defense budget in the U.S. along with safety-related regulations mandates the lubrication of military and commercial aircraft. Thus, promising positive outlook of the product in the region during the forecast period.

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Europe will account for a significant share in global lubricants market owing to its growing industrial applications. The region will register a growth of nearly 4.5% in industrial machinery market till 2024. Stringent regulations pertaining to many aspects such as exhaust emission limitations, safety concerns and quiet operations of machines will lead to frequent lubrication of machinery. Further, strong automobile growth of the European countries such as Germany will contribute in the regional size. Germany is the hub for automobile giants such as Opel, Audi, BMW, Mercedes-Benz, and Volkswagen. Especially, Western Europe has witnessed abundant demand for vehicles along with stringent regulations imposed by government authority for driver’s safety. This would ensure proper lubrication of vehicle parts and engine along with the whole vehicle body.

In 2017, Asia Pacific accounted for above 60% in global marine engines production. Positive outlook of the marine industry in the region will make it a significant contributor in global lubricants market. Numerous manufacturers coupled with an investment in R&D ventures for marine engine designs will strengthen the product outlook. Increasing marine trade in South East Asia, especially across Indonesia and China will further support the business growth. China marine lubricants industry is propelled by its shipbuilding industry coupled with the government subsidy to build and scrap ships. The subsidy policy has been implemented from the end of 2017. To avail the benefits of the policy Chinese operators have to scrap their old ships and place an order to replace the vessel, boosting the lubrication consumption.

Brazil marine lubricant industry would grow at above 4% till 2024. The growth is attributed to its international seaborne trade. The country would be setting up “hidrobras”, an entity to take care of Brazil’s inland waterways ports and terminals. Brazil government is working on maintenance of waterways along with restructuring marine ports to cover underutilized waterways. This would lead to additional vessels demand, increasing the product consumption.

Global lubricants producers are adopting aggressive strategies to expand their footprints in the market. The industry is dominated by few major companies and new entrants find it difficult to set themselves in the global market. Giant manufacturers in the competition include Royal Dutch Shell, Total S.A., Chevron Corporation, Exxon Mobil Corporation, and BP P.L.C. These players account for more than 40% of the market share.

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