Lubricant is a substance used to control wear and friction of surfaces which are in contact with a relative motion. Lubricants are used to eliminate heat, supply power, and protect the seal. Lubricants are in solid, liquid, and semi-solid forms. Most of the lubricants contain additives which improve the performance of the lubricants. Lubricants Market are widely used in various end use industries as corrosion inhibitors, anti-wear additives, friction modifiers, and viscosity improvers.
Application segment includes industrial lubricants, automotive lubricants, marine lubricants, and aerospace lubricants. Automotive lubricants are estimated to be the largest application segment in the global lubricants market. Government regulations regarding the carbon emissions, namely Clean Air Act started by U.S. Environment Protection Agency (EPA) is expected to fuel the market growth. Various innovations regarding the reduction of carbon emission and enhance the performance of the vehicle is other factors driving the market growth.
Based on the region the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Latin America is majorly driven by increasing rubber, polymer, and chemicals manufacturing, coupled with favorable manufacturing environment in Argentina and Brazil. Countries in these regions adopt several strategies to attract foreign investors. The market in Europe is estimated to grow over the forecast period owing to modernization in the industrial sector in the region. Aerospace and marine industry in the region is estimated to grow over the period which in turn is expected to drive the lubricant market. Presence of developed industrial sectors in Russia, Spain, and France in the region is expected to fuel the market growth.
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Key players operating in the global lubricants market include Royal Dutch Shell PLC., ExxonMobil Corp., Chevron Corporation, PetroChina Company Limited, Indian Oil Corporation Ltd, JX Nippon Oil & Energy Corporation, Total S.A., Valvoline International Inc., Petronas Lubricant International, and Idemitsu Kosan Co. Ltd.