This global market research segments the mineral oil-based lubricants market by type and includes segments like solid, semi-fluid, and fluid. The report also provides a detailed analysis and segmentation of this market by geography, including regions like APAC, Americas, and EMEA. Key vendors analyzed in this market research are BP, CNPC, ExxonMobil, Royal Dutch Shell, and Saudi Aramco.
Technavio has released updated information on the lubricants market, with the publication of its new market research report, global mineral oil-based lubricants market. The global mineral oil-based lubricants market is expected to grow at a CAGR of around 2% between 2015 and 2019. The global market for mineral oil-based lubricants is augmented by the increasing use of mineral oil-based lubricants in a number of applications across various industries. APAC dominates this market, occupying around 43% of the total market share. Rapid industrialization and growth in the automotive sector are the major factors which are expected to boost market growth in this region.
“Of late, the market is gradually shifting towards the use of environment-friendly lubricants. Vendors are manufacturing lubricants that are biodegradable or bio-based. They are considering factors like bioaccumulation and eco-toxicity to minimize the ill-effects of lubricant usage in the environment. Castrol Ltd., Exol Lubricants Ltd., and Fuchs Petrolub SE are some of the major companies manufacturing environmentally friendly lubricants,” says Navin Rajendra, Lead Analyst, Energy, Technavio Research.
Mineral-oil-based lubricants are derived from crude oil by distillation, solvent extraction, and the cracking process. Engine oils, process oils, hydraulic fluids, turbine oils, tractor fluids, gear oils, and metal working fluids are some major types of mineral-oil-based lubricants available in the market. Fluid type mineral-oil-based lubricants dominate the market, occupying around 62% of the total market share. These types of lubricants are the most popular ones in industries such as automotive, manufacturing, and process industries.
The leading vendors in the global mineral oil-based lubricants market are BP, CNPC, ExxonMobil, Royal Dutch Shell, and Saudi Aramco. This market is highly fragmented and consists of multiple local and international vendors. Independent lubricant companies that majorly concentrate on manufacturing and marketing lubricants are expected to gain maximum market prominence during the forecast period.
A more detailed analysis is available in the Technavio report, Global Mineral oil-based Lubricants Market 2015-2019.
We can customize this reports by other regions and specific segments upon request.
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