Lubricant Market : Increasing Popularity of Bio Based Lubricants to Accentuate Market

The global independent lubricant manufacturers market is highly consolidated. Top four major companies in the market held nearly 58.0% in 2016. The major player in the market is FUCHS, which is a German-based multinational company is also known for being one of larges independent lubricant manufacturers. The company held a 37% of the overall revenue share in 2016.

Other key players in the market are Motul, BVA Oils, ADDINOL Lube Oil Gmbh, AMSOIL INC., BVA Oils, Carlube, and Forsythe Lubrication. Though the market is literally controlled by few top players, but the presence of numerous small players, along with the arrival of new entrants is expected to make the market more competitive in nature in the years to come. Market players identify distribution channel and product pricing to be an important key in determining the market. Major players in the market are concentrating in offering innovative products to have better foothold in the market. In addition to this, players are likely to change their focus to developing countries in order to take advantage in years to come.

On the basis of application the global independent lubricant manufactures market is segregated into aerospace, industrial sector, marine, automotive, and others. Amongst the pack, the automotive industry is likely to hold the major share in terms of revenue owing to rise in adoption of lubricants in the industry. Geographically, Asia Pacific is anticipated to provide most lucrative opportunity for the vendors. The region is likely to have a steady growth rate during the forecast period owing to growing of automotive industry along with presence of major suppliers of base oil. Another factor that is likely to help the region to grow is the low cost of labor in the region. According to Transparency Market Research, the global independent lubricant manufacturers market is anticipated to expand at 3.80% of CAGR during 2017 – 2025. The value of the market in 2016 was US$6800.79 mn and is likely to touch US$9454.04 mn by the end of assessed period.

Rising Demand in Automotive Industry to Catapult Market Growth

The market is primarily driven by the rampant demand for lubricant and oils in the automotive industry all across the world. Surge in demand for lubricants and metalworking fluids in industries like industrial and automotive sectors, marine, and aerospace is augmenting the sales of market product. Quantum leap taken by the automotive industry especially in the developing countries is creating lucrative opportunity for the players in the market. Rise in demand for high lubricant by various end-use industries in order to obtain better efficiency and performance is favoring the market growth. Rising awareness backed by stringent implementation of governmental regulations for favoring environmental-friendly lubricants and metalworking fluids are anticipated to push the market.

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Erratic Cost of Raw Materials and Feedstock to Deter Market Growth

Continuous fluctuating price of feedstock along with raw materials that are used for manufacturing lubricants in different parts of the world, has caused a negative impact on the growth of the market. As a result there is a marked price fluctuations of the final products thus dampening the demand in developing countries. However, increasing acceptance of oil with additives and bio-based lubricants is anticipated to carry the market in a positive direction. Reduced cost of bio based lubricants is likely to favor the growth of the market in years to come.

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