Since automobiles are its main application, the global lubricant market is primarily driven by the rising demand from -the automobile industry. Additionally, support from the government/environmental groups for the development and usage of bio-based lubricant stimulates the market growth. Moreover, the regulatory bodies of certain European and North American countries have started promoting bio-based lubricant, owing to its low emission of greenhouse gases. However, volatility of raw material price hinders its market growth. In addition to this, lubricant manufacturers are showing a lack of enthusiasm for the production of bio-based lubricant as its application is limited to certain industries. Furthermore, consumers are also hesitating to adopt bio-based lubricant because it costs more than mineral lubricants. The growing R&D initiatives are creating opportunities for the development of innovative products. Moreover, the commercialization of soybean and palm oil lubricants would create opportunities for global lubricant market.
Product Market Analysis:
Based on product, the market is segmented into mineral lubricants, synthetic lubricants and bio-based lubricants. Despite strict environmental regulations, mineral lubricants hold the maximum market share due to its high performance and multiple applications.
Technology Market Analysis:
Based on application, the market is segmented into turbine oil lubrication, compressor oil lubrication, gear oil lubrication, hydraulic oil lubrication, fire resistant hydraulic fluid, nuclear resistant lubricant, bearing oil lubrication, heat transfer fluid, re-refined base oils & lubricants, nanomaterials based lubrication and others. Hydraulic oil lubricant is a holds the majority share in the global lubricant market due to its wide range of applications such as automotive, aircraft, industrial machinery, construction equipment and marine applications.
Geography Market Analysis:
Based on geography, the market is segmented into North America, Europe, Asia-pacific and LAMEA. Asia Pacific holds the dominant market share due to the prominence of automotive industries in India and China.
The major players dominating the global lubricant technology market are Binol Biolubricants, Cargill Incorporated, ConocoPhilips Company, British Petroleum Plc, Chevron, Exxon Mobil Corporation (XOM), Hindustan Petroleum Corporation Limited, OAO Lukoil, Fuchs Lubricants Co., InterOil Corporation, Royal Dutch Shell plc and The Lubrizol Corporation. As part of its market expansion strategy, Royal Dutch Shell has built its lubricants blending plant in Russia.
HIGH LEVEL ANALYSIS:
The global chemical market is growing rapidly. The driving and restraining factors for this market are strategically dealt with in this analysis and emphasis is laid on its growth opportunities. The global market is analyzed using Porter’s Five Force Model, which assists stakeholders in understanding the bargaining power of buyers & suppliers, threat of new entrants and competitive rivalry. As the buyers’ switching cost from one supplier’s product to another is high, the suppliers’ bargaining power would be high and buyers would have low bargaining power. Due to stringent government/environmental regulations for mineral and synthetic lubricants production and volatility of raw material price
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