Lubricants Market Growth, Forecast and Value Chain 2021-2031

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 Lubricants Market: Introduction

According to the research report, the global lubricants market is primarily fueled by the growing automotives market. Lubricants refer to substances that are used for reducing friction between moving surfaces, thereby ensuring a smoother mechanical performance. The market for bio-based lubricants is witnessing robust growth due to government support that promotes the consumption of bio-based lubricants, which help in reducing the emission of greenhouse gases. Water separation characteristics, viscosity index, low volatility, thermal and oxidation stability, anti-corrosion, and low carbon formation are the different parameters in terms of which lubricants vary. 

Some of the main contributors to the global lubricants market are heat transfer fluids, turbine oil, bearing oil, hydraulic oil, re-refined base oils and lubricants, compressor oil, nanomaterials-based lubrication, and gear oil. Turbine oil possesses excellent water separating properties and is a high-quality mineral oil. Due to these factors, turbine oil is mainly used in gas turbine lubrication for effective resistance from corrosion and oxidation. Hydraulic oil lubricant is mostly applied in marine applications, industrial machinery, aircraft, construction equipment, and automotives.

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Lubricants Market: Prominent Regions

From the regional perspective, this research study has classified the global lubricants market into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Owing to high demand for lubricants from countries such as India and China, the maximum share of the global lubricants market is held by Asia Pacific. Other factors that drive the Asia Pacific lubricants market are rapid industrialization and growth in the sales of automobiles in the region. The Europe lubricants market is currently witnessing sluggish growth, as it has already reached a certain point of saturation. At present, the global lubricants market is primarily fueled by demand from emerging economies witnessing rapid industrialization such as Ukraine and Russia.

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Lubricants Market: Key Players

Key market participants operating in the global lubricants market include The Lubrizol Corporation, China Petroleum & Chemical Corporation (Sinopec), Royal Dutch Shell plc, OAO Lukoil, InterOil Corporation, Hindustan Petroleum Corporation Limited, and Exxon Mobil Corporation (XOM).