Description

This research benchmarks top participants in the global lubricants industry. Lubricants are integral to the smooth operations of vehicles, equipment, and systems in the automotive and transportation, industrial, agricultural, and heavy equipment spaces. Lubricants are materials that are primarily used to reduce friction between two or more components in a vehicle, machinery, or equipment to protect them from premature wear and tear. The main product types considered here include engine oil, transmission fluid, gear oil, hydraulic fluid, and greases.

Global market revenue is expected to reach $492.14 billion by 2026. Higher demand in the Asia-Pacific (APAC) region, especially from the automotive and transportation industry, is expected to propel much of this growth. APAC markets have been witnessing a surge in car sales over the past few years as urbanization increases and middle-class incomes grow, especially in the larger economies of China and India. Reductions in new car purchase taxes are an additional incentive.

Propelled by the surging demand for chemical, food and beverage, and pharmaceutical production in China and India, the APAC market for lubricants in the industrial sector is poised to gain significantly as well, with considerable investments by leading chemical manufacturers toward facility expansion and construction of new facilities.

Manufacturers of lubricants are increasingly moving toward higher-purity Group III and Group IV base oils due to the regulatory mandates demanding emission control and greenhouse gas reduction. A total of 28 companies are considered in this project; they range from global oil and gas giants to specialty manufacturers.

The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.

Author: Christeena Thomas