Newly driving factors, as well as the technology in the lubricants market, are encouraging the major players to decide their business strategy to be more market-oriented in the near future.
Already, the global lubricants market is expected to register a CAGR of 2.18% during the forecast period, 2018–2023.
One of the major factors behind the growth of the automotive market in Asia-Pacific and Europe, especially in countries, such as India, the United Kingdom, Italy, France, and Indonesia.
Additionally, the growing demand for and usage of a high-performance engine is also driving the growth of the market, as the aforementioned properties, make these lubricants suitable for high-temperature applications.
The growth of Automotive Sector
The increase in the sales of automobiles in developing nations and the growth in aerospace, marine industries is to support the consumption of lubricants.
The increasing production and sales of light-duty vehicles are estimated to have a direct impact on lubricant consumption, which, in turn, is anticipated to drive the demand for lubricants during the forecast period.
Engine designs have been continually improved to enhance performance, increase efficiency, and at the same time, meet environmental emission regulations. In 2015, 52% of the world lubricant demand, came from the automotive industry alone.
Manufacturing Sector Supporting the Lubricants Consumption
The consumption of industrial lubricants is rising steadily owing to increasing consumption from manufacturing sectors. The Asia-Pacific Region, presently, is a major hub for manufacturing, led by China.
Other Asian countries leading in the manufacturing sector include Indonesia, Thailand, the Philippines, Vietnam, and Singapore.
Increasing Drain Intervals for Lubricants
In recent times, the chemistry and technology brought a tremendous change in the production of lubricants. With the introduction of long-lasting high-performance lubricants, as well as developments in machining technologies, the interval for the oil change has extended almost by 100%.
The tradition of changing oil for every 3,000 miles has changed to 7,500 to 10,000 miles for passenger cars.
But, with the advancement in the lubricant technology, the oil change interval has come to 50,000 miles and is to increase further.
This would directly decrease the volumes of lubricants used for automotive, as well as industrial purposes.