Lubricating Oils and Greases: A Global Strategic Business Report
San Jose, California (PRWEB) April 02, 2013
Lubricating Oils and Greases, defined as machine fluids that enable smooth functioning, are omnipresent products that find widespread use in automotive and industrial sectors. Given that modern life crucially depends on fuel-driven machines and technology systems, market for lubricating oils and greases is forecast to witness steady growth. A key variable for product success in the marketplace is the cost to performance ratio. Innovation also plays an important role as companies need to keep pace with technology developments in the equipment/machinery industry. With modern industrial equipment increasingly being engineered to run at faster speeds and operate at higher temperatures, manufacturers are focusing on developing specialized high performance lubricants suitable for use in these machines.
The automotive service industry is one of the major end-users of Lubricating Oils and Greases. Increase in vehicle population and average operating life of passenger cars and commercial vehicles; rise in the number of vehicle miles travelled; greater focus on maintenance; are factors driving demand in this sector. Rising fuel prices, emphasis on fuel efficiency and stringent vehicle emission norms are ensuring timely maintenance and engine oil changes. Timely oil changes in automobiles helps bring excellent fuel efficiency and lower CO2 emissions by reducing friction between moving parts in an engine. Lubricating oils in diesel engines are used to prevent wear and tear, sludge formation, filter plugging, and deposits. To tap into the opportunities offered, players are building strategies around brand awareness, brand value, brand loyalty and aggressive promotion.
In the industrial sector, industrial machinery essentially demands attention and regular maintenance. Growing popularity of machine condition monitoring and asset management programs in industrial/manufacturing plants is expected to benefit the market for lubricating oils and greases. Routine maintenance programs lead to increased frequency of fluid change. Production interruptions due to machine failures can have a catastrophic impact on corporate bottom lines, especially in a business environment characterized by tough competition and time-to-market challenges. Industrial lubricants ensure problem-free functioning of gears, bearings, and compressors, thus driving optimum machine performance. These oils and greases also help in protecting machine parts and components against corrosion and wear and tear, ensuring extended machine life. The market also stands to benefit from the spiraling increase in the installed base of industrial equipment in industries spanning aerospace, construction, farming & agriculture, mining and oil & gas industries, among others. Increased infrastructure spending by developing countries is benefiting the market for industrial fluids.
Growing environmental concerns pertaining to toxicity, biodegradability, bioaccumulation, and recyclelability are helping drive demand for biodegradable and synthetic lubricating oils and greases. Biodegradable lubricants are based on vegetable oils, which constitute about 90% of the biolubricant product. Subsidies, tax breaks, and national as well as international labeling programs are driving demand for biodegradable lubricants. The marine end-use sector is forecast to witness strong demand given the higher risks of water contamination due to lubricant leakage.
As stated by the new market research report on Lubricating Oils and Greases, Asia-Pacific represents the largest and the fastest growing market with sales projected to grow at a CAGR of 4.1% over the analysis period. Automotive lubricants represents the largest product market worldwide with engine oils ranking as the largest contributor to revenues in this space.
Major players in the market include Ashland Inc., Chevron Corporation, Exxon Mobil Corporation, Esso S.A.F., Fuchs Petrolub AG, Idemitsu Kosan Co., Ltd., Indian Oil Corporation Ltd., LUKOIL Oil Company, JX Nippon Oil & Energy Corporation, Shell, Sinopec Corporation, and Total S.A., among others.
The research report titled “Lubricating Oils and Greases: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in Gallons for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East, and Latin America (Brazil and Rest of Latin America). Products segments analyzed include Automotive Lubricants (Engine Oils, and Transmission & Hydraulic Fluids); Industrial Lubricants (General Industrial Oils, Industrial Engine Oils, Marine Lubricants, Metal Working Oils, and Process Oils); and Greases.
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