Lubricants Market Set to Reach USD 198.7 Billion by 2026
According to the report, The global lubricants market in 2019 was approximately USD 164.3 Billion. The market is expected to grow at a CAGR of 2.7% and is anticipated to reach around USD 198.7 Billion by 2026.
A lubricant is a type of material is applied to minimize friction in mutual contact between surfaces, eventually reducing the heat produced as the edges move. They also assist in transmitting forces, move foreign particles or heat or cool the surfaces
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The lubricants market research report delivers an acute valuation and taxonomy of the lubricants industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the lubricants industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the lubricants industry is provided for the leading economies of the world.
The lubricants market is segmented based on base oil, product type and application. On the basis of base oil segmentation, the market is classified into mineral oil, synthetic oil, and bio-based oil. In terms of product type segmentation, the market is bifurcated into engine oil, hydraulic fluid, metalworking fluid, gear oil, compressor oil, grease oil, turbine oil, and others. In terms of application segmentation, the market is bifurcated into transportation, and industrial. The transportation segment is sub-segmented into commercial vehicles, passenger vehicles, aviation, railways, and marine. The industrial segment is also further fragmented into construction & mining, metal production, cement production, power generation, automotive, chemical, oil & gas, textile, and food processing amongst others.
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Some of the essential players operating in the lubricants market, but not restricted to include Royal Dutch Shell Plc., ExxonMobil Corporation, Chevron Corporation, BP p.l.c., Total S.A., Petrochina Company Limited, Sinopec Limited, LUKOIL, Fuchs Petrolub AG, and Idemitsu Kosan Co. Ltd. among others.
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