The vendor landscape of the global lubricant market is consolidated, with top five players accounting for major portion of market share in the global lubricant market. The Transparency Market Research (TMR) has found that the key players operating in the lubricant market includes Exxon Mobil Corporation, Royal Dutch Shell plc., BP P.L.C., Total S.A., and Chevron Corporation and these companies are majorly focused on Asia Pacific, Europe, North America to strengthen their presence and gain more market share in the global market for lubricant. There is very less scope left for the new entrants to enter in this market owing to major dominance by the key operators in this market.

The revenue generated by the global market for lubricants likely to touch a valuation of 44,165.11 kilo tons on account of value and volume at the 2020 end.

Automotive Oils of Application Segment Likely to Drive Market Growth

Based on applications, the automotive oils likely to dominate the global market for lubricants and hold market share of 50% in the global lubricant market. Moreover, rising disposable income in the Asia Pacific region anticipated to drive the demand of this market. Geographically, Asia Pacific dominate the global lubricant market in terms of adoption and likely to hold significant share of 40% in the overall market owing to rise in disposable income and improved GDP.

Rise in Number of Vehicle is Propelling Demand for Global Lubricant Market

Rising demand for lubricants highly depends on the production count and expansion potential capacity of the prominent players operating in the automotive industry across the globe. This can be one of the important factor influencing growth of this market in near future. Increasing disposable income of the people in developing region can be another factor contributing to the growth of this market. Moreover, rise in development of infrastructure and increasing count of passenger vehicles can be some of the factors positively triggering growth of the global lubricant market in coming years. Nevertheless, rapid change in emission standards could bode well for the growth of this market. Emergence of improved vehicle engine technology which is compatible with the lubricant is another factor boosting growth of this market in coming years. The rising demand for synthetic lubricant is another factor augmenting for the growth of this market.

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On the other hand, increasing demand for electric vehicle and hybrid vehicles and growing environment drives to boost the growth of this hybrid vehicle trends, can be one of the important factor negatively impacting growth of this market in near future. Due to rising concern about the growing population due to harmful emission through petroleum based vehicle and other related lubricant likely to be another factor hampering growth of this market. However, Bio-based lubricants expected to demonstrate eco-friendly nature of this market due to their degradable characteristics of lubricants. This characteristics of the product may not create hindrance for the growth of the bio-lubricant market, once it is disposed in nature.

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