Lubricant is a chemical substance that can help to control or reduce friction and wear and tear of the surfaces that come in contact with the bodies in relative motion. Based upon its nature, lubricants are utilized to abolish heat and wear debris, transmit power, supply additives into the contact, and provide protection. Lubricants can be in any form such as liquid (oil, water, etc.), solid (graphite, graphene, molybdenum disulfide), or gas (air) or may be semisolid (grease) forms. Majority of the lubricants comprise of additives that help to improve their performance.
When two rough surfaces roll against each other, the severities of the surfaces come in close contact with each other and thereby result in interlock and produce friction. The aim of a lubrication approach is to distinct the rubbing surfaces with a lubricant layer, that minimizes or prevents direct contact of the bodies
The global lubricants market can be classified based on type, application and region. On the basis of type, the global market is classified into mineral oil lubricants, synthetic lubricants, greases, and bio-based lubricants. Depending upon application, it is segmented into transportation, and industrial machinery & equipment.
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Among the market segments, the mineral oil is the largest market segment of the lubricants market owing to its ease of availability and low cost. There is a high demand for industrial lubricants in the construction & mining industry owing to rising construction activities particularly in the residential sector in China and increasing infrastructural developments in India.
The global lubricants market is expected to garner maximum revenue in the forecast period. Factors such as large industrial growth in Asia-Pacific and Middle East & Africa, improved quality of lubricants, and rise in automation in various end-user industries are expected to fuel the growth of lubricants market.
Based on regions, the global lubricants market is divided into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The North American region is anticipated to command the maximum market share and would lead the lubricants market during the forecast period. The Asia-Pacific region is expected to witness the swiftest growth in the lubricants market. Factors such as increased growth of the emerging economies and the rising disposable income in this region make this region an attractive market for industrial lubricant manufacturers. The fabulous growth of industrial production, and increased trade, are chiefly responsible for the large consumption rate of industrial lubricants thereby propelling the growth of lubricants market in the region.
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The major companies that provide lubricants include Fuchs Petrolub AG, ExxonMobil Corporation, Sinopec Limited, Royal Dutch Shell Plc., Petrochina Company Limited, L Chevron Corporation, BP p.l.c., Total S.A., UKOIL, Idemitsu Kosan Co. Ltd.