The global market for lubricants for off-road sector
is highly competitive and consolidated in nature with a few players
holding a key share of the overall market, states a research report
by Transparency Market Research. In 2015, the leading players in the
global market, namely ExxonMobil Corporation, Royal Dutch Shell Plc.,
and BP Global collectively held a share of 31.6% and are likely to
continue their dominance over the next few years. These players are
making efforts to enhance their presence by focusing on the
development of new and innovative products. In addition, the
improvement of infrastructural facilities is another major factor
estimated to encourage the growth of the global lubricants market for
off-road sector in the next few years. Furthermore, the increasing
investments by the key players in the global market are likely to
accelerate the development of the market in the near future.
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According to the research study by Transparency
Market Research, in 2015, the global market for lubricants for
off-road sector was worth US$13.0 bn and is estimated to reach a
value of US$16.8 bn by 2024. The market is projected to register a
healthy 2.90% CAGR between 2016 and 2024.
Flourishing Mining Sector to Encourage Asia
Pacific Lubricants Market for Off-road Sector
From a regional point of view, in 2015, the North
America lubricants market for off-road sector led and held a key
share of the overall market. According to the research report, this
regional segment is expected to remain in the leading position in the
next few years, thanks to the presence of a large number of mining
projects and the growing demand for lubricants. On the other hand,
Asia Pacific is projected to register an impressive growth rate
throughout the forecast period. A significant rise in the mining
activities in this region and the developing economies of several
nations are anticipated to encourage the growth of the Asia Pacific
market for lubricants for off-road sector in the next few years.
In terms of grade, the single grade segment is
expected to gain immense popularity throughout the forecast period.
The increasing use of single grade lubricants is expected to fuel the
growth of this segment, owing to which this segment is estimated to
account for a key share of the global lubricants market for off-road
sector in the next few years. The use of single grade lubricants
operates efficiently in a specific temperature range, whereas the
multi grade lubricants operate in any temperature. As a result, the
latter segment is expected to offer promising growth opportunities in
the coming years.
Increasing Vehicle Production to Encourage Market
Growth
The efficiency and performance of vehicles have been
significantly affected by the extensive use of brakes and clutch, due
to high traffic and tough driving conditions. As a result, the demand
for lubricants is expected to grow extensively in order to ensure the
easy working of the engines. This is expected to encourage the growth
of the global lubricants market for off-road sector throughout the
forecast period. In addition, a tremendous rise in the number of
vehicles being used in developing economies is another key factor
anticipated to accelerate the growth of the overall market in the
next few years.
On the flip side, the stringent rules and regulations
regarding the use of off-road vehicles, especially in Europe and
North America are anticipated to restrict the growth of the market in
the coming few years. In addition, the developed economies worldwide
are focusing on improving public transport, which is likely to hamper
the demand for lubricants for off-road sector in the near future.
Nonetheless, the rising production of vehicles and the increasing
disposable income of consumers in developing economies are estimated
to offer potential growth opportunities for the leading players
operating in the global lubricants market for off-road sector over
the forecast period.
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This information is based on the findings of a
research report published by Transparency Market Research (TMR),
titled “Lubricants Market for Off-road Sector (Source - Mineral
Oil-based, Synthetic, and Bio-based; Grade - Single and Multi;
Product - Engine Oil, Transmission Fluids, Hydraulic Fluids, Gear
Oil, and Grease; End Use - Construction, Agriculture and Farming,
Mining, and Material Handling) - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2016 - 2024.”
The global lubricants market for off-road sector
has been segmented as below:
Global Lubricants Market for Off-road Sector –
Source Analysis
- Mineral Oil-based
- Synthetic
- Bio-based
Global Lubricants Market for Off-road Sector –
Grade Analysis
- Single
- Multi
Global Lubricants Market for Off-road Sector –
Product Analysis
- Engine oil
- Transmission fluids
- Hydraulic fluids
- Gear oil
- Grease
- Others
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