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The global Lubricants market was projected to grow at a CAGR of 3.03% for the forecast period 2021 to 2027, according to a report from Axiom Market Research & Consulting. The global market is estimated and forecasted in terms of revenue (USD) generated by the lubricants market. The forecast growth is based on rising demand for high-performance engines and renewable energy.
The major players involved in this market are ExxonMobil Corporation, BP Plc, Chevron Corporation, Royal Dutch Shell Plc., Sinopec Limited, Petrochina Lubricant Company, Total S.A., BASF SE, FUCHS Lubricants, and Lukoil Oil Company. Other companies of the lubricant industry are also considered for the competitive landscape of the market. Amsoil Inc., Blaser Swisslube AG, British Petroleum, Buhmwoo Chemical Ind. Co., Ltd., Castrol, Idemitsu Oil & Gas Co. Ltd., Kendall (Phillips 66), Lukoil Oil Company., Nippon Oil, Pennzoil, PetroChina, PetroFer Chemie, Petrobras, Petronas, Quaker Chemical Corporation, Valvoline, Zeller+Gmelin Corporation etc.
Covid-19 Impact Analysis on Lubricants Market
The global pandemic of Coronavirus (COVID-19) has triggered stock market unpredictability, tight border controls, and worldwide lockdown, leading the aesthetic industry, as well as large companies and governments, to restock supply chains. The whole world is experiencing severe impact on social and financial sectors, and all global industries are facing challenges during the COVID-19 pandemic.
In 2020, automotive sector played a major role in fueling the global lubricants market. This can be inferred from steadily growing interest for consumer vehicles, especially in China and India. The Asia Pacific region represents more than 40% of the 2020 global market for automobiles in terms of volume. The region is expected to remain a core driver of demand in the automotive sector, and the lubricants that enable the automobile's function.