The top three players in the global lubricants market
for off-road sector held a share of 31.6% in the overall market in
2015. Royal Dutch Shell Plc., ExxonMobil Corporation, and BP Global
have shown incredible dominance in the global market with terrific
brand value. These companies are expected to lead the pack in the
coming years as they continue to invest in improving their
infrastructural facilities and development of newer and better
products.
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According to the research report, the global
lubricants market for off-road sector was valued at US$13.0 bn in
2015 and is anticipated to reach US$16.8 bn by the end of 2024.
During the forecast period of 2016 and 2024, the global market is
anticipated to expand at a CAGR of 2.9%.
Asia Pacific to Dominate Global Market as
Automotive Sector Shows Steady Progress
On the basis of product, the global market is
segmented into engine oil, hydraulic fluids, transmission fluids,
grease, gear oil, and others. Of these, the engine oil segment is
estimated to rise at a faster pace than the others. Availability of
several brands, growing automotive industry, and rising awareness
about maintenance of vehicles are some of the important factors
slated to drive this product segment. The report states that this
segment will expand at a CAGR of 4.0% during the forecast period.
In terms of geography, the global lubricants market
for off-road sector is divided into North America, Asia Pacific, Asia
Pacific, Latin America, and the Middle East and Africa. Of these,
Asia Pacific is estimated to dominate the global market in the coming
years. This regional market is expected to surge at a CAGR of 3.6%.
The growing sales of automobiles in the region are anticipated to
drive the Asia Pacific lubricants market for off-road sector during
the forecast period. Furthermore, the cheaper price of products in
the Asia Pacific region has also contributed to the soaring sales of
lubricants for off-road sector.
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Consistent Maintenance of Old Vehicles Improves
Revenue for Global Market
Performance and efficiency of vehicles is adversely
affected due to the tough driving condition and the bumper to bumper
traffic that compels drive to make excessive usage of clutch and
brakes. Such circumstances hamper the engine, negating its
performance through the years. Thus, several vehicles owners and
sellers insist on using lubricants to keep the engines functioning at
optimum efficiency. The growing number of old vehicles in the world
have propelled the uptake of lubricants as the need for maintenance
is imperative. The consistent production of vehicles along with
rising disposable incomes have collectively fueled the consumption of
lubricants for the vehicles of the off-road sector.
The report states that Asia Pacific will play a key
role in defining the progress of the global lubricants market for
off-road sector. The booming mining industry in this region that
demands usage of off-road vehicles for transportation, will ensure
swift uptake of lubricants during the forecast period.
Efforts to Reduce Carbon Footprint to Restrain
Global Market
Stringent regulations pertaining to the usage of
off-road vehicles in Europe and North America is expected to have a
negative impact on the sale of lubricants. Furthermore, efforts by
developed regions to encourage public transport systems to reduce
carbon emissions are expected to reduce the uptake lubricants for
off-road sector. Introduction of electric cars is also anticipated to
restrain the global market from achieving its utmost potential in the
near future.
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This review is based on Transparency Market
Research’s report, titled “Lubricants Market for Off-road Sector
- Global Industry Analysis, Size, Share, Growth, Trends and Forecast,
2016–2024.”
The report segments the global lubricants market
for off-road sector as follows:
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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