According to industry forecast, market of lubricating oil will be generating revenue of $ 74.6 billion within the year 2022. The reports has been published through the Global Market Insights Inc. The growth has been expected especially due to development of automobile industry. Huge increase in terms of production has been anticipated by the experts in the future. However, use of the lubricating oil can surpass over the norms as a result of activities within the drilling sector in addition to the chemical industry.
In the year 2014, lubricant oil market has occupied almost 38% of business output. Therefore, there is no doubt that lubricant oil is a dominant industry in global market. Industrial output has been enhancing from the time due to extension in the field of machinery, mining and metal formation. For the above reason, demand for the lubricating oil has increased further in the market.
Gain of almost 3.2% is expected from the market share of lubricant through the field of consumer automotive. Based on the register and CAGR, it is possible to say that the demand of 13 million tons can be observed in 2022. In the countries like Latin America and APAC, sales of the car have been enhanced in the past. Similar situation can be noticed in the future as well. Therefore, requirement of the lubricating oil is bound to increase. It is a fact that
cannot be doubted at all.
Price of crude oil has reduced in the past couple of years. Therefore, decrease in the price of lubricating oil has been noticed as well. Scope of application for the lubricant has been increased as it can be utilized for the medical devices in addition to the 3D printing now. Therefore, boost in the demand can be detected surely.
Restriction of stringent manner has been introduced by several authorizes over the issue of bioaccumulation, toxicity and recyclability. Success of the lubricating industry can be affected to some extent in due course. However, innovation from the technical field has been observed to come over difficulties effectively. More importance is given towards the making of bio-based lubricants now-a-days.
- Higher amount of domestic consumption can be seen from the countries like India and China due to presence of market for the metal fluid. The industry of metal fluid in China is about $ 310 in 2014.
- The steady growth rate of 2.9% is estimated by the experts till the year 2022.