According to a recently released study by Grand View Research, the global lubricant market is predicted to be worth $64.54bn (£44.4bn) in seven years’ time.
The demand for lubricants, like Mobil 1 New Life 0W/40, is set to increase in Latin America and the Asia-Pacific area, due to the growing automotive industries in these areas.
The ongoing call for engine oils, hydraulic fluids and transmission fluids in both consumer and commercial vehicles is largely responsible for the increased demand.
It is also predicted that an increase in the sale of motorcycles and passenger cars will further increase demand for lubricants between now and 2022, as will the growth of industrial output in a number of countries, most notably China, Brazil, India and Russia.
In 2014, the global lubricant market used 36.36 million tons of product according to the report by Grand View Research, and over 40% of it was moved in the Asia-pacific region. It is set to reach 43.87 million tons in 2022 – a growth rate of 2.4% between now and then.
Lubricants for industrial use made up the largest product segment for the industry in 2014, accounting for over 39% of sales that year. The product was used for a number of processes, including use in rotary compressors, machine bearings and industrial machinery, and it is in these areas that further demand for industrial lubricants is set to grow.
At present, the global lubricant market is dominated by four companies: Exxon Mobil, BP, Shell and Chevron, who account for over 42% of the total lubricants market share.