Lubricants Market Size Likely to Exceed Usd 74 Billion by 2022: Global Market Insights, Inc.

Lubricants Market Size is forecast to generate USD 74.6 Billion revenue by 2022; as per a new research report by Global Market Insights, Inc. Transportation industry growth, particularly automobile production, is likely to drive lubricants market size. Increase in drilling & exploration activities owing to growth in oilfield chemicals should also spur growth.

Browse In-depth Research Report on Global Lubricants Market with detailed charts and figures: https://www.gminsights.com/industry-analysis/lubricants-market

Industrial lubricants market size was dominant and occupied a share of over 38% of the total volume in 2014. Increase in industrial output coupled with capacity expansions in mining, machinery and metal forming should favor lubricants demand.

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Consumer automotive lubricants market share is most likely to see significant gains, at 3.2% CAGR and register demand over 13 Million tons by 2022. Increase in passenger car sales in APAC and Latin America coupled with stable U.S. automotive index is likely to drive demand.

Crude oil price slump over the past two years have resulted in bringing down lubricants market price trend. Increasing application scope in niches sectors such as medical devices and 3D printing is likely to boost demand.

Stringent regulations by EPA, REACH and ECHA over toxicity, bioaccumulation and recyclability are likely to threaten industry growth. Technology innovation over developing biobased lubricants market in order to counter environmental concerns may benefit industry participants.

Key Insights from the Report include:

• Global lubricants market size estimates were 37.7 Million tons in 2014 and are forecast to attain growth rates at 2.9% up to 2022 and reach 47.7 Million tons.

• APAC, driven by China and India lubricants market size domestic consumption, was dominant regional industry. China metal working...