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Albany, New York, Sept. 12, 2019 (GLOBE NEWSWIRE) -- The global lubricants market is expected to grow as the industrial sector makes handsome investments in new technologies. Organic lubricants are the most sought-after product for several industrial and manufacturing units. Furthermore, the use of lubricants is not limited to a particular industry, and an array of sectors have acknowledged their reliance on lubricants for multiple purposes. Hence, the global lubricants market encompasses a large playfield of opportunities for vendors, investors, and stakeholders. Research related to the uses, properties, and applications of lubricants has had a subtle effect on the growth graph of the global market.
Bio applications of lubricants have played a vital role in driving market demand. The healthcare fraternity has approved the use of lubricants in artificial joints. This has come as a welcome move for the vendors who shall look to capitalise on the market gaps present in healthcare industry. Lubricants, including oils and fats, are used in the food industry to prevent food sticking. This trend, albeit insignificant, could play a formidable role in the growth of the global market. The growing size of the food industry is behind the aforementioned prediction.
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The energy sector is unabatedly one of the most crucial industries for regional territories. Hence, the growing relevance of lubricants in renewable energy technologies shall usher an era of growth within the market. Wind turbines are becoming a prominent part of the renewable energy landscape. Synthetic lubricants are in great demand across wind turbines. This factor, coupled with the massive revenue-generation capacity of the wind energy sector, shall drive sales across the global lubricants market.
A report by Transparency Market Research predicts that the global lubricants market would expand at a sluggish CAGR of 2.90% over the period between 2018 and 2026. Moreover, the global lubricants market is projected to touch a value of US$ 163.37 Bn by 2026. The positive growth rate of this market can be attributed to the presence of multiple inlets for revenues.
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Valuation of Vendors in the Stock and Share Markets
Vendors in the global lubricants market, especially oil lubricant companies, have a strong grip over the share market. The stocks and shares of these companies have remained favourable for most past of the past decade. Gulf Oil Lubricants Ltd. is a renowned market player that has consistently opened at favourable prices. The trends operating in the stock market have played an integral role in the growth of the global market.
The global lubricants market shall also expand as government authorities make investments in the industrial sector. The use of organic lubricants in the industrial sector, in addition to the increasing demand for frictional materials, shall aid market growth.
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Automotive Industry to Emerge as Key End-User
The automotive industry has attracted voluminous revenues from key entities. The lucrative opportunities floating in this industry have led to technological improvements in automotive manufacturing. The widespread usage of lubricants across this industry has played an integral role in market growth. Furthermore, the need for increasing the life of automotive parts has necessitated the use of lubricants and other similar products.
The automotive industry of Germany is at the helm of global developments in automobiles. The supremacy of German manufacturing in this sector has generated huge-scale revenues in the Europe lubricants market.
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Some of the leading players in the global lubricants market are PetroChina Company Limited, China Petrochemical Corporation (Sinopec Group), and Total Group.
The review is based on TMR’s report titled, “Lubricants Market (Product - Mineral Oil, Synthetic, and Bio-based Application - Automotive Oils, Industrial Oils, Metalworking Fluids, and Grease) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”.
The global lubricants market is segmented as:
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