The global market for lubricants for off-road sector is highly competitive and consolidated in nature with a few players holding a key share of the overall market, states a research report by Transparency Market Research. In 2015, the leading players in the global market, namely ExxonMobil Corporation, Royal Dutch Shell Plc., and BP Global collectively held a share of 31.6% and are likely to continue their dominance over the next few years. These players are making efforts to enhance their presence by focusing on the development of new and innovative products. In addition, the improvement of infrastructural facilities is another major factor estimated to encourage the growth of the global lubricants market for off-road sector in the next few years. Furthermore, the increasing investments by the key players in the global market are likely to accelerate the development of the market in the near future.
According to the research study by Transparency Market Research, in 2015, the global market for lubricants for off-road sector was worth US$13.0 bn and is estimated to reach a value of US$16.8 bn by 2024. The market is projected to register a healthy 2.90% CAGR between 2016 and 2024.
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Flourishing Mining Sector to Encourage Asia Pacific Lubricants Market for Off-road Sector
From a regional point of view, in 2015, the North America lubricants market for off-road sector led and held a key share of the overall market. According to the research report, this regional segment is expected to remain in the leading position in the next few years, thanks to the presence of a large number of mining projects and the growing demand for lubricants. On the other hand, Asia Pacific is projected to register an impressive growth rate throughout the forecast period. A significant rise in the mining activities in this region and the developing economies of several nations are anticipated to encourage the growth of the Asia Pacific market for lubricants for off-road sector in the next few years.
In terms of grade, the single grade segment is expected to gain immense popularity throughout the forecast period. The increasing use of single grade lubricants is expected to fuel the growth of this segment, owing to which this segment is estimated to account for a key share of the global lubricants market for off-road sector in the next few years. The use of single grade lubricants operates efficiently in a specific temperature range, whereas the multi grade lubricants operate in any temperature. As a result, the latter segment is expected to offer promising growth opportunities in the coming years.
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Increasing Vehicle Production to Encourage Market Growth
The efficiency and performance of vehicles have been significantly affected by the extensive use of brakes and clutch, due to high traffic and tough driving conditions. As a result, the demand for lubricants is expected to grow extensively in order to ensure the easy working of the engines. This is expected to encourage the growth of the global lubricants market for off-road sector throughout the forecast period. In addition, a tremendous rise in the number of vehicles being used in developing economies is another key factor anticipated to accelerate the growth of the overall market in the next few years.
On the flip side, the stringent rules and regulations regarding the use of off-road vehicles, especially in Europe and North America are anticipated to restrict the growth of the market in the coming few years. In addition, the developed economies worldwide are focusing on improving public transport, which is likely to hamper the demand for lubricants for off-road sector in the near future. Nonetheless, the rising production of vehicles and the increasing disposable income of consumers in developing economies are estimated to offer potential growth opportunities for the leading players operating in the global lubricants market for off-road sector over the forecast period.