Despite the presence of a large number of small players, the global market for independent lubricant manufacturers features a largely consolidated vendor landscape, wherein the leading four vendors cumulatively accounted for a nearly 58% of the market in 2016, observes a recent report by Transparency Market Research. The Germany-based company FUCHS alone accounted for nearly 37% of the overall revenue generated by the global independent lubricant manufacturers in 2016, hinting towards to stronghold of the company on the global independent lubricant manufacturers market.
The level of competition is high and companies compete on the basis of product pricing, distribution channels, and innovative product offerings. Owing to vast growth opportunities in the field of bio-based lubricants, many leading vendors are focusing on the expansion of their product portfolios to include these lucrative products. Expansion across high-growth emerging economies and introduction of economic and environmentally neutral products could be the most rewarding strategies for companies struggling to establish their footing in the global independent lubricant manufacturers market.
Transparency Market Research estimates that the global independent lubricant manufacturers market, which was valued at US$6,800.79 mn in 2016, will reach US$9,454.04 mn by 2025, expanding at a CAGR of 3.80% between 2017 and 2025.
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Mineral Lubricants to Help Independent Lubricant Manufacturers Gain Maximum Revenues
The mineral lubricants product segment dominated, accounting for a massive 60.8% of the global independent lubricant manufacturers market in 2016. However, the segment’s share is expected to decline nominally during the forecast period, with the segment of synthetic lubricants experiencing a notable rise. In terms of geography, the global market for independent lubricant manufacturers, in terms of market growth potential as well as revenue share, was led by Asia Pacific in 2016, followed by North America.
Thriving Automotive Industry to Remain Key Growth Driver
Some of the primary factors positively influencing the global demand for lubricants from independent manufacturers are the healthy growth of the global automotive industry and the vast rise in demand for bio-based lubricants. The automotive industry, being one of the key consumers of a variety of lubricants, has been witnessing extensive expansion, especially across emerging economies with strengthening financial conditions and a rapidly rising middle-class population with high disposable incomes.
With strict environment protection regulations in place across most key regional markets, the use of high-quality lubricants has witnessed vast rise in the past years. Expected to remain strong in the near future as well, this trend is expected to have vast positive implications on the overall business of independent lubricants manufacturers across the globe. Environmental regulations will also compel the increased usage of bio-based lubricants, presenting promising growth avenues for independent lubricant manufacturers expanding their product portfolios to include innovative bio-based products.
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Fluctuating Raw Material Costs to Increase Cost Challenges for Manufacturers
Fluctuating prices of raw materials are one of the key challenges hindering the growth prospects of the global market for independent lubricants manufacturers. Fluctuation in raw material costs invariably affect pricing models and mostly have a negative impact on profit margins, especially in cost-sensitive regional markets, wherein consumers easily shift preferences, favoring cheaper alternatives. While bio-based lubricants are expected to witness a healthy rise in demand, their high costs could also deter consumers in developing economies from buying bio-based lubricants and instead choosing conventional crude-oil based lubricants.
For the study, the market has been segmented as follows:
Independent Lubricant Manufacturers Market – Product Analysis
- Mineral lubricants
- Synthetic lubricants
- Bio-based lubricants
Independent Lubricant Manufacturers Market – Application Analysis
This review of the global independent lubricant manufacturers market is based on a recent market research report published by Transparency Market Research, titled “Independent Lubricant Manufacturers Market (Type – Mineral Lubricants, Synthetic Lubricants, and Bio-based Lubricants; Application – Automotive, Aerospace, Marine, and Industrial) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
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