The global market for independent lubricant manufacturers is projected to value a remarkable US$8.5 billion by 2019. This promising growth will be a result of a larger trend that prevails currently: The demand for lubricants has risen dramatically in the automotive and industrial sectors. This creates conducive conditions for the growth of independent lubricants manufacturers, who do not own refineries and operate on a much smaller scale than large chemical companies. Recent business intelligence reports also state that when measured based on demand, the global independent lubricants market stood at 4,523.7 kilo tons as of 2012. The demand is expected to rise to a sizeable 5,432.0 kilo tons by the end of 2019.
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Automotive and Industrial Lubricants Will Be the Two Dominant Segments
While the use of lubricants is seen in a myriad of industries, they are predominantly used in the industrial and automotive sectors. It wouldn’t be wrong to say that these two sectors are where most independent lubricant manufacturers earn nearly all of their revenues from. As per the estimates of market experts, manufacturers of bio-based lubricants will likely see a sharp spike in demand. Since independent lubricant manufacturers are able to offer precisely engineered lubricant formulas, they will likely see a higher demand for eco-friendly lubricants in keeping with the current regulatory environment. Besides, companies in the independent lubricants market are also known to offer a higher degree of value-added and technical support services, which encourages several end-users to procure products from these smaller entities.
Demand for Industrial Lubricants Was Higher in 2012; Automotive Lubricants to Experience Heightened Growth
Until a few years ago, the market share of industrial lubricants was higher than that of automotive lubricants. While the former occupied a 55.4% share of the market, the latter accounted for a 44.6% market share. Moving forward, this scenario could possibly change with the automotive industry being in high gear in numerous developing regions of the world. If the automotive industry also gathers steam in developed markets that were, until recently, on a downturn, the demand for automotive lubricants could soar significantly. Some of the end-users of products sold by independent lubricant manufacturers are: Steel, agricultural industries, and mining.
Despite Service-Related Advantages, Independent Lubricants Market Bears Brunt of Volatile Oil and Mineral Prices
Larger petrochemical companies are not entirely immune to the impact of market forces. But when it comes to the business of independent lubricant manufacturers, this impact is compounded by several times. If the current volatility seen in the oil industry continues, business of companies in the independent lubricants market could be severely impaired. Because independent lubricant manufacturers procure the required raw material from the open market, they are not shielded against market conditions. All of these factors could deal a blow to revenue generation capabilities of independent lubricant makers. Players in the independent lubricants market can, however, alleviate the impact of these potential restraints by investing in R&D efforts. Finding alternatives to conventionally-used raw materials could pave the way for sustainable growth.
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Opportunities Aplenty for Players in the Independent Lubricants Market in Asia Pacific
The Asia Pacific region ranked as the leading market for independent lubricants in 2012. The region contributed an estimated 40% to the total revenues reported from the global independent lubricants market. North America and Europe trailed the Asia Pacific market in terms of market share. The resurgence of the automotive industry in the United States and Europe is a change to watch out for in the coming years. This shift could create some exciting opportunities for companies operating within the independent lubricants market.
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