CHICAGO, July 31, 2023 /PRNewswire/ -- MarketsandMarkets has released 360 Quadrant for 20 Top Lubricant Companies, Worldwide 2023 to help businesses make quicker and more informed decisions. Companies' market presence and product footprint are used to build quadrants, which will be revised annually.
The global lubricants market was valued at USD 164.8 billion in 2022 and is projected to reach USD 187.9 billion by 2027, growing at a CAGR of 2.7% from 2022 to 2027. Rapid industrialization in the Asia Pacific and the Middle East & Africa post-COVID-19, coupled with the rise in process automation in most industries and the gradual increase in the number of vehicles on-road are key factors expected to drive the global industry during the forecast period.
Furthermore, the growing e-commerce industry and the demand for renewable energy act as an opportunity for market growth. However, volatile crude oil prices and stringent environmental norms are the major challenges in the market. Acknowledging its significance, MarketsandMarkets' expert analysts have conducted in-depth evaluations of the leading companies in this domain.
Access Research Report @ https://www.360quadrants.com/chemicals/lubricants
Unveiling the Market Leaders: Honoring Excellence in Lubricants Markets
- Shell plc., was identified as the market leader in the 360 quadrant, accounting for the largest share of the market in 2022. With a strong presence in oil & gas activities and a well-established distribution network, Shell strategically focuses on expanding its downstream business to meet growing customer demand and strengthen its position in the global lubricants market.
- ExxonMobil is another prominent entity in the lubricants market that has established a robust presence and earned a reputation for excellence over the years. The company's lubricants business is witnessing notable growth, particularly in the Asia Pacific region and the industrial sector. This growth is fueled by the company's utilization of world-class brands and its effective integration with basestocks refining capability.
- BP p.l.c. registered a strong position in the global lubricants market, boasting a strong brand name in the oil & gas industry. Its vertical integration contributes significantly to its substantial growth. The company's flagship lubricant brand, Castrol, offers a diverse product line catering to various industries.
- Chevron Corporation is a comprehensive player in the oil, gas, and geothermal energy industries, engaging in exploration, production, refining, marketing, transport, chemicals manufacturing, sales, and power generation. It operates in both upstream and downstream segments, offering lubricants under brand names GS Caltex, Ursa, Delo, and Havoline.
- TotalEnergies holds a significant and competitive presence in the lubricants market. The company's global reach and diverse product portfolio enable it to cater to a wide range of industries and customer segments. The company has adopted various organic and inorganic strategies in order to strengthen its market position.
- PetroChina, as one of China's largest oil producers and being part of the China National Petroleum Corporation (CNPC), PetroChina benefits from its association with a government-owned conglomerate, gaining access to resources and support that bolster its position in the lubricants market.
- Sinopec is another major Chinese lubricant manufacturer and distributor, offering 700+ lube oils and greases in 20 categories like crankcase oil, hydraulic oil, and greases, etc. These products find extensive use in aviation, automobile, petrochemicals, and other industries.
Categorization Of Lubricant Companies On 360 Quadrants
Lubricant companies' evaluation was conducted for 150 companies, of which the top 20 were categorized and placed in a quadrant under Market Leaders, Contenders, Innovators, and Emerging Companies.
All the companies in the market leader segment demonstrated strong offerings and the ability to influence the market's direction with their deep expertise. These companies include Shell, TotalEnergies, ExxonMobil, BP, Chevron Corporation, Sinopec Corp, and PetroChina. These companies dominate the market, together accounting for nearly one-third of the entire lubricants market.
Petronas, ENEOS, and Gazprom have been recognized as contenders in the lubricant's quadrant. The contenders are companies with a strong market presence, excelling in specific niches. While not offering the full range of market leaders, they wield significant influence and impact. These companies focus on specific technologies and aim to establish leadership within their chosen segment.
In the quadrant, innovators are highly innovative companies with a strong product portfolio, but a smaller market presence compared to leaders. They push industry boundaries with forward-thinking approaches and have the potential to become major players despite lower corporate growth strategies. FUCHS PETROLUB, Valvoline, and Idemitsu Kosan have been identified as the innovators in the quadrant.
The 360 Quadrants effectively evaluates emerging companies in the lubricants industry. They focus on specific areas and offer specialized knowledge, targeted support, flexible terms, and competitive prices. While they may have limited capabilities, they are preferred for specific use cases. These companies employ strategies to expand sales and reach a broader client base. This segment of the quadrant has identified Lukoil, Phillips 66, Eni, Petrobras, Motul, AMSOIL INC., and Gulf Oil International as emerging companies.
Evaluation Criteria
The vendor evaluation was conducted on over 150 companies of which the top 20 were categorized and recognized as the quadrant leaders. Factors such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies were considered the market presence of the lubricant's quadrant. While the top criteria for product footprint evaluation included Base Oil (Mineral, Synthetic, and Bio-Based), Product Type (Engine Oil, Gear Oil, Hydraulic Fluid, Compressor Oil, Transmission Fluid, Grease, and Others), and End-Use Industry.
360 Quadrants Scoring Methodology
360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.
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See Also: Top Paint and Coatings Companies, Worldwide 2023
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360 Quadrants will also be launching 100 quadrants in Chemicals and Materials, Packaging, Energy & Power, and Healthcare.
Visit https://www.360quadrants.com to access our interactive quadrants.
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