ALBANY, New York, November 5, 2018
ALBANY, New York, November 5, 2018 /PRNewswire/ --
Lubricants Market for Off-road Sector: The top three operators in the global lubricant market for off road sector accounted for the share of 31.6% in 2015. Transparency Market Research (TMR) found that some of the leading companies such as BP Global, Royal Dutch Shell Plc., and ExxonMobil Corporation. These leading companies are largely focused in investing in research and development activities, and expansion of the product portfolio to gain competitive edge to strengthen their market at global level. The companies also dominate the pack in near future in order to invest more in development of infrastructural facilities.
The revenue generated by the global lubricants market for off road sector stood at US$13.0 bn in 2015, and it is likely to reach US$16.8 bn by 2024 end. The global lubricant market for off road sector is likely to expand by the 2.9%. CAGR during the course of forecast period from 2016 to 2024.
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Based on Product Type, The global lubricant market off-road sector can be categorized into grease, gear oil, engine oil, transmission fluids and others. Among all these segment, the engine oil product type segment dominate the global lubricants market for off-road sector. Increasing awareness about the vehicle maintenance are one of the important factor fuelling the growth of this market in coming years.Geographically, Asia Pacific is likely to dominate the global lucbricant market for off-road sector. This region is expected to grow at 3.6% CAGR throughout the forecast period.
Rise in Production of Vehicle and Disposable Income Likely to Drive Market Growth
The efficiency and better performance of vehicle is likely to be impacted by the excessive usage of brakes and clutches during the road traffic, this can be one of the major factor influencing the owner to use the lubricant to make the engine operation to work smoothly without any hindrance. This is the primary reason for the growth of the overall market for lubricant. The escalating number of old purchased vehicles are increasing across the globe, this leads to increase in utilization of lubricant more in the vehicle, this can be another factor uplifting the growth of this market at global level. The increasing production level of the vehicle and growing disposable income of the people could be another reason propelling demand for the global lubricant market for off-road sector. Also, the growing mining industries in the Asia Pacific region can be key factor driving the usage of lubricant in this region.
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Government Rule to Boost Usage of Public Transport Likely to Hamper Market Growth
Rapid increase in demand for popular and eco-friendly vehicle such as electric vehicle and strict government regulation in North America and Europe for the utilization of off-road vehicle will likely to impact the growth of the lubricant market. The rising government initiative to boost the growth rate of public transportation in order to reduce carbon emission can be another factor negatively affecting the growth of the overall lubricant market for-road sector.
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This review is based on the findings of a TMR report titled "Lubricants Market for Off-road Sector (Source - Mineral Oil-based, Synthetic, and Bio-based; Grade - Single and Multi; Product - Engine Oil, Transmission Fluids, Hydraulic Fluids, Gear Oil, and Grease; End Use - Construction, Agriculture and Farming, Mining, and Material Handling) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
The report segments the lubricants market for off-road sector as follows:
Global Lubricants Market for Off-road Sector - Source Analysis
Global Lubricants Market for Off-road Sector - Grade Analysis
Global Lubricants Market for Off-road Sector - Product Analysis
Global Lubricants Market for Off-road Sector - End Use Analysis
Global Lubricants Market for Off-road Sector - Regional Analysis
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