The top three players in the global lubricants market for off-road sector held a share of 31.6% in the overall market in 2015. Royal Dutch Shell Plc., ExxonMobil Corporation, and BP Global have shown incredible dominance in the global market with terrific brand value. These companies are expected to lead the pack in the coming years as they continue to invest in improving their infrastructural facilities and development of newer and better products.
According to the research report, the global lubricants market for off-road sector was valued at US$13.0 bn in 2015 and is anticipated to reach US$16.8 bn by the end of 2024. During the forecast period of 2016 and 2024, the global market is anticipated to expand at a CAGR of 2.9%.
Industrialization and Transportation Fuels Global Market
The increasing usage of vehicles for transportation purposes as industrialization and commerce is regaining momentum it is expected to propel the demand for lubricants market for off-road sector. Furthermore, need to maintain old vehicles continuously has also increased the consumption of lubricants market in recent years. The booming automotive industry, rising sales of vehicles, and product development by lubricant manufacturers are collectively expected to drive the growth of the global market. Additionally, the market is also expected to benefit with the continuous vehicle design and persistent changes in fuel quality. Lubricant manufacturers will strive to develop high-end formulations as vehicle owners and manufacturers are striving to reduce carbon dioxide emissions by improving fuel efficiency.
On the basis of grade, the global lubricant market for off-road sector is segmented into single grade and multi grade. The single grade, which is also known as mono grade oils, operates efficiently in a specified temperature range. Thus, they are used for engines that operate in a reasonably ambient or operating temperature for longer period. Fixed engines powering generators that are used in an enclosed premise or in a consistent or controlled temperature and speed use single grade oils. On the other hand, multi-grade oil is used for engines that undergo varying temperature differences. These oils include viscosity modifier additives that keeps ensures proper flow under cold and hot conditions. Multi-grade oil is developed to be thin, so that it can easily flow into cold temperatures. This protects the engine in cold conditions.
North America to Show Dominance throughout Forecast Period
In term of geography, the global lubricants market for off-road sector is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, North America held a dominant share in the global market in 2015. In terms of volume, North America held a share of 38% in the overall market in 2015. However, Asia Pacific is expected to show remarkable growth rate in the coming years. Emerging economy of China is expected to fuel this growth in the coming years. The flourishing mining activities in Asia Pacific are expected to propel the usage of off-road vehicles, thereby increasing the uptake of lubricants for the same.
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The key players operating in the global lubricants market for off-road sector are Topaz Energy Group Limited, Royal Dutch Shell plc, BP Global, Total S.A., ExxonMobil Corporation, Phillips 66, Indian Oil Corporation Limited, Halron Lubricants Inc., Chevron USA Inc, Castrol Limited, Fuchs Petrolub SE, BRB International and Lukoil Lubricants Company.