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.
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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%.
Asia Pacific to Dominate Global Market as Automotive Sector Shows Steady Progress
On the basis of product, the global market is segmented into engine oil, hydraulic fluids, transmission fluids, grease, gear oil, and others. Of these, the engine oil segment is estimated to rise at a faster pace than the others. Availability of several brands, growing automotive industry, and rising awareness about maintenance of vehicles are some of the important factors slated to drive this product segment. The report states that this segment will expand at a CAGR of 4.0% during the forecast period.
In terms of geography, the global lubricants market for off-road sector is divided into North America, Asia Pacific, Asia Pacific, Latin America, and the Middle East and Africa. Of these, Asia Pacific is estimated to dominate the global market in the coming years. This regional market is expected to surge at a CAGR of 3.6%. The growing sales of automobiles in the region are anticipated to drive the Asia Pacific lubricants market for off-road sector during the forecast period. Furthermore, the cheaper price of products in the Asia Pacific region has also contributed to the soaring sales of lubricants for off-road sector.
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Consistent Maintenance of Old Vehicles Improves Revenue for Global Market
Performance and efficiency of vehicles is adversely affected due to the tough driving condition and the bumper to bumper traffic that compels drive to make excessive usage of clutch and brakes. Such circumstances hamper the engine, negating its performance through the years. Thus, several vehicles owners and sellers insist on using lubricants to keep the engines functioning at optimum efficiency. The growing number of old vehicles in the world have propelled the uptake of lubricants as the need for maintenance is imperative. The consistent production of vehicles along with rising disposable incomes have collectively fueled the consumption of lubricants for the vehicles of the off-road sector.
The report states that Asia Pacific will play a key role in defining the progress of the global lubricants market for off-road sector. The booming mining industry in this region that demands usage of off-road vehicles for transportation, will ensure swift uptake of lubricants during the forecast period.
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Efforts to Reduce Carbon Footprint to Restrain Global Market
Stringent regulations pertaining to the usage of off-road vehicles in Europe and North America is expected to have a negative impact on the sale of lubricants. Furthermore, efforts by developed regions to encourage public transport systems to reduce carbon emissions are expected to reduce the uptake lubricants for off-road sector. Introduction of electric cars is also anticipated to restrain the global market from achieving its utmost potential in the near future.