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Asia Pacific Lubricants market to record appreciable gains via automotive sector

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Jan 10, 2021 (Market Insight Reports) —
Lubricants market growth will be driven by surging automobile sales and rapid urbanization in various emerging economies. As a matter of fact, numerous reports have made claims that 2018 recorded outstanding sales of nearly 47 million vehicles in Asia Pacific, providing a thrust to the lubricants market across the region.

Considering the demand for lubricants across the region, various lubricant giants have made initiatives to extend their services in the burgeoning lubricant capital, APAC, to gain a competitive edge in the longer run. A vital instance testifying the aforementioned statement is provided by ExxonMobil’s strategy to set up lubes blending plant in the states of India.

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One of the leading oil and gas companies, ExxonMobil, has considered its plans of establishing a lube blending plant in auto major, India, on the grounds of reducing the energy demands by 25 percent over the next 20 years. This move would further bolster the company’s stance in the global market along with aiding the lubricants market expansion in APAC.

In line with this, the increase in automobile sales and declining sales tax in China would catalyze the market growth in the region, which once held a valuation of USD 6 billion, in 2014.

Apart from the ever expanding automotive industry, the mounting investments in exploration and production of unconventional and conventional resources have produced a considerable surge in the oil field chemicals demand, thereby stimulating the lubricants market share over the forecast period. What else has defined the growth of worldwide lubricants market is a positive outlook towards the manufacturing sector which encompasses an all new gamut of 3D printing and medical equipment.

Lubricants market from the industrial application procured a market share of nearly 35 per cent in 2014 and is expected to potentially foster at an appreciable growth rate in the upcoming years. This can be attributed to the elevating demand for industrial products in tandem with the capacity expansion in vivid industries spanning the machinery, metal forming, and mining sectors.

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Using lubricants leads to better fuel consumption, which is crucial at a time when light commercial vehicles are expected to be equipped with this feature. Increased product deployment in the automotive sector is likely to set trend in the lubricants market. Given that lubricants bolster durability and corrosion resistance, they are highly being preferred in automotive industry.

Profound use of lubricants for industrial and automotive sectors offers an unravelling opportunity for stakeholders eyeing to bolster their product portfolios.

Stakeholders see the opportunity in lubricants which can enable lowest amount of degradation to the parts and subsequently bolster engine life. Further, use of quality auto lubricants allowing the vehicle to increase fuel efficiency and performance has instilled confidence among stakeholders.

With global push to enhance efficiency as part of efforts to clean up air and reduce greenhouse gas emissions, upgrades in both the automotive and industrial sectors are likely to provide opportunities for the lubricant market to come up with the sophisticated formulations.

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