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Energy
Crisis Urges Industries to Invest in Lubricants to Reduce Costs
As
energy costs continue to climb, corporations are revaluating machinery
maintenance to reduce costs. Energy consumption analysis has become an
imperative part of company audits, creating a demand for energy-saving
solutions. Engines and machinery that lack lubrication undergo friction that
leads to higher energy consumption. This also has a higher impact on the
environment, leading to penalties that companies must bear. Both these factors
have urged companies to invest in better lubricants to reduce emissions and
save on energy consumption. A small reduction in friction can go a long way in
curbing energy consumption, which ultimately leads to savings in millions.
These factors are expected to boost the global lubricants market between the
forecast years of 2021 and 2025, states Fairfield Market Research.
Synthetic
Lubricants Trump Others as Users Seek Better Performance
In
recent years, the demand for synthetic lubricants has significantly shot up as
consumers are seeking higher and better performance. While mineral lubricants
have been the most preferred ones due to their affordability and wide
availability, synthetic lubricants have gradually taken over. Analysts
anticipate that the demand for synthetic and semi-synthetic lubricants will
spike as they last longer, low volatility, and better thermal stability.
Increasing importance of environmentally sustainable solutions is expected to
propel revenue for the synthetic lubricants segment during the forecast years.
Unprecedented
Sales of Automobiles in Asia Pacific to Drive Demand for Lubricants
The
demand for lubricants is expected to be the highest in the Asia Pacific as the
region is witnessing a dramatic rise in sales of automobiles. The rapid pace of
industrialization and motorization in the past decade, especially in India and
China, is expected to play a critical role in the development of the regional
lubricants market. As of 2018, the Asia Pacific lubricants market held 45% in
the global market. As the region continues to be an automotive and
manufacturing hub, it is likely to fuel the demand for lubricants from 2021 to
2025.
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Sustainability
to Remain Key Development Area for Lubricants Manufacturers
The
competitive landscape in the global lubricants market is intense. Players are
focused on developing greener solutions to set a precedent in the forthcoming
years. For instance, in 2019, Shell launched Shell Omala S5 Wind 320, a carbon-neutral
wind turbine oil. The oil comes with a decade long warranty in reducing
machinery wear and tear.
Some
of the key players profiled in this research report are ExxonMobil, Shell,
Total, Chevron, BP, and Sinopec.
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