Synthetic lubricants are posing a serious threat due to their superior properties over conventional mineral oil lubricants. Stringent environmental regulations regarding emission standards and use of bio-based lubricants are further expected to negatively impact demand for mineral oil lubricants.
Opportunities: Growing demand from the transportation sector
Growing demand from the transportation sector due to increasing vehicle fleet is estimated to boost the sales of lubricants. Additionally, rapid industrialization and infrastructure growth in emerging nations of Asia and Africa will propel the demand for lubricants from various machinery and equipment employed. New product launches catering to evolving emission standards also allows companies to gain an edge over competitors.
Lubricants Market Report Snapshots
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