Lubricant sales by independent lubricant manufacturers worldwide could top USD 8.5 billion by the year 2019, according to a recent report released by Transparency Market Research.
Transparency Market Research estimated the lubricant volume supplied by independent manufacturers worldwide at about 4,523.7 kilo tons in 2012. Estimating a compounded annual growth rate (CAGR) of 2.7% from 2013 to 2019, the research firm estimates this figure could reach 5,432.0 kilo tons by 2019.
Several factors, including increasing demand from the the automotive sector, rising demand for bio-based alternative products and additional value-added services, could help independent lubricant manufacturers achieve higher than industry average growth during the forecast period, despite a generally flat market and prevailing uncertainties in two of the largest lubricants market in the world, the U.S. and China.
Geographically, Asia Pacific represented the largest market for independent lubricant producers, representing nearly 40% of their total global revenues in 2012, followed by North America and Europe, where growth has been flat for several years, as longer oil drain intervals and more energy efficient lubricants have become more commonplace.