Lubricants Market Expected To Be Worth $70.32 Billion by 2020
2015-07-15 11:27 Browse:()
The global market for lubricants is expected to reach USD 70.32 billion by 2020. Lubricants are widely used in the automotive industry for their benefits and relative lower cost. Hence, the growth of automotive market and industrial production, mainly in the emerging economies of Asia Pacific and Latin America is expected to boost the lubricant demand over the forecast period.
In terms of producers, the global market for lubricants remains highly fragmented, although it continues to be dominated by the top four oil majors which accounted for slightly more than 40% of the total market.