Global Finished Lubricants Market is predicted to reach USD 146.3 billion by 2026 according to a new report published by Polaris Market Research. Finished lubricants are among the most demanded products of the oil marketing companies worldwide. Lubricant manufacturers have been paving their way for sustainability within the industry. The industry participants are focused in developing and maintaining their brand image in order to combat the increasing competition. Owing to these factors product offerings of finished lubricants has significantly increased over the past few years, as an attempt from the companies to increase, penetrate and tap new target markets.
The lucrativeness of this industry is one aspect of the presence of a large number of companies across every regional market, but outperforming amidst the intense competition within the industry is yet another aspect of it. Industry participants are constantly involved in rising awareness of their presence in the industry space through mechanics and dealer meets, TV broadcastings, advertisements, and shutter printings etc.
The manufacturers aim at entering into agreements with OEMs, automobile manufacturers, and several end-use industry participants. Oil marketing companies significantly work on product costings, and competitive pricing at varying rates with immediate customers and even dealers in an attempt to differentiate their product image from their complementary brands in the market space. Amidst the rising competition in the finished lubricant industry, increase in sales volume is highly dependent on the company marketing campaigns.
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The manufacturers and OMC are completely focused on strategies such as channel marketing for tapping new markets in the automotive industry, through different type of retail establishments, adjacent industry and service providers. The automotive finished lubricant industry is also influenced by the dynamic developments in vehicle design and different fuel quality in different geographies. Lubricant performance requirements are mainly driven by the OEM demands especially from the industrial sector for reduced carbon foot print, optimized consumption of fuels and improved efficiency.
Asia Pacific countries demand for finished lubricants was the highest in with increasing industrial activities including significant developments in the manufacturing industry and the growth automotive fleet in countries such as China, India, South Korea and the Southeast Asian countries. Product demand is anticipated to be comparatively flat in the developed economies such as the Western Europe and North America, where the efficiency gains will offset the effects of rising industrial and economic output.
However, growth in sales volume will be restrained in these regions. The finished lubricant manufacturers will experience higher demand in the coming years from rising demand for high-value and premium products including the bio-based and semi-synthetic finished lubricants. Some of the leading industry participants include BP, Castrol Lubricants, Shell Oil Marketing Company, Essar Oil, Sinopec Corp., Universal Lubricants, Bharat Petroleum, Hindustan Petroleum, Reliance Oil, Gulf Oil Corporation etc.