Lubricants - U.S. Market Insights & Forecasts to 2022: Non-Conventional Basestocks Will See the Fastest Growth - ResearchAndMarkets.com
The "Lubricants"
report has been added to ResearchAndMarkets.com's offering.
U.S. demand for lubricants is projected to increase 0.7% per year to 2.4
billion gallons in 2022.
Growth will be impacted by lengthening fill intervals arising from the
improved performance of currently available lubricants. However, demand
will be supported by increases in motor vehicle production and vehicle
miles traveled.
This study presents historical demand data (2007, 2012, and 2017) and
forecasts for 2022 by basestock, formulation, product and market. The
study also evaluates company market share and provides analysis on
industry competitors including BP, Chevron, Exxon Mobil, Phillips 66,
Shell, and Valvoline.
Key Findings
1) Engine Oils to Remain the Largest Product Type Through 2022
Engine oils are expected to remain the largest product category for
lubricants, supported by increases in vehicle miles traveled -particularly
by the transportation industry- and motor vehicle production. The
introduction of new engine regulations and standards will boost demand
for high-value engine oils, primarily synthetic formulations. The
increasing penetration of hybrid and electric vehicles, and improvements
in both lubricants and engines will restrain stronger growth.
2) Commercial & Industrial Markets to Provide the Best Opportunities
Continued growth in construction expenditures, as well as a recovery in
the number of active oil and gas rigs, will drive demand for lubricants
- in particular engine oils and transmission fluids. The transportation
equipment market is also forecast to provide good opportunities, with
growth in the production of heavy trucks and buses.
3) Non-conventional Basestocks Will See the Fastest Growth
Petroleum basestocks will remain the largest segment, with gains
restrained by slow growth in the overall finished lubricants market and
ongoing competition from non-conventional basestocks, including
synthetic basestocks. Environmental and safety regulations, as well as
consumer demand for “greener” products, will drive demand for products
made from biobased basestocks, while re-refined basestocks will benefit
from projected growth in oil prices. However, both bio-based and
re-refined basestocks will remain niche segments.
For more information about this report visit https://www.researchandmarkets.com/research/4k65vp/lubricants_u_s?w=4
View source version on businesswire.com: https://www.businesswire.com/news/home/20180910005757/en/
Copyright Business Wire 2018
Source: Business Wire
(September 10, 2018 - 1:02 PM EDT)
News by QuoteMedia
www.quotemedia.com