Report : Europe Lubricants Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Base Oil (Mineral Oil, Synthetic, Bio-Based Lubricants, and Others), Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others), and End Use (Oil and Gas, Industrial, Chemical, Automotive, Marine, and Others)Â Â Â Â Â Â
Mineral Oil Segment to Dominate Europe Lubricants Market during 2020–2028
According to a new market research study on “Europe Lubricants Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Base Oil, Product Type, and End Use” is expected to reach US$ 34.30 billion by 2028 from 28.66 US$ billion in 2021. The market is estimated to grow at a CAGR of 2.6% from 2021 to 2028. The report provides trends prevailing in the Europe lubricants market along with the drivers and restraints pertaining to the market growth. Surge in industrial growth is the major factor driving the growth of the Europe lubricants market. However, issues associated with regular changes in lubricants specifications hinders the growth of Europe lubricants market.
Europe lubricants market is segmented into base oil, product type, end use, and country. Based on base oil the Europe lubricants market is segmented into mineral oil, synthetic, bio-based lubricants, and others. Mineral oil segment held the largest market share in 2020. Based on product type the Europe lubricants market is segmented into engine oil, hydraulic oil, gear oil, gear oil, compressor oil and others. Engine oil segment held the largest market share in 2020. Based on end-use industries, the Europe lubricants market has been segmented into oil and gas, industrial, chemical, automotive, marine and others end-use industries. The automotive segment led the Europe lubricants market in 2020. Based on country, the Europe lubricants market is segmented into France, Germany, Italy, UK, Russia, rest of Europe. Rest of Europe held the largest market share in 2020.
In Europe, currently, the UK and Russia, followed by France, Spain, Italy, and Germany, are the hardest-hit countries by the COVID-19 pandemic. Initially, other member states had implemented drastic measures and travel restrictions, including partially closing their borders that impacted the import and export of products. Several industrial bases such as oil & gas, automotive, agriculture, and other industrial sectors have been impacted by the pandemic, negatively impacting the demand for lubricants in the regional market. The gradual upliftment of lockdown restrictions in certain countries in Europe is expected to facilitate the recovery of various industries and logistics operations, impacting the lubricants market in the near future. The European Automobile Manufacturers' Association (ACEA) forecasts that the automotive industry will start to recover in 2021, with sales rising by about 10% compared to 2020. The recovering automotive industry is expected to have a positive impact on the lubricants market over the forecast period.
Bp plc, Chevron Corporation, China Petrochemical Corporation (Sinopec), Exxon Mobil Corporation, Fuchs, Lukoil, Royal Dutch shell plc, Sinopec Lubricant Company, Total, and Valvoline LLC are among the leading companies in the Europe lubricants market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, FUCHS completed the acquisition of the lubricants business of Gleitmo Technik AB, Sweden.
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