The global chemical Technology Trends in Lubricants (Mineral, Synthetic, and Bio-based) market is growing rapidly. The driving and restraining factors for this market are strategically dealt with in this analysis and emphasis is laid on its growth opportunities. The global market is analyzed using Porter’s Five Force Model, which assists stakeholders in understanding the bargaining power of buyers & suppliers, threat of new entrants and competitive rivalry. As the buyers’ switching cost from one supplier’s product to another is high, the suppliers’ bargaining power would be high and buyers would have low bargaining power. Due to stringent government/environmental regulations for mineral and synthetic lubricants production and volatility of raw material price, the threat of new entrants would be low. Moreover, due to the presence of numerous competitors, the intensity of rivalry would be low in the global lubricants market. The study also includes a value chain analysis for better understanding of key players in the supply chain.
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Since automobiles are its main application, the global lubricant market is primarily driven by the rising demand from –the automobile industry. Additionally, support from the government/environmental groups for the development and usage of bio-based lubricant stimulates the market growth. Moreover, the regulatory bodies of certain European and North American countries have started promoting bio-based lubricant, owing to its low emission of greenhouse gases. However, volatility of raw material price hinders its market growth. In addition to this, lubricant manufacturers are showing a lack of enthusiasm for the production of bio-based lubricant as its application is limited to certain industries. Furthermore, consumers are also hesitating to adopt bio-based lubricant because it costs more than mineral lubricants. The growing R&D initiatives are creating opportunities for the development of innovative products. Moreover, the commercialization of soybean and palm oil lubricants would create opportunities for global lubricant market.
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