China Heavy Duty Truck Lubricants Market Market size, Industry outlook, Market Forecast, Demand Analysis, Market Share, Market Report 2022 - 2027
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• China's heavy-duty truck lubricants market size is forecast to reach US$2.3 billion by 2026, after growing at a CAGR of 6.3% during 20212026. • Lubricants are used as transmission fluids and hydraulic fluid to reduce friction between two surfaces of the components of a vehicle. • They are also used to control the vehicle's high temperature by absorbing the heat generated while the vehicle is running. • Lubricants offer various properties such as lubricity, high boiling point, corrosive prevention, and thermal stability among others. • The growing economic activities in China are boosting the market growth for heavy-duty truck lubricants. Contact: (+1) 970-2363677 Email: sales@industryarc.com
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Key Takeaways •The growing usage of bio-based lubricants among heavy-duty trucks is driving the market growth. Bio-based lubricants are environmentally friendly and easily biodegradable compared to other lubricants available at the market place. •Growing demand for high-performance vehicles among transportation and manufacturing sectors is driving the demand for heavy-duty truck lubricants. •The manufacturers are involved in developing advanced lubricants for the automotive sector. Investments in research and developments to enhance the capabilities of heavy-duty truck lubricants are supporting the market growth. Contact: (+1) 970-2363677 Email: sales@industryarc.com
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By Distribution Channel- Segment Analysis The mineral oil segment accounted for approximately 32% of the market share in 2020 and is estimated to grow at a significant CAGR during the forecast period. Mineral oils are lubricants derived from refined crude petroleum oil. Mineral oil is ideal for old vehicles and they are easily available and cost less compared to other oil types. Mineral oils also need to be changed more frequently than synthetic oils this will further increase the usage of mineral oil. Mineral oil provides more high-quality lubrication than synthetic lubricants. The synthetic segment is expected to hold a significant share and is estimated to grow at a high CAGR during the forecast period 2021-2026. Contact: (+1) 970-2363677 Email: sales@industryarc.com
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China Heavy Duty Truck Lubricants Market Industry Outlook • • • • • • • • •
Jiangsu LOPAL Tech. Co Guangdong Delian Group Co Shandong Yuangen Petroleum Chemical Sinopec PetroChina Royal Dutch Shell Plc Exxon Mobil Corporation Total S.A BASF SE
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China Heavy Duty Truck Lubricants Market – Forecast (2022- 2027)
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