Industry Outlook of Lubricants Market for Off-road Sector Witnessed to Grow at a CAGR of 2.9% during 2016-2024

The advancements in vehicle manufacturing design and increasing wear and tear of automobiles due to their solid usage in tough grounds has increased the requirement for lubricants in recent years. Market Research Hub (MRH) analyzed the global market of lubricants and published a report into its database named as “Industry Outlook of Lubricants Market for Off-road Sector”- forecast 2016-2024. This report also calculated some figures about global lubricant market for off-road sector which is estimated to $16.8 billion by the end of2024 as compared to $13 billion in 2015. The global market is estimated to grow at a CAGR of 2.9%, during the forecast time of 2016-24.

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The initial phase of this report starts with a brief introduction of Lubricant. A lubricant is used to reduce the friction between surfaces in mutual contact and they are maintaining the efficiency of automobiles over a longer period of time. Moreover, in terms of geography the worldwide lubricants market for off-road sector, is segmented into following regions - Europe, Middle East and Africa (MEA), Asia Pacific, North America and Latin America (LATAM). For each regional segment, the report discusses major information such as revenue, cost, production, value for the given forecast period. As per the research study, the North American region is expected to be a main customer of lubricants due to the existence of a large number of off-road automobiles.

Moving further, in terms of grade, the global lubricant market for off-road sector is fragmented into two types:

1) Single grade and 2) Multi-grade.

The single grade type of lubricants, which is also known as mono-grade oils, work powerfully in a specified temperature range. On the other hand, multi-grade lubricant oil is commonly used for engines that undergo varying temperature dissimilarities.

The report also provides the various segments of global lubricants market for off-road sector as follows:
On the basis of - Source Analysis

• Mineral Oil-based
• Bio-based and
• Synthetic

On the basis of – Product Analysis

• Engine oil
• Gear oil
• Hydraulic fluids
• Transmission fluids
• Grease and others

On the basis of End-User Analysis

• Agriculture & Farming
• Construction
• Mining
• Material Handling and others

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In end of the report, market performers of global lubricants market are also profiled, such as ExxonMobil Corporation, Royal Dutch Shell plc, BP Global, Total S.A., Phillips 66, Chevron USA Inc., Indian Oil Corporation Limited, Topaz Energy Group Limited, Halron Lubricants Inc., Chevron USA Inc., Fuchs Petrolub SE, BRB International, Castrol Limited and Lukoil Lubricants Company.