We are thrilled to present the latest insights into the thriving world of the Lubricants industry. MarketsandMarkets has unveiled the much-awaited 360 Quadrant for 20 Top Lubricant Companies, Worldwide 2023, aimed at empowering businesses to make quicker and more informed decisions.
360 Quadrants releases its list of “Top 20 Lubricant Companies, Worldwide 2023” in partnership with MarketsandMarkets. The report recognizes the standouts in the Lubricant market ranging from mid-sized enterprises to Fortune 500 companies.
The global lubricants market, valued at USD 164.8 billion in 2022, is projected to reach USD 187.9 billion by 2027, with a CAGR of 2.7%. Key drivers for this growth include rapid industrialization in the Asia Pacific and the Middle East & Africa regions post-COVID-19, increased process automation in various industries, and the rising number of vehicles on the road.
The market also witnesses opportunities through the growing e-commerce industry and the demand for renewable energy. Nevertheless, challenges such as volatile crude oil prices and stringent environmental norms persist. Recognizing the significance of this sector, MarketsandMarkets’ expert analysts have conducted in-depth evaluations of the leading companies in the lubricants domain.
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Uncovering the Market Leaders:
The report recognizes standouts in the lubricants market, ranging from mid-sized enterprises to Fortune 500 companies. The vendor evaluation was conducted on over 200 companies, of which the top 20 were categorized and recognized as the new economic quadrant leaders.
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Market Leaders:
The top companies in the quadrant with its diversified products, strong brand identity, technological innovations, and extensive distribution network are:
• Shell
• Exxon Mobil
• BP
• Chevron
• Total Energies
• Petro China
• Sinopec
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In the 360 quadrant, Shell plc. secured the position of the market leader, holding the largest share in the lubricants market in 2022. With a strong presence in oil & gas activities and a well-established distribution network, Shell strategically focuses on expanding its downstream business to meet growing customer demand and strengthen its global position.
Categorization of Lubricant Companies on 360 Quadrants:
Apart from the market leaders, the quadrant also recognizes contenders, innovators, and emerging companies. Companies like Petronas, ENEOS, and Gazprom fall under the contender category, while FUCHS PETROLUB, Valvoline, and Idemitsu Kosan are identified as innovators. The emerging companies segment includes Lukoil, Phillips 66, Eni, Petrobras, Motul, AMSOIL INC., and Gulf Oil International.
The vendor evaluation for these companies was conducted based on factors such as revenue, geographic presence, growth strategies, investments, demand channels, and sales strategies. Criteria for product footprint evaluation included Base Oil (Mineral, Synthetic, and Bio-Based), Product Type (Engine Oil, Gear Oil, Hydraulic Fluid, Compressor Oil, Transmission Fluid, Grease, and Others), and End-Use Industry.
360 Quadrants employs a comprehensive and transparent scoring methodology, ensuring fair comparisons and empowering users to make well-informed decisions that align with their needs and objectives.
If you want to delve deeper into the world of Lubricants and explore the strategies and strengths of the top companies, we invite you to access the full research report here.
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