Global Lubricants Market for Off-road Sector: Driving under Stressful Conditions Compels Owners to Ensure Upkeep of Vehicles, notes TMR
The top three players in the global lubricants market for off-road sector held a share of 31.6% in the overall market in 2015. Royal Dutch Shell Plc., ExxonMobil Corporation, and BP Global have shown incredible dominance in the global market with terrific brand value. These companies are expected to lead the pack in the coming years as they continue to invest in improving their infrastructural facilities and development of newer and better products. According to the research report, the global lubricants market for off-road sector was valued at US$13.0 bn in 2015 and is anticipated to reach US$16.8 bn by the end of 2024. During the forecast period of 2016 and 2024, the global market is anticipated to expand at a CAGR of 2.9%. Asia Pacific to Dominate Global Market as Automotive Sector Shows Steady Progress On the basis of product, the global market is segmented into engine oil, hydraulic fluids, transmission fluids, grease, gear oil, and others. Of these, the eng...