A new report from Transparency Market Research, titled ‘Finished Lubricant Industry Analysis Market - African Industry Analysis, Size, Share, Trends, Growth and Forecast 2020,’ states that this industry is expected to be propelled by the rising awareness about using finished lubricants and the rising demand for automotive lubricants.
The key role of a lubricant is to minimize friction between two surfaces. Nowadays, people have become aware of using quality lubricants due to the rising environmental regulations regarding energy saving and cutting emissions. As per a recent research, yearly around 0.4% of the gross domestic product can be saved for energy purposes in the Western industrialized nations if due knowledge about friction and lubrication is applied to lubrication procedures. Lubricants are imported either as finished lubricants or base oil lubricants, which are then locally blended. Lubricants manufactured from recycled base oil are relatively cheaper than those produced from virgin base oils.
Base oils are the major constituents of finished lubricants and constitute a large share of the finished products. Chemical additives constitute the remaining share of the finished products and are used to enhance their performance. For any lubricant to adhere to standards, it is a must for the producer to develop certain types of lubricant additives, which will be later blended into a lubricant. In keeping with the specifications set by the American Petroleum Institute (API), leading manufacturers are focusing on producing chemical additives. These products are manufactured specifically from virgin base oils so as to meet the prevailing specifications.