The Global Lubricants Market Size is valued at 137.36 billion in 2023 and is predicted to reach 184.40 billion by the year 2031 at a 3.79% CAGR during the forecast period for 2024-2031.
In processing industries and automotive parts, particularly brakes and engines, lubricants are widely employed to ensure continuous, smooth operation. The market is expanding due to the increasing import and export of piston engine lubricants. Consumers' increasing interest in improving vehicle performance and the availability of premium, innovative products drive increased demand.
Production of motor vehicles and the number of kilometers driven by each vehicle will significantly impact future growth. To ensure the smooth operation of their vehicles and save long-term maintenance expenses, consumers are also looking for basic and specialty lubricants for their normal automobiles.
The increased trade in cars and their replacement parts drives demand for automotive lubricants and greases. Industries that are expanding quickly depend on lubricants. They work in machinery between two reasonably mobile elements to lessen friction and wear and tear. They are necessary for the effective operation of machinery and can be petroleum- or water-based. Moreover, lubricants reduce downtime in operations and subsequently boost overall productivity.
Recent Developments:
- In June 2021, In order to establish a Petrochemical and Lube Integration (LuPech) Project, an Acrylics/Oxo Alcohol Project, and additional infrastructure projects at its Gujarat Refinery in Vadodara, IOCL and the Government of Gujarat inked an MOU for "Investment Promotion."
Competitive Landscape:
Some of the Lubricants market players are:
- Amsoil Inc.
- Blaser Swisslube Inc.
- BP PLC.
- Buhmwoo Chemical Co. Ltd.
- Castrol India Ltd.
- Chevron Corporation,
- China Petrochemical Corp.
- ExxonMobil Corp.
- Fuchs Petrolub AG,
- Gazprom Neft,
- Idemitsu Kosan Co. Ltd.
- JX Nippon Oil & Gas Exploration Corp.
- Lukoil
- Pertaminaa
- Petrobras
- Petrochina Company Ltd,
- PetroFer Chemie
- Petronas Lubricant International
- Philips 66 Company
- Quaker Chemical Corp.
- Royal Dutch Shell Co.
- Sinopec Ltd.,
- Total S.A.,
- Valvoline LLC
- Zeller Gmelin Gmbh & Co. KG
Market Segmentation:
The Lubricants market is segmented by base oil, product type, and end-use industry. Based on base oil, the market is segmented as mineral oil, synthetic oil, and bio-based oil. By product type, the market is segmented into engine oil, hydraulic fluid, and metalworking fluid. By end-use industry, the market is segmented as transportation and industrial lubricants.
Based On End-User Industry Type, The Industrial Segment Is Accounted As A Significant Contributor In The Lubricants Market
Due to the significant industrial production in emerging nations, the industrial industry had the second-largest segment share. The greatest markets for industrial lubricants are anticipated to be in the chemical, mining, and unconventional energy sectors. This pattern is anticipated to improve the need for industrial lubricants in centrifuges, hydraulic compressors, and industrial engines. Throughout the forecast years, the marine category is expected to develop at a considerable CAGR. The product's use in low-, medium-, and high-speed marine engines is credited with the rise.
Engine Oil Segment Witnessed Growth At A Rapid Rate
The engine oil category dominated the worldwide lubricant market in terms of product type. The engine oil lowers the amount of metal-to-metal contact, friction, and heat creation by lubricating the engine's components for effective movement. The engine oil also serves the purposes of rust prevention, gap sealing, and cleaning and cooling the engine parts.
In The Region, The North America Lubricants Market Holds A Significant Revenue Share
The industry was controlled by Asia Pacific. The expansion is ascribed to the automotive sector's explosive growth, industrial development, and the presence of automobile manufacturing businesses in nations like China, India, and Japan. Automotive engine oils, greases, and hydraulic fluids are the most widely utilised lubricants on the Asian market. The regulatory frameworks in the Asia Pacific have begun to resemble those in the United States and Europe, and as a result, nations like Japan and South Korea are prioritising eco-labeled lubricants. Due to its numerous ports and growing trade with the US and other developed countries, Asia Pacific also enjoys a leading position in the world's marine industry.
Over the projected period, it is expected that the marine sectors of China, India, and Singapore will become international port operators. These elements are expected to increase lubricant consumption across the board in marine applications. With more than 55,000 participating enterprises, China has the largest and most developed lubricant market in Asia. The Society of Tribologists and Lubrication Engineers estimates that China will account for about 65% of the world's newly expanded chemical material capacity in 2020.
Lubricants Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 137.36 Bn |
|
Revenue forecast in 2031 |
USD 184.40 Bn |
|
Growth rate CAGR |
CAGR of 3.79% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Base Oil, Product Type, And End-Use Industry |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Royal Dutch Shell, ExxonMobil, BP Plc, Chevron Corporation, Total S.A., Petrochina Company Ltd, Sinopec Ltd., Fuchs Petrolub AG, Gazprom Neft, and Pertaminaa. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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