USD 134.65 million
Global Lubricants Market Size, Share, Growth Analysis, By Grade(Synthetic Oils, Mineral Oils), By Application(Industrial Lubrication, Gear and Engine Oil), By End-Use(Automotive Industry, Aerospace Industry) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2157 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|
Tables:
96 |
Figures:
79
Global Lubricants Market Insights
Global Lubricants market size was valued at USD 134.65 million in 2022 and is poised to grow from USD 139.63 million in 2023 to USD 186.73 million by 2031, at a CAGR of 3.7% during the forecast period (2024-2031).
Lubricants are viscous hydrocarbon substances that are solid, semi-solid, or liquid that are used to reduce friction between two colliding surfaces. This allows machines to run smoothly and protects them from frictional wear and damage. It has numerous uses in the processing industry, particularly in unit operations with moving components. The automotive industry, where various types of lubricants are used to reduce friction between surfaces, is a major end-user of the chemical. Increasing lubricant usage can also be linked to the increased use of bio-based base oil lubricants by various end-use sectors, which have higher biodegradability than conventional lubricants generated from fossil fuel distillates. Lubricating agents are required for the smooth and continuous operation of processing industries and car parts, particularly engines and brakes. The import-export of piston engine lubricants has expanded throughout the years, contributing to the market's revenue growth. According to World Bank statistics, the European Union (EU) and the United States (US) will be among the top exporters of lubricants and oil additives derived from petroleum and minerals in 2021, with export trade values of USD 2.06 billion and USD 1.95 billion, respectively. Lubricant demand is predicted to expand in these regions throughout the forecast period as a result of fast industrialization and an increase in the number of construction projects, contributing to revenue growth in the global lubricants market.
US Lubricants Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Synthetic Oils
Fastest Growth
Synthetic Oils
Growth Rate
3.7% CAGR
Global Lubricants Market 2022-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Lubricants Market Size By End User 2022-2030 ($ Bn)
Global Lubricants Market Size By End User 2022-2030 ($ Bn)
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Global Lubricants Market Segmental Analysis
Global Lubricants Market is segmented based on grade, application, end-use and region. Based on grade the market is segmented into synthetic oils, mineral oils, and bio-based oils. Based on application the market is segmented into industrial lubrication, gear and engine oil, turbines, vacuum pumps, others. Based on end-use the Lubricants Market is segmented into automotive industry, aerospace industry, marine industry, energy industry, oil and gas industry, textile industry, and others. Based on region the global Lubricants Market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.
Lubricants Market Analysis by Grade
The synthetic oils segment dominated the global lubricants market in 2022. Synthetic oils are becoming more popular as base oils for making lubricants due to fewer vehicular emissions, compatibility with automotive hardware, and lower cost. Polyalphaolefins are lubricants made from Group IV synthetic base oils that have a wide temperature tolerance, making them useful as a lubricant for automobile parts exposed to extreme hot or cold temperatures. Synthetic base oil lubricants also offer improved shear stability and chemical stability, as well as a higher viscosity index, which are some of the factors expected to drive demand for synthetic base oils used in the production of lubricants, contributing to the segment's revenue growth over the forecast period.
Lubricants Market Analysis by Application
In terms of revenue, the gear and engine oil segment dominated the global lubricants market in 2022. Gear oil is used to lubricate gear systems and stop metal parts from corroding from friction. Gear oil needs to be changed on a regular basis to maintain a vehicle's longevity, prevent component corrosion, and lower repair costs. Similar to this, engine oils reduce friction between engine parts that are constantly moving when a car is turned on. Lubricants not only lubricate but also help to keep the temperature down, preventing corrosion. By transporting the suspension colonies to the oil filter, engine oils also stop contamination and the deposition of microbes in various engine components, preventing a decline in engine performance.
Global Lubricants Market By Application, 2021 (%), 2023 (%)
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Global Lubricants Market Regional Insights
The Asia-Pacific region is anticipated to dominate the global Lubricants market. The rapid growth of the automobile sector, as well as industrial development and the existence of automotive manufacturing industries in countries such as Japan, India, and China, are credited to the rise. Automotive engine oils, greases, and hydraulic fluids are the most widely utilized lubricants in the Asian market. Asia Pacific has begun to mimic the regulatory regimes of the United States and Europe, and countries such as Japan and South Korea are prioritising eco-labeled lubricants as a result.
Furthermore, the Asia Pacific region is expected to develop at the quickest CAGR throughout the projection period. This is due to a large number of ports and increased trade operations with the United States and other developed economies. Over the projected period, the Chinese, Indian, and Singaporean maritime industries are expected to emerge as international port operators. These characteristics are expected to increase lubricant consumption in a variety of maritime applications. With over 55,000 participating enterprises, China has the largest and most mature lubricant market in Asia Pacific. According to the Society of Tribologists and Lubrication Engineers, China will account for around 65% of global newly added chemical material capacity in 2020. As a result, increased industrialization in the country is expected to boost product demand over the projection period.
The North American lubricants market is anticipated to grow rapidly in terms of revenue. The aerospace industry's quick advancements and the rise in crude oil production are boosting the region's market's revenue growth. After recovering from the impact of COVID-19, the U.S. Energy Information Administration (EIA) predicts that crude oil production will surpass the upper limits of 2019 by the third quarter of 2023. The region's countries are experiencing rapid urbanization and industrial development, so the increased demand for lubricants will be satisfied. An increase in crude supply is anticipated to provide more substrate for lubricant production through distillation.
Global Lubricants Market By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Lubricants Market Dynamics
Lubricants Market Drivers
- The major factors driving the market growth are increasing industrialization, growing automotive industry, rising technological advancements, increasing demand for bio-based lubricants, and increasing maintenance and repair activities.
- Lubricants are required for the effective operation and upkeep of automobiles. Lubricants are used to reduce friction, wear and tear, and overheating in engines, transmissions, and other vehicle components. They also help to enhance fuel efficiency and engine longevity, which is important for vehicle performance. Lubricant demand is being driven by the expanding global demand for vehicles. As the number of cars, trucks, and other vehicles on the road grows, so does the demand for lubricants. Furthermore, automakers are always seeking for methods to increase the performance and efficiency of their vehicles. As a result, they are looking for lubricants with enhanced features such as increased durability, superior wear prevention, and fewer emissions. This is propelling the development of new and sophisticated lubricants, which is increasing the lubricants industry. Moreover, the automobile industry is pushing lubricant consumption through maintenance and repair activities. Frequent maintenance and lubrication are required to keep cars running smoothly, which necessitates the usage of lubricants. As the number of vehicles on the road increases, so will the demand for maintenance and repair services, driving up demand for lubricants.
Lubricants Market Restraints
- Even though the lubricants has wide range of application, there are some factors such as high competition, increasing environmental concerns, and volatility in raw material prices which may act as the restrain. As environmental rules become increasingly strict, lubricant makers are under increasing pressure to provide environmentally responsible products. This can be difficult because many lubricants are generated from petroleum and other fossil fuels, which are not renewable resources and can harm the environment. Furthermore, the lubricants market is very competitive, with several firms contending for market share. This can make it difficult for new entrants to obtain a foothold in the market, as well as limit incumbent firms' pricing power. Furthermore, the price of raw materials required to make lubricants, such as crude oil and base oils, can be volatile and fluctuate depending on supply and demand. This can make it difficult for producers to keep their product pricing steady. Furthermore, the growing popularity of electric vehicles is predicted to have a negative influence on lubricant consumption because these vehicles require less maintenance and less lubricants than typical combustion engine vehicles. This trend has the potential to have a big impact on the lubricants business in the coming years.
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Global Lubricants Market Competitive Landscape
To increase their industry position, key firms are implementing a variety of methods such as joint ventures, corporate expansions, and new product development. ExxonMobil and Nissan Motors India, for example, signed a contract in March 2021 for the supply of lubricants for passenger car aftermarkets. ExxonMobile expanded their lubricant output by offering engine oils from OEMs for BS6, BS3, and BS4 vehicles.
Lubricants Market Top Player’s Company Profiles
- Royal Dutch Shell plc
- ExxonMobil Corporation
- Chevron Corporation
- BP plc
- TotalEnergies SE
- China Petrochemical Corporation (Sinopec)
- Petrochina Company Limited
- Idemitsu Kosan Co., Ltd.
- FUCHS PETROLUB SE
- Lukoil
- JXTG Holdings, Inc.
- Valvoline Inc.
- Indian Oil Corporation Ltd.
- Phillips 66 Company
- ENI S.p.A.
- Repsol S.A.
- Petroliam Nasional Berhad (PETRONAS)
- Pertamina (Persero)
- Sasol Limited
- SK Lubricants Co., Ltd.
Lubricants Market Recent Developments
- The United Kingdom-based MIDEL and MIVOLT are fully acquired by Shell Lubricants, a subsidiary of Shell plc, from Manchester-based M&I Materials Ltd. in January 2024. Its duties include producing, distributing, and marketing the MIDEL and MIVOLT product lines as part of Shell's range of worldwide lubricants.
- Chevron Brands International LLC, a subsidiary of Chevron Corporation, and Hindustan Petroleum Corporation Limited (HPCL) signed a long-term agreement in October 2023 that covered the manufacturing, marketing, distribution, and licensing of Chevron's lubricating products under the Caltex name. It consists of the exclusive Havoline and Delo lubricant brands sold by Chevron in India.
- To increase the distribution of lubricant assets throughout South Asia, ENSO Oils & Lubricants teamed up with Gazpromneft-Lubricants, a division of Gazprom Neft PJSC, in September 2023. To address the demands of different sectors in India, ENSO will import and distribute the range of oils and lubricants offered by Gazpromneft-Lubricants.
Global Lubricants Key Market Trends
- Demand for high-performance lubricants that provide higher protection, longer service lives, and lower emissions is growing as energy efficiency and environmental protection become more and more important. Due to their greater performance and positive effects on the environment, speciality lubricants, bio-based lubricants, and synthetic lubricants are becoming more and more popular.
- The demand for lubricants is primarily driven by the increased output of machinery and vehicles in the automotive and industrial sectors. Lubricants that provide enhanced protection, increased fuel efficiency, and decreased emissions will be in high demand as the market for fuel-efficient cars and high-performance industrial machinery expands.
- The usage of bio-based lubricants, which are sourced from renewable resources such vegetable oils, animal fats, and biodegradable synthetic oils, is expanding in response to growing environmental concerns. Reduced toxicity, diminished environmental effect, and increased biodegradability are just a few advantages that come with using bio-based lubricants.
Global Lubricants Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global lubricants market analysis, increasing industrialization, growing automotive industry, rising technological advancements, increasing demand for bio-based lubricants, and increasing maintenance and repair activities are several factors driving market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 134.65 million |
| Market size value in 2031 | USD 186.73 million |
| Growth Rate | 3.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Lubricants Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Lubricants Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Lubricants Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Lubricants Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Lubricants Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Lubricants Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Lubricants Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Lubricants Market Report Snapshots
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