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

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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).

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. '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.', '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.'

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.

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 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.

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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

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