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.

Global Lubricants Market Report Snapshots

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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

Global Lubricants Market Insights

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