Global Lubricants Market

Lubricants Market Size, Share, Growth Analysis, By Base Oil (Mineral Oil Lubricants, Synthetic Lubricants), By Product Type (Engine Oil, Hydraulic Oil), By End-Use (Transportation, Industrial), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15E2157 | Region: Global | Published Date: August, 2024
Pages: 184 | Tables: 96 | Figures: 79

Lubricants Market Insights

Global Lubricants Market size was valued at USD 134.65 Billion in 2022 and is poised to grow from USD 139.63 Billion in 2023 to USD 186.73 Billion by 2031, growing at a CAGR of 3.7 % in the forecast period (2024-2031).

The lubricant market is growing exponentially due to the increasing demand for automotive oils and greases used in vehicles and spare parts. The lubricants market is involved with the production, distribution, and sale of lubricating oils and greases. Lubricants are utilized for reducing friction, heat, and wear among the moving parts in machinery and equipment. It helps them to extend their lifespan and enhance efficiency. The lubricant market consists of a vast range of applications in various sectors like automotive, industrial, marine, aerospace, construction, and agricultural. Based on their application, lubricants also have the potential to transmit power, secure against damage, and mitigate wear and heat debris, boosting the market growth. Increasing manufacturing activity with increased consumption of machinery and equipment across various sectors is driving the demand for lubricant. Rapid industrialization and urbanization in the developing economies are also creating more opportunities for lubricant manufacturers, expanding the market growth. Innovative products development and utilization of bio-based and synthetic lubricants are increasing sustainability, expanding the progress of the market.

US Lubricants Market is poised to grow at a sustainable CAGR for the next forecast year.

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Global Lubricants Market size was valued at USD 134.65 Billion in 2022 and is poised to grow from USD 139.63 Billion in 2023 to USD 186.73 Billion by 2031, growing at a CAGR of 3.7 % in the forecast period (2024-2031).

The market is fragmented due to the presence of many global and local players. Many organizations are investing massively in R&D and mergers to manufacture innovative products to gain a competitive edge in the market. The demand for bio-based raw materials is also increasing owing to the rising awareness related to the minimization of carbon emissions and energy conservation. The industry is also extremely competitive due to distribution partnerships, technological innovations, product portfolios, strategic developments, and capabilities. 'Royal Dutch Shell plc (UK)', 'ExxonMobil Corporation (US)', 'Chevron Corporation (US)', 'BP plc (UK)', 'TotalEnergies SE (France)', 'China Petrochemical Corporation (Sinopec) (China)', 'Petrochina Company Limited (China)', 'Idemitsu Kosan Co., Ltd. (Japan)', 'FUCHS PETROLUB SE (Germany)', 'Lukoil (Russia)', 'JXTG Holdings, Inc. (Japan)', 'Valvoline Inc. (US)', 'Indian Oil Corporation Ltd. (India)'

Increasing Demand for Lubricants in Automotive Sector

The advent of innovative lubricants like bio-based with better features is boosting the growth of the market. Several advanced lubricants have been released in the market by some of the companies that are leading the manufacturing organization. However, the rising demand for eco-friendly and bio-based lubricants is creating immense and new opportunities for the market's development. The growing demand for lubricants that has been developed by utilizing non-toxic and renewable substances with low sulphur levels is providing a considerably increasing growth of the lubricant market.

Asia Pacific is dominating the global lubricants market with maximum market share. Countries such as China, India, and Indonesia have experienced massive growth in their industrial and automotive sectors, fueling the demand for lubricants. Especially, China has become one of the biggest automotive markets along with global manufacturing hub. These factors have substantially augmented the consumption of automotive and industrial lubricants. Furthermore, the expansion of middle-class in the region has also increased the demand for consumer goods and appliances, driving the growth of lubricants market through the procedure of lubrication. Today, China is also a prominent exporter of base oil and finished lubricant products. Many small economies like Vietnam and Malaysia have also developed into a manufacturing hubs appealing foreign investments, boosting the market growth.  

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Global Lubricants Market

Report ID: SQMIG15E2157

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