[Latest News] Lubricants Market to Worth USD 131.33 Billion by 2029 | With a 2.3% CAGR
Fortune Business Insights
6 min read
Fortune Business Insights
The global lubricants market covered major segments by Type (Automotive Oils, Industrial Oils (Hydraulic Oils, Industrial Gear Oils, Metal Working Fluids, Greases, and Others), Marine Oil, and Process Oils), By Grade (Mineral, Synthetic, and Semi-Synthetic), By Application (Automotive, Industrial, and Others) and Regional Forecast by 2029.
Pune, India, June 14, 2023 (GLOBE NEWSWIRE) -- According to a report by Fortune Business Insights™, titled "Lubricants Market Share, Size, Growth, and Forecast Report, 2023-2029" the global market is expected to grow a CAGR of 2.3%, increasing in value from USD 117.31 billion in 2022 to USD 131.33 billion in 2029.
Lubricants which are fluids, oils, or greases that reduce friction between two surfaces that are close together, are the subject of the report. As of 2021, the lubricants market had reached a size of USD 115.87 billion. Lubricants are extensively used in processing industries and automobile parts, especially in brakes and engines, which need lubrication for continuous smooth functioning. The rising consumer focus on enhancing vehicle performance, along with the introduction of innovative and premium product offerings, is driving product demand. The future growth of the market is expected to be heavily influenced by motor vehicle production and the distance traveled by each vehicle.
List of Companies Profiled in the Lubricants Market Report:
Petro China Company Limited (Beijing, China)
Chevron Corporation (California, U.S.)
ExxonMobil Corporation (Texas, U.S.)
Royal Dutch Shell Plc (Hague, Netherlands)
Total Group (Paris, France)
BP Plc (London, U.K.)
Valvoline LLC (Kentucky, U.S.)
ENEOS Corporation (Tokyo, Japan)
The FUCHS Group (Dissen, Germany)
Global Lubricant Industry LLC (Ajman Al Jurf Industrial Area, UAE)
Shield Lubricants (Mumbai, India)
AMALIE Oil Co. (Florida, U.S.)
Others Key Players
Competitive Landscape:
These players adopt strategic measures such as mergers, acquisitions, and other innovative tactics to strengthen their market presence and expand their global reach. For example, ExxonMobil Corporation and INNIO extended their lubricant relationship for another five years in May 2020, demonstrating their commitment to meeting the demands of natural gas engine lubrication. This partnership is expected to result in the release of a new co-branded gas engine oil and other related products in the near future.
Report Scope & Segmentation:
Report Coverage
Details
Forecast Period
2022-2029
Forecast CAGR
2.3%
2029 Value Projection
USD 131.33 Billion
Market Size in 2022
USD 117.31 Billion
Historical Data
2018-2020
No. of Pages
325
Report Coverage
Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors, and Latest Trends
Segments Covered
By Types
By End Use
Regions Covered
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Lubricants Market Growth Factors
Increasing Demand for Synthetic Lubricants to Fuel Market Growth
Asia Pacific to Gain Immense Growth Due to Expanding Industrial & Automotive Sectors
Browse Detailed Summary of Research Report with TOC:
The market is categorized based on type into process oils, marine oils, industrial oils, and automotive oils. The market is further subdivided based on grade into semi-synthetic, synthetic, and mineral. Additionally, the market is segmented based on application into industrial, automotive, and other areas of application. Geographically, the market is classified into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Industry Drivers & Restraints:
Industrial operations require a significant amount of energy, resulting in high operating costs. Due to the increasing costs of energy, industries are adopting measures to reduce operating costs and save energy. Inadequate lubrication in engine parts results in increased friction, leading to higher fuel consumption, emissions, and pollution. High-quality lubricants can help minimize friction and improve machine efficiency. The industrial sector's growing demand for improved lubricants is expected to drive the global lubricants market growth.
In recent years, the demand for synthetic lubricants has been increasing due to their superior efficiency over natural mineral oils. The growing industrial and automotive sectors have a significant demand for synthetic lubricants, and the expansion of these industries is likely to propel market growth. However, the increasing demand and adoption of electric vehicles may limit the market's growth in the coming years.
Regional Analysis
Asia Pacific to Gain Immense Growth Due to Expanding Industrial & Automotive Sectors
Asia Pacific region is the largest and fastest-growing market for lubricants, driven by the expanding automotive and manufacturing industries in countries like China, India, and Japan. The increasing focus on energy efficiency and sustainability is also driving the demand for high-quality lubricants in the region.
North America is a significant market for lubricants, driven by the high demand from the automotive and industrial sectors. The market is also supported by the region's stringent regulations regarding vehicle emissions.
Latin America is an emerging market with Brazil and Mexico being the major contributors to the market growth. The increasing industrialization and automobile production in the region are expected to drive the demand for lubricants.
Europe is the lowest-growing market for lubricants, with a well-established automotive industry and stringent regulations regarding emissions. The increasing demand for fuel-efficient vehicles is driving the demand for high-quality lubricants in the region.
Some of the key questions answered in this report:
What will the Lubricants market growth rate be during the forecast period?
Which are the key factors driving the market?
What was the size of the Lubricants market by 2029?
Which region is expected to hold the highest market share in the Lubricants market?
What trends, challenges, and barriers will impact the development and sizing of the market?
What are the opportunities in the global Lubricants Industry?
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