Companies covered in the lubricants market are Petro China Company Limited, Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc, Total Group, BP Plc, Valvoline LLC, ENEOS Corporation, The FUCHS Group, Global Lubricant Industry LLC, Shield Lubricants, AMALIE Oil Co. and more players profiled.
Pune, India, May 19, 2022 (GLOBE NEWSWIRE) -- The global lubricants market size is anticipated to reach USD 139.12 billion by 2029 and exhibit a CAGR of 2.1% during the forecast period. The increasing demand for synthetic lubricants is expected to be a key trend fostering growth for the market. Fortune Business Insights has presented this information in its report titled, “Lubricants Market, 2022-2029”. The market size stood at USD 117.78 billion in 2021 and USD 119.99 billion in 2022. Additionally, the escalating demand for improved lubricants from the industrial sector is predicted to uptick market growth in the forthcoming years.
List of Key Lubricants Market Players:
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)
On the basis of type, the market is segmented into process oils, marine oils, industrial oils, and automotive oils. On the basis of grade, the market is trifurcated into semi-synthetic, synthetic, and mineral. On the basis of application, the market is divided into industrial, automotive, and others. Geographically, the market is classified into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Report Attribute
Details
Market size value in 2021
USD 117.78 billion
Revenue forecast in 2029
USD 139.12 billion
Growth Rate
CAGR of almost 2.1% 2022-2029
Base Year
2021
Historic Years
2018 - 2020
Forecast Years
2022 - 2029
Segments Covered
By Product Type, By Application, and By End Use
Forecast Units
Value (USD Billion), and Volume (Units)
Quantitative Units
Revenue in USD million/billion and CAGR from 2022 to 2029
Regions Covered
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered
Petro China Company Limited, Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc, Total Group, BP Plc, Valvoline LLC, ENEOS Corporation, The FUCHS Group, Global Lubricant Industry LLC, Shield Lubricants, AMALIE Oil Co
Report Coverage
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope
Avail customized purchase options to meet your exact research needs.
Report Coverage-
It analyses the individual segments, such as type, applications, and grade.
It showcases the latest industry developments.
It includes a detailed analysis of the COVID-19 pandemic’s impact on the market.
It offers a SWOT Analysis of key players in the market.
It highlights the various strategies adopted by major market players to acquire growth.
Drivers & Restraints- Increasing Demand for Synthetic Lubricants to Fuel Market Growth Industrial activities require extensive amounts of energy and incur high operating costs. The rising costs of energy have forced industries to take measures to lower operating costs and save energy. Poor lubrication in engine parts causes more friction which results in more fuel consumption, emissions, and pollution. A top-grade lubricant can help minimize friction and improve machine efficiency. Hence, the rising demand for improved lubricants from the industrial sector is likely to give impetus to the global lubricants market growth. Synthetic lubricants’ demand has been increasing in recent years due to their better efficiency over natural mineral oils. The escalating industrial growth and expanding automotive industry have a high demand for these synthetic lubricants, and the expansion of such end-use industries is likely to propel market growth. However, the increasing demand and adoption of electric vehicles may restrain the market’s growth in the forthcoming years.
Browse Detailed Summary of Research Report with TOC:
Regional Insights- Asia Pacific to Gain Immense Growth Due to Expanding Industrial & Automotive Sectors Asia Pacific is anticipated to witness exponential growth in the global lubricants market share. The increasing investments in several industrial sectors, coupled with the ever-increasing population are expected to bolster the market growth in Asia Pacific. India, Japan, and China are expected to be key countries due to the extensive demand from the automotive industry. North America is predicted to experience substantial growth in the coming years. The expanding automotive and industrial sectors, coupled with the presence of major firms including Chevron Corporation, Royal Dutch Shell, and ExxonMobil Corporation, are expected to foster growth in North America. Europe is projected to attain significant growth in the global market. The strict regulations for disposal and use of lubricating oils, coupled with the rising demand for technically advanced lubes are anticipated to flourish in growth for the market. Latin America and the Middle East & Africa are estimated to garner considerable growth due to expanding automotive industries, industrialization, and urbanization.
Competitive Landscape- Major Players Focus on Mergers & Acquisitions to Amplify their Global Positions The consolidated marketplace comprises various major market players operating internationally and domestically. The major market players adopt ingenious strategies such as acquisitions, mergers, and others to amplify their global presence and fortify their market positions. For instance, ExxonMobil Corporation and INNIO extended their lubricant relationship in May 2020 for another five years. The two firms are working together to meet the requirements of a natural gas engine lubrication, eventually leading to the launch of a new co-branded gas engine oil and additional products in the coming years.
Notable Industry Development-
September 2020: Total Group acquired Lubrilog SAS to improve Total’s role in the industrial sector by offering high-level experience for crucial applications in key industries such as mining, cement, and materials.
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