The lubricants market size is projected to reach US$ 236.71 billion by 2031 from US$ 175.73 billion in 2024; the market is expected to register a CAGR of 4.6% during 2025–2031. The surging demand for bio-based and sustainable lubricants in various industries is expected to be a key trend in the market.
Manufacturers globally are investing in improving their supply chain to increase automobile sales in developing regions. According to the Society of Indian Automobile Manufacturers (SIAM), in India, sales of passenger vehicles increased to nearly 2,854,242 units in November 2023 from ~2,409,535 units in November 2022. The South African automotive manufacturing industry is the 22nd largest in the world in terms of number of vehicles produced and is the largest on the African continent, accounting for more than ~54% of vehicles assembled on the continent in 2023. According to the International Organization of Motor Vehicle Manufacturers (OICA), Brazil was the largest manufacturer and exporter of light and commercial vehicles in 2023 in South & Central America. The country reported production of nearly 2.3 million vehicles in 2022. Traditionally, lubricants have been essential in internal combustion engine (ICE) vehicles, where they reduce friction, prevent wear, and help manage engine heat. However, the rise of EVs has introduced a new dynamic to the lubricants market. Electric vehicles, despite not having traditional engines, still rely on lubricants in several components such as transmissions, motors, and other drivetrain parts. Thus, the growing automobile industry is accelerating the demand for lubricants, contributing to better vehicle performance and longevity.
Various countries across the globe are undergoing industrialization, leading to a surge in the use of machinery and equipment in several sectors. Industries such as manufacturing, construction, mining, and agriculture heavily rely on machinery that requires lubricants for optimal performance and longevity. The increased industrial activity and growing construction and agriculture industries are expected to increase the demand for lubricants.
Several types of lubricants such as mineral and synthetic lubricants, greases, compressor oils, and cutting fluids are used in oil & gas, textile, mining and metallurgy, power generation, paper & pulp, chemicals and petrochemicals, agriculture, manufacturing, food and beverages, and pharmaceuticals industries. As per the data published by Trading Economics in November 2024, industrial production in China increased by 5.4%. As the mining sector experiences robust growth, the need for lubricants gets intensified, primarily due to the extensive use of heavy machinery in mining operations. These machines, integral to the extraction and processing of minerals, demand efficient lubrication to ensure smooth functioning, reduce wear and tear, and extend operational lifespan. Mining activities, characterized by harsh operating conditions, put substantial stress on equipment components. Lubricants are crucial in mitigating friction, managing temperatures, and preventing corrosion, thereby enhancing mining machinery's overall performance and longevity. With the burgeoning demand for minerals and metals driving the mining operations, the lubricants market experiences a corresponding uptick as mining companies prioritize the maintenance and optimization of their equipment.
Wind energy is among the fastest-growing renewable energy technologies, holding a potential share for consuming lubricants in the power industry. As per the data published by WindEurope, in 2023, Europe installed 18.3 GW of new wind power capacity and is expected to install 260 GW of new wind power capacity over 2024–2030. As several countries in the region are embracing renewable energy sources, particularly wind power, the need for specialized lubricants to ensure the smooth functioning of wind turbines becomes paramount. These lubricants enhance the operational efficiency and lifespan of the intricate machinery involved in harnessing wind energy. The expanding wind energy sector requires a reliable and consistent supply of high-performance lubricants to mitigate wear and tear, reduce friction, and prevent corrosion in the mechanical components of wind turbines. This demand opens avenues for research and development, encouraging innovation in lubricant formulations tailored to the unique challenges posed by the wind energy environment.
Key segments that contributed to the derivation of the lubricants market analysis are base oil, type, and end-use industry.
The geographical scope of the lubricants market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is expected to dominate the market over the forecast period. Asia Pacific is a hub for automotive manufacturing with a large presence of international and domestic players operating in the region. According to a report published by the China Passenger Car Association, in 2022, Tesla Inc delivered 83,135 made-in-China electric vehicles, indicating growth in sales of electric vehicles compared to 2021. According to the China Association of Automobile Manufacturers, ~6,000 fuel-cell electric vehicles were sold in China in 2023, a year-on-year rise of 72%. According to the India Brand Equity Foundation, the annual production of automobiles in 2023 reached 25.9 million vehicles in India. In September 2024, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles was 2,773,039 units. Lubricants are used in automotive components such as engines, transmissions, and differentials where they provide lubrication to reduce friction, and enhance fuel efficiency, subsequently ensuring optimal performance and longevity of vehicles.
China, Japan, and South Korea are leading countries in the shipbuilding sector. Shipbuilding greases confer properties such as resistance to elements and corrosive saltwater, resistance to high pressure, and increased lifespans for ship components.
The regional trends and factors influencing the Lubricants Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Lubricants Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 175.73 Billion |
| Market Size by 2031 | US$ 236.71 Billion |
| Global CAGR (2025 - 2031) | 4.6% |
| Historical Data | 2021-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Base Oil
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Lubricants Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Lubricants Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The lubricants market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the lubricants market are listed below:
The " Lubricants Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The List of Companies - Lubricants Market
The booming automobile sector and rapid industrial growth in emerging economies are driving the market growth.
The surging demand for bio-based and sustainable lubricants in various industries is expected to be a key trend in the market.
BP Plc, Chevron Corporation, Exxon Mobil Corporation, TotalEnergies, FUCHS, Shell plc, China National Petroleum Corporation, Petro‐Canada Lubricants Inc, Valvoline Inc, LUKOIL, Repsol, ENEOS Corporation, Gulf Oil International Ltd, CEPSA COMERCIAL PETRÓLEO, S.A.U, and Petrofer are among the key players operating in the lubricants market.
The market is expected to register a CAGR of 4.3% during 2024–2031.
In 2024, Asia Pacific held the largest share of the global lubricants market due to the growing construction, automotive, and oil and gas industries.
The mineral oil segment held the largest share of the global lubricants market in 2024.