Lubricants Market Forecast to 2031 | Growth & Share

The Lubricants Market size is projected to reach US$ 212.6 billion by 2031 from US$ 166.9 billion in 2023. The market is expected to register a CAGR of 2.7% in 2023–2031. The growing demand for synthetic lubricants likely to remain key Lubricants Market trends.

Lubricants Market Analysis

The global automotive sector has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period. The increasing population, rise in disposable income, and easy availability of credit and financing are the key factors boosting automobile sales. Thus, increasing sales in the automotive industry are fueling the consumption of lubricants, which helps drive the market. The increasing investment in electric vehicles is also propelling the lubricants market substantially. For instance, in December 2021, Hyundai Motor India planned to invest US$551.08 to introduce more than six variants in electric vehicles by 2028. In addition, In September 2021, Ford, an American multinational automobile manufacturer, planned to invest US$ 11.4 billion in electric vehicle plants. Thus, the booming investment trend in the automotive industry is fueling the growth in the worldwide market for lubricants.

Lubricants Market Overview

Lubricants are primarily used to reduce friction between surfaces while in contact. Lubricants reduce the heat produced due to the frictional forces and can also help in the removal of foreign particles on the surfaces. Specifications for lubricants are changed by changing chemical additives in the lubricants. For instance, addition of synthetic oil in mineral oil can improve the overall heat resistance properties of the lubricants.

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Lubricants Market: Strategic Insights

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Lubricants Market Drivers and Opportunities

Rapid Industrial Growth

Lubricant is one of the key components used in the industrial sector, which helps keep the equipment running at peak efficiency and with maximum reliability. There are numerous types of lubricants such as mineral and synthetic lubricants, greases, compressor oils, and cutting fluids used across vertical applications in the industrial sector. It is used in various industries, such as automotive, oil & gas, textile, glass, power generation, paper & pulp, chemicals and petrochemicals, agriculture, manufacturing, food and beverages, pharmaceuticals, and several others. The extensive application of lubricants in various industries and the rapid growth in the industrial sector are the key factors driving the lubricants market.

Increasing Demand for Lubricants from Wind Energy Sector

The renewable energy industry is one of the leading consumers of industrial lubricants such as turbine oil and transformer oil. Wind energy is one of the fastest-growing renewable energy technology, which holds a potential share for consuming lubricant in the power industry. As per the data published by Global Wind Energy Council, the wind capacity installation across the globe will reach 2TW in 2030. It is further estimated to install wind power three times faster over the next decade to meet net-zero emissions and avoid the worst impacts of climate change. Thus, such a growth trajectory of wind power is anticipated to hold potential opportunities for lubricants producers, driving the market growth over the forecast period.

Lubricants Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Lubricants Market analysis are base oil, product type, and end use industry.

• Based on base oil, the Lubricants Market is divided into mineral, synthetic, and bio-based. The mineral segment held a larger market share in 2023.
• By product, the market is segmented into engine oil, hydraulic oil, gear oil, grease, compressor oil, others. The engine oil segment held the largest share of the market in 2023.
• In terms of end use industry, the market is segregated into oil and gas, mining and metals, power, automobile, marine, food, and others. The automobile segment leads the market in 2023.

Lubricants Market Share Analysis by Geography

The geographic scope of the Lubricants Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

Asia Pacific has dominated the Lubricants Market. APAC dominates the demand for lubricants, and it is expected to register the highest CAGR in the global lubricants market during the forecast period. China is the largest consumer of lubricants, owing to the elevating demand from automotive, oil & gas, manufacturing sectors, and other application industries. An increase in the pace of industrialization in China is adding to the demand for oil, grease, and synthetic oil, further propelling the use of lubricants. The China government has launched "Made in China 2025," a state-led industrial policy that seeks to make China a dominant country in the global high-tech manufacturing sector. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.

Lubricants Market Regional Insights

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.

Lubricants Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Royal Dutch Shell
2. Exxon Mobil Corp
3. Chevron Corp
4. BP plc
5. Total
6. Lukoil

Disclaimer: The companies listed above are not ranked in any particular order.

Lubricants Market News and Recent Developments

The Lubricants Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• TotalEnergies & Sany have signed a memorandum of cooperation to launch comprehensive lubricant solutions for the European Market. (Source: TotalEnergies, Press Release, 2022)
• Chevron Products Company, a Chevron U.S.A. Inc. division, maker of the Havoline® brand of advanced passenger car motor oils, today announced the launch of Havoline® PRO-RS™ Renewable Full Synthetic Motor Oil, its first renewable motor oil product and ultra-premium addition to the Havoline portfolio. (Source: Chevron Corporation, Newsletter, 2021)

Lubricants Market Report Coverage and Deliverables

The “Lubricants Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles