Lubricants Market Size - Growth, Share by 2031
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
Market Size Value in US$ 148.18 Billion in 2020 Market Size Value by US$ 190.64 Billion by 2028 Growth rate CAGR of 2.7% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Lubricants Market: Strategic Insights
| Market Size Value in | US$ 148.18 Billion in 2020 |
| Market Size Value by | US$ 190.64 Billion by 2028 |
| Growth rate | CAGR of 2.7% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Base Oil, Product Type, and End Use, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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