PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419091
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419091
Lubricants Market size was valued at USD 140,830.3 Million in 2022, expanding at a CAGR of 4.1% from 2023 to 2030.
Lubricants are a necessary component of sectors that are growing quickly. They are used to lessen wear and tear and friction between two relatively moving equipment elements. They can be water- or petroleum-based, and they are necessary for the correct operation of machinery. Additionally, lubricants reduce downtime in operations, which eventually boosts output overall.
The market is growing because of rising piston engine lubricant imports and exports. The development of novel and premium product choices, along with consumers' growing focus on improving vehicle performance, is driving demand for the lubricants. Future growth will be mostly influenced by the number of motor vehicles produced and the distance that each vehicle travels. In addition, customers are searching for both standard and specialty lubricants for their everyday cars to guarantee seamless operation and lower long-term maintenance expenses. The worldwide lubricants sector has been further impacted by the implementation of European REACH legislations aimed at promoting environmentally friendly goods. Because metallic surface separators are used in thread compounds, certain chemicals are prohibited in the North Sea Basin.
The Global Lubricants Market is segmented on the basis of Type, Product, End-User, and Region.
The market is divided into four categories based on Type: mineral oil lubricants, synthetic lubricants, semi-synthetic lubricants, and bio-based lubricants. The synthetic lubricants segment dominates the market. The technology development, product innovation are likely to contribute to market growth.
The market is divided into eight categories based on Product: engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and others. The engine oil segment dominates the market and is likely to maintain its dominance during the forecast period. The hydraulic fluid segment is projected to grow at rapid pace in the coming years.
The market is divided into six categories based on End-User: power generation, automotive, metallurgy, chemical, oil & gas, and others. The automotive dominate the market and is likely to maintain its dominance during the forecast period. The growing demand from engine oil lubricant is primarily boosting the market growth.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the industrial and automotive lubricant market, a number of new and better technologies have been created. Examples include lubricating grease with additives free of ash and thickening matrix integration for increased properties. To increase their market share, major players are utilizing a range of tactics, such as joint ventures, company expansions, and the creation of new products. The worldwide lubricants sector has been further impacted by the implementation of European REACH legislations aimed at promoting environmentally friendly goods.
In January 2022, Chevron Lubricants Lanka PLC, a subsidiary of Chevron Corporation, announced a marketing deal with Rock Energy in Bangladesh for its lubricant products.
In March 2021, ExxonMobil and Nissan Motors India have signed a contract to supply lubricants for passenger car aftermarkets.
The scope of this report covers the market by its major segments, which include as follows: