PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1715155
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1715155
In terms of value, the lubricants market is estimated to grow from USD 178.14 billion in 2025 to USD 204.10 billion by 2030, at a CAGR of 2.8%. The mounting demand for high-performance engines, growing use in marine applications, and rise in refinery capabilities drive the lubricants market. As individuals become more conscious of the potential health hazards linked to mineral oil-based lubricants, there is an escalating desire for synthetic and bio-based lubricant alternatives. Geopolitical factors, economic slowdown, difficulties in lubricant application and usage efficiency, and stringent environmental regulations restrain the market.
Scope of the Report | |
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Years Considered for the Study | 2020-2030 |
Base Year | 2024 |
Forecast Period | 2025-2030 |
Units Considered | Volume (Kiloton) and Value (USD Million) |
Segments | Base Oil Type, Product Type, End-use Industry, and Region |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
"Engine oil was the largest product type segment of lubricants market, in terms of value, in 2024."
Engine oil is the most widely consumed category of products in the lubricants market. This is mainly because engines are utilized not just in transportation but also in the industrial end-use sector. Along with other functions, it is crucial to maintain engine efficiency by controlling friction, dispersing heat, and protecting against wear and corrosion. However, the increase in the development of engine oils by technology aimed to improve formulations in terms of efficiency and demand. There is an ever-increasing demand for such new-generation lubricants, for instance, engine oil, to meet the growing production of automobiles and stringent emission norms for better fuel economy and durability of vehicles. Thus, the factors that can be credited for the rapid growth of engine oil are a necessity in vehicle upkeep, advancement in technology, and contribution to fuel efficiency and the durability of engines.
"Transportation was the largest end-use industry of the lubricants market, in terms of value, in 2024."
Due to its excessive dependence on various lubricants for smooth operation and maintenance of vehicles, the transportation sector is treated as the largest end-use industry for the lubricants market. From cars and trucks to airplanes and ships, all vehicles require lubricants for the reduction of friction, prevention of wear and tear, and desired performance levels; this demand for lubricants is continuously on the rise due to the increasing need for efficient and reliable transportation services, further propelling the growth of the lubricants market in this sector. Also, the newly installed technologies in the transportation industry seek specially designed lubrication solutions, making the transportation end-use industry a significant end user.
"The Middle East & Africa is projected to be the second fastest-growing region, in terms of value, during the forecast period in the lubricants market."
The Middle East & Africa is anticipated to register an enormous growth of the lubricants market driven by various factors. Apart from strong economic growth and rapid industrialization, increased lubricant demand would flow from a possible increase in consumption in various sectors such as automotive, manufacturing, and construction. Exposure to infrastructure investment, alone or in synergy with the oil & gas industry, appears to have bullish promises for growth. The Middle East, as a major oil-producing nation, offers a steady supply of base oils, the most crucial ingredient in lubricant production, thus further guaranteeing stability in this market. The development of the automotive aftermarket based on growing vehicle ownership rates across Africa also feeds into the enormous growth potential of the region. In a nutshell, the stable economic conditions and infrastructure investments that would characteristically spell bright cases for lubricants in the Middle East & Africa made this region become an increasingly strong lubricant market.
The key players profiled in the report include Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), PetroChina Company Limited (China), TotalEnergies SE (France), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and others.
Research Coverage
This report segments the market for lubricants based on base oil type, product type, end-use industry, and region and provides estimations of volume (Kiloton) and value (USD Million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, and key strategies, associated with the market for lubricants.
Reasons to Buy this Report
This research report is focused on various levels of analysis - industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the lubricants market; high-growth regions; and market drivers, restraints, and opportunities.