PUBLISHER: The Business Research Company | PRODUCT CODE: 1455485
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455485
A lubricant is a substance employed to lubricate engines or components, serving to control friction and minimize damage on surfaces engaged in relative motion. The primary function of lubricants is to reduce wear and tear on machinery, thereby extending the lifespan of the equipment.
The primary base oils used in lubricants include bio-based oil, mineral oil, and synthetic oil. Bio-based oil pertains to lubricants crafted from raw, renewable materials, distinguishing them from conventional petroleum-based alternatives. These bio-based oils exhibit characteristics such as biodegradability, renewability, and a reduced environmental footprint compared to their petroleum counterparts. Product types within the category encompass automotive oil, hydraulic oil, gear oil, compressed oil, greases, and metalworking fluids. These lubricants find applications in diverse sectors such as automotive, industrial, marine, chemical, oil and gas, aerospace, and others.
The lubricants market research report is one of a series of new reports from The Business Research Company that provides lubricants market statistics, including lubricants industry global market size, regional shares, competitors with a lubricants market share, detailed lubricants market segments, market trends and opportunities, and any further data you may need to thrive in the lubricants industry. This lubricants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The lubricants market size has grown steadily in recent years. It will grow from $149.76 billion in 2023 to $156.67 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth observed in the historic period can be ascribed to various factors, including industrialization and mechanization, the expansion of the automotive industry, technological advancements in lubricant formulations, the globalization of trade and transportation, and an upsurge in demand from manufacturing sectors.
The lubricants market size is expected to see steady growth in the next few years. It will grow to $178.62 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The anticipated growth in the forecast period can be attributed to several factors, including the expansion of automotive fleet sizes, growth in the aviation and marine industries, an increased demand for synthetic lubricants, a heightened focus on sustainability and compliance with environmental regulations, and the development of emerging markets. Major trends expected in the forecast period encompass a shift towards bio-based and eco-friendly lubricants, the adoption of advanced lubrication technologies such as nanotechnology, the expansion of online sales channels for lubricants, an emphasis on predictive maintenance and condition monitoring, and the integration of lubricant management software to facilitate efficient maintenance scheduling.
The anticipated upswing in the automotive industry is poised to drive the growth of the lubricants market. The automotive industry encompasses activities related to the design, development, manufacturing, marketing, and sale of motor vehicles. Lubricants play a crucial role in automobiles by reducing friction and wear between moving parts, ensuring smooth operation, and extending the lifespan of engine components. In February 2023, the European Automobile Manufacturers Association reported a global production of 85.4 million motor vehicles in 2022, marking a 5.7% increase compared to the previous year. Furthermore, the International Energy Agency highlighted a substantial rise in electric vehicle sales, reaching 102 million units in 2022, reflecting the evolving dynamics of the automotive industry and contributing to the growth of the lubricants market.
Key players in the lubricants market are actively innovating by introducing new products tailored to emerging trends. Notably, the development of high-performance lubricant solutions for electric vehicles (EVs) has become a focal point for major companies. In March 2021, Phillips 66, a US-based petroleum refineries company, launched the e-Shield line-a suite of high-performance lubricants designed to enhance the performance and protection of electric vehicles. This product line includes system fluid, grease, and coolant, engineered with distinctive thermal and conductive properties to optimize EV performance by operating at lower temperatures and extending battery charge retention. These specialized lubricants play a vital role in safeguarding the efficiency and durability of EV components.
In March 2023, Saudi Arabian Oil Group (Saudi Aramco) executed a significant acquisition, purchasing Valvoline Inc.'s global products business for $2.65 billion. This strategic move bolsters Aramco's global presence in the lubricants industry, providing valuable expansion opportunities and strengthening its downstream portfolio. The acquisition leverages Valvoline's established brand equity, positioning Aramco as a prominent player in the integrated, branded lubricants market. Valvoline Inc., a US-based automotive services company, specializes in the manufacture and distribution of finished lubricants and automotive chemicals, making it a strategic addition to Aramco's lubricants business.
Major companies operating in the lubricants market report are China Petroleum & Chemical Corporation, PetroChina Company Limited, ExxonMobil Corp., Shell plc, Total Energies, BP plc, Chevron Corp., Philips 66 Company, Petroleo Brasileiro S.A., ENEOS Corporation, Idemitsu Kosan Co. Ltd., Lukoil Oil Company, S-Oil Corporation, Calumet Specialty Products Partners L.P, Fuchs SE, Castrol Limited, Quaker Houghton, Valvoline Inc., Petronas Lubricant International, Gulf Oil Marine Ltd., Blaser Swisslube Inc., Amsoil Inc., Pennzoil, Zeller Gmelin Gmbh & Co. KG, Pennine Lubricants
Asia-Pacific was the largest region in the lubricants market in 2023. The regions covered in the lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the lubricants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The lubricants market consists of sales of engine oil, grease, industrial oils, transmission fluids, lubricant dispensing systems, sealants, and aviation lubricants. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Lubricants Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on lubricants market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for lubricants ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The lubricants market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.