Market Research Report
Lubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Base Oil, Product Type, and End Use
|Lubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Base Oil, Product Type, and End Use|
Published: December 17, 2021
The Insight Partners
Content info: 157 Pages
Delivery time: 1-2 business days
The global lubricants market was valued at US$ 148.18 billion in 2020 and is projected to reach US$ 190.64 billion by 2028; it is expected to grow at a CAGR of 2.7% from 2021 to 2028.
Lubricant is a friction-reducing film between moving objects and helps in reducing the heat generated. Lubricant performs functions such as transmitting forces, transporting foreign particles, and heating and cooling surfaces. Depending on the nature of lubricants, they are used to eliminate heat and wear debris, supply additives into the contact, transmit power, protect, and seal.
Based on end use, the global lubricants market is segmented into oil and gas, industrial, chemical, automotive, marine, and others. In 2020, the automotive segment accounted for the largest share in the lubricants market. The high demand for lubricants from the automotive industry is due to increased sales of consumer automotive, such as trucks, buses, and other forms of passenger transport. The economic growth in developing and emerging countries, such as China, India, and Brazil, has led to the betterment of public transportation. This trend is expected to strengthen commercial automotive oil demand, thereby supporting segment growth of the lubricant market.
Geographically, the lubricants market is segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SAM), and Middle East & Africa (MEA). In 2020, Asia Pacific dominated the global lubricants market and is expected to continue its dominance during the forecast period. One of the factors driving the lubricant market is the increasing population in the region, which is accompanied by rising need of automobiles in countries such as China, India, and Indonesia, creating various growth opportunities for the lubricants industry. In 2018, according to Organisation Internationale des Constructeurs d'Automobiles (OICA), the automotive production in India, Indonesia, Malaysia, and Thailand increased up to 8.0%, 10.3%, 12.2%, and 9.0%, respectively, higher than the previous year due to rising per capita income of individuals, thereby driving the market for lubricants.
Many industries, such as the chemicals & materials industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw material and labor, the shutdown of factories, and other operational difficulties under COVID-19 safety protocols resulted in the contraction of packaging product sales during the initial months of the pandemic. Along with this, the lockdown impacted the transportation sector, resulting in the low movement of commercial and passenger vehicles across the globe. In China, according to the International Council on Clean Transportation, there was a 23% decrease in the sales volume of new passenger cars in 2020 as compared to the first half of 2019. All these factors negatively impacted the lubricants market during the COVID-19 pandemic. As the industries have started recovering, the demand for lubricants is likely to increase in the coming years. The recovering automotive, marine, chemical, and oil & gas industries will have a positive impact on the lubricants market.
Royal Dutch Shell, Exxon Mobil Corp, Chevron Corp, BP plc, Total, Lukoil, Sinopec Lubricant Company, Fuchs, Indian Oil Corp, and Valvoline are among the key players operating in the lubricants market. Major market players adopt strategies such as mergers & acquisitions and product launches to expand their geographic presence and consumer base.
The overall global lubricants market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the global lubricants market.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global lubricant market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the global lubricant market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the food contact paper as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution