Global Lubricant Market Insights Forecasts to 2030
- The global lubricant market was valued at USD 126 billion in 2021.
- The market is growing at a CAGR of 4% from 2021 to 2030
- The global lubricant market is expected to reach USD 179 billion by 2030
- Europe is expected to grow the fastest during the forecast period
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The global lubricant market is expected to reach USD 179 billion by 2030, at a CAGR of 4% during the forecast period 2021 to 2030. The lubricant market has grown due to a rise in the demand for high-performance lubricants (owing to their better and improved properties, such as reduced flammability, reduced gear wear, and increased service life).
A lubricant is a chemical that aids in reducing friction between surfaces in contact. The word "lubricant" is often used colloquially. Additionally, it could be used to move foreign particles, transmit forces, or heat. The term "lubricity" refers to the ability to reduce friction. Lubricants serve a variety of different functions outside those found in the industry. Other applications include cooking (e.g., frying pan oils and fats used in baking to prevent food from sticking), bioapplications on people (e.g., lubricants for artificial joints), ultrasound examination, medical evaluation, and sexual activity. It is mostly used to lessen friction and to improve and increase the efficiency of a device. Due to the growing demand for lubricants made from bio-based materials, the industry dynamics are shifting in terms of raw materials. The demand for automotive oils and greases is expected to increase as the commerce in automobiles. The consumer cars segment is anticipated to grow, which is good news for the industry as a result of the significant economic recovery in North America and Europe. Over the forecast period, rising auto sales are anticipated to boost worldwide industry growth. Countries like India, China, the United States, and Brazil are principally responsible for the increase in global vehicle sales. The availability of a big pool of skilled labor and technological know-how, as well as attracting foreign investment norms, are key growth drivers for the manufacturing sector in these regions. The rapid expansion of specialized manufacturing industries like 3D printing and medical devices is anticipated to complement the industrial growth in these markets. Therefore, it is anticipated that the increasing industrialization of BRICS will fuel demand for industrial fluids, which will then support the expansion of the global lubricants industry.
This research report categorizes the market for global lubricants based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global lubricant market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global lubricant market sub-segments.
Global Lubricant market Report Coverage
|Market Size in 2021:||USD 126 billion|
|Forecast Period 2021-2030 CAGR:||4%|
|2030 Value Projection:||USD 179 billion|
|Historical Data for:||2017-2020|
|No. of Pages:||211|
|Tables, Charts & Figures:||122|
|Segments covered:||By Product Type, By End-user Industry, By Region, COVID-19 Impact Analysis|
|Companies Covered:||ExxonMobil Corp., Pennzoil, Quaker Chemical Corp., Royal Dutch Shell Co., JX Nippon Oil & Energy Corp., British Petroleum, Lukoil, Total S.A, Chevron Corp., Philips 66 Company, Sinopec Corp.|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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- In 2021, the engine oil segment dominated the market with the largest market share of 29% and market revenue of 36.54 billion.
Based on the product type, the global lubricant market is categorized into Engine Oil, Transmission and Hydraulic Fluid, Metalworking Fluid, General Industrial Oil, Gear Oil, Grease, Process Oil, and Other Product Types. In 2021, the engine oil segment dominated the market with the largest market share of 29% and market revenue of 36.54 billion. Engine oils have been continually used to enhance performance, increase efficiency, and, at the same time, also meet environmental emission regulations.
- In 2021, the automotive segment accounted for the largest share of the market, with 33% and a market revenue of 41.58 billion.
Based on the end-user industry, the lubricant market is categorized into Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metal Working, Chemical Manufacturing, and Other End-user Industries. In 2021, the automotive segment accounted for the largest share of the market, with 33% and a market revenue of 41.58 billion. This high share is related to rising consumer auto sales, including those of buses, trucks, and other forms of passenger transportation. Public transportation has improved in emerging economies like China, India, and Brazil as a result of their economies growing. This pattern is anticipated to increase the need for commercial automotive oil, boosting segment expansion throughout the forecast period.
Regional Segment Analysis of the Lubricant market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia-Pacific emerged as the largest market for the global lubricant market, with a market share of around 36% and 126 billion of the market revenue in 2021.
- In 2021, Asia- Pacific emerged as the largest market for the global lubricant market, with a market share of around 36% and 126 billion of the market revenue. The fast industrialization, urbanization, population increase, and significant growth in key end-use industries including textiles, chemicals, food processing, and metallurgy are reasons for the rise of this region. Major industrial players are also moving their production facilities to Asia Pacific as a result of the region's availability of cheap labor, rising demand, and supportive governmental regulations.
- The Europe market is expected to grow at the fastest CAGR between 2021 and 2030, The involvement of numerous multinational chemical producers from nations like Russia, the U.K., France, and Germany is largely responsible for the rapid rise. Largely used in a variety of processes, including the manufacture of fertilizers, rotatory and compressor units in manufacturing facilities, and more, these industrial lubricants help increase running cycles and improve the operation of machinery that is subjected to high stress.
The report offers the appropriate analysis of the key organizations/companies involved within the global lubricant market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- ExxonMobil Corp.
- Quaker Chemical Corp.
- Royal Dutch Shell Co.
- JX Nippon Oil & Energy Corp.
- British Petroleum
- Total S.A
- Chevron Corp.
- Philips 66 Company
- Sinopec Corp.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In June 2021, In order to establish the Petrochemical and Lube Integration (LuPech) Project, the Acrylics/Oxo Alcohol Project, and other infrastructure projects at Gujarat Refinery in Vadodara, IOCL and the Government of Gujarat inked an MOU for "Investment Promotion".
- In April 2021, A 40% share in SK Lubricants will be sold by SK Innovation to domestic company IMM Private Equity for 1.09 trillion South Korean won (983 million USD )
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global lubricant market based on the below-mentioned segments:
Global Lubricant market, By Product Type
- Engine Oil
- Transmission and Hydraulic Fluid
- Metalworking Fluid
- General Industrial Oil
- Gear Oil
- Process Oil
- Other Product Types
Global Lubricant market, By End-user Industry
- Power Generation
- Automotive and Other Transportation
- Heavy Equipment
- Food and Beverage
- Metallurgy and Metal Working
- Chemical Manufacturing
- Other End-user Industries
Global Lubricant market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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