The Lubricants Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Lubricants Global Market Report 2024, 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 in the historic period can be attributed to industrialization and mechanization, automotive industry growth, technological advancements in lubricant formulations, globalization of trade and transportation, increasing 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 growth in the forecast period can be attributed to expanding automotive fleet size, growth in the aviation and marine industries, rising demand for synthetic lubricants,increasing focus on sustainability and environmental regulations,development of emerging markets. Major trends in the forecast period include shift towards bio-based and eco-friendly lubricants, adoption of advanced lubrication technologies, such as nanotechnology, expansion of online sales channels for lubricants
emphasis on predictive maintenance and condition monitoring, integration of lubricant management software for efficient maintenance scheduling.
The surge in automotive industry is expected to propel the growth of lubricants market going forward. The automotive industry refers to the sector of the economy involved in the design, development, manufacturing, marketing, and sale of motor vehicles. Lubricants in automobiles are used to reduce friction and wear between moving parts, ensuring smooth operation and extending the lifespan of engine components. For instance, in February 2023, according to the European Automobile Manufacturers Association, a Belgium-based trade association for major European automobile manufacturers, in 2022, 85.4 million motor vehicles were produced worldwide, an increase of 5.7% compared to 2021. Additionally, in January 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the sales of electric vehicles, including plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), in 2021 was 6500000, which increased in 2022 and reached 1,02,00,000. Therefore, the surge in the automotive industry is driving the growth of the lubricants market.
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The lubricants market covered in this report is segmented –
1) By Base Oil: Bio-based Oil, Mineral Oil, Synthetic Oil
2) By Product Type: Automotive Oil, Hydraulic Oil, Gear Oil, Compressed Oil, Greases, Metal Working Fluid
3) By End User Vertical: Automotive, Industrial, Marine, Chemical, Oil & Gas, Aerospace, Others End Users
Top Major Players:
China Petroleum & Chemical Corporation
PetroChina Company Limited
ExxonMobil Corp.
Shell PLC
Total Energies
Asia-Pacific was the largest region in the lubricants market in 2023.
Major companies operating in the lubricants market are developing new products, such as high-performance lubricant solutions for electric vehicles, to gain a competitive edge in the market. High-performance lubricants for electric vehicles (EVs) are designed to meet the specific needs of EV components and systems. For instance, in March 2021, Phillips 66, a US-based petroleum refineries company, launched the e-Shield line, a set of high-performance lubricant solutions specifically designed to enhance the performance and protection of electric vehicles. The product line includes system fluid, grease, and coolant. The products are engineered with distinctive thermal and conductive properties, aiming to boost vehicle performance by operating at lower temperatures and prolonging battery charge retention. These lubricants offer excellent thermal and conductivity properties, which are essential for safeguarding EVs during operation.
The lubricants market report table of contents includes:
1. Executive Summary
2. Lubricants Market Characteristics
3. Lubricants Market Trends And Strategies
4. Lubricants Market – Macro Economic Scenario
5. Global Lubricants Market Size and Growth
…..
32. Global Lubricants Market Competitive Benchmarking
33. Global Lubricants Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Lubricants Market
35.Lubricants Market Future Outlook and Potential Analysis
36. Appendix
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