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How are market drivers shaping the future growth trajectory of the lubricants industry?
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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What is the estimated market size of the lubricants sector by 2029, based on current forecasts?
The lubricants market size has grown steadily in recent years. It will grow from $156.67 billion in 2024 to $162.46 billion in 2025 at a compound annual growth rate (CAGR) of 3.7%. 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 $184.2 billion in 2029 at a compound annual growth rate (CAGR) of 3.2%. 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.
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#Who are the top players in the lubricants market?
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, Petróleo 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
#What are the major trends in the lubricants market?
Major companies operating in the lubricants market are developing new products, such as advanced marine and powersport oils, to provide superior engine protection and performance for four-stroke marine and off-road vehicles under extreme conditions. Advanced marine and powersport oils are specialized lubricants formulated to provide high performance, protection, and efficiency for marine engines and powersport vehicles operating under demanding conditions. For instance, in September 2023, Valvoline, a US-based company that provides a wide range of automotive and industrial lubricant solutions, launched the Valvoline Full Synthetic 4-Stroke Marine Oil and Valvoline Ultimate Powersport Full Synthetic 4-Stroke Motor Oil. It is designed to provide enhanced protection and performance in extreme conditions. The Valvoline Full Synthetic 4-Stroke Marine Oil offers up to eight times better defense against rust and 50% stronger wear protection, crucial for engines exposed to corrosive environments like saltwater. The Ultimate Powersport Full Synthetic 4-Stroke Motor Oil is tailored for small engines in ATVs, UTVs, and personal watercraft, ensuring optimal performance and durability. Both products feature powerful cleaning agents to prevent dirt buildup in high-revving engines, enhancing overall engine longevity.
Which geography holds the highest lubricants market share?
Asia-Pacific was the largest region in the lubricants market in 2024. The regions covered in the lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How do different segments contribute to the overall expansion of the lubricants market?
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 And Gas, Aerospace, Others End Users
Subsegments:
1) By Bio-Based Oil: Vegetable Oils, Animal Fats, Ester-Based Oils
2) By Mineral Oil: Paraffinic Oils, Naphthenic Oils, Refining Techniques
3) By Synthetic Oil: PAO (Polyalphaolefins), Ester-Based Synthetic Oils, Group III Base Oils
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What defines the structure and scope of the lubricants market?
A lubricant is a substance used to lubricate an engine or component. It controls friction and damage on surfaces that are in contact with bodies in relative motion. Lubricant functionality reduces the wear and tear on machinery, leading to a longer lifespan for the equipment.
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