Lubricants Market Size, Insights Forecast, Growth, Trends 2024-2033

Overview and Scope

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.

Sizing and Forecast

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 mechaniza=======\tion, 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.

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Segmentation & Regional Insights

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

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.

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Major Driver Impacting Market Growth

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.

Key Industry Players

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

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
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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