The Lubricants Market Report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027.
The Lubricants Market report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.
The global lubricants market report has been segmented on the basis of type, application, and region.
Lubricant Market Overview:
The Lubricants Market was valued at $119 billion in 2021 & is projected to reach $140 billion by 2027. It is expected to grow at a 3.4% CAGR between 2021 and 2027.
Lubricant is a substance used to reduce the friction between two surfaces. Motor oil is the largest application of lubricant. It protects the internal combustion engines of the vehicles. Lubricants are used for applications such as reducing friction, transferring heat, transmitting power, preventing corrosion, keeping moving parts apart, protecting against wear, preventing rust, sealing for gases, and carrying away contaminants and debris.
Lubricants are composed of 90% of base oil or mineral oil and 10% of the variety of additives to impart required characteristics.
Lubricating oil is used in several industrial applications such as bearings, auxiliary equipment, air compressor, food machinery, gas engines, turbines, paper machines, metalworking, heat transfer system, and natural gas compressors.
Increasing demand for lubricants in these end uses is expected to drive the market growth over the forecast period. Growing demand for automobiles with better fuel efficiency and low emission rates is estimated to boost the market growth over the forecast period.
The lubricant market has witnessed heavy investments by manufacturers. Strategic initiatives adopted by the manufacturers namely expanding product portfolio and strengthening supply chain efficiency to strengthen their presence across the globe creating an opportunity for market players operating in the global lubricants market.
Automotive is expected to be the largest application segment in the global lubricant market in terms of revenue and is estimated to maintain its dominance over the forecast period. Growing demand for commercial as well as consumer vehicles across the globe is expected to propel market growth. Various government norms to control the carbon emissions in the vehicles are expected to drive the lubricants market.
The Asia Pacific is expected to account major share in the market and is estimated to maintain its dominance over the forecast period. Growing demand for end-use industries in China, India, Indonesia, and Thailand is anticipated to drive market growth over the forecast period.
Increasing demand for the automotive sector across the region is estimated to fuel the market growth. High demand for innovative products having diverse applications is expected to have a positive impact on the market growth over the forecast period.
Market segmentation and key players operating in the global lubricants market:
- Mineral Oil Lubricants
- Synthetic Lubricants
- Bio-Based Lubricants
- Industrial Lubricants
- Automotive Lubricants
- Marine Lubricants
- Aerospace Lubricants
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Royal Dutch Shell PLC.
- ExxonMobil Corp.
- Chevron Corporation
- PetroChina Company Limited
- Indian Oil Corporation Ltd
- JX Nippon Oil & Energy Corporation
- Total S.A.
- Valvoline International Inc.
- Petronas Lubricant International
- Idemitsu Kosan Co. Ltd
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