USD 134.65 million
Report ID:
SQMIG15E2157 |
Region:
Global |
Published Date: August, 2024
Pages:
184
|Tables:
96
|Figures:
79
Lubricants Market size was valued at USD 139.63 Billion in 2023 and is poised to grow from USD 144.8 Billion in 2024 to USD 193.64 Billion by 2032, growing at a CAGR of 3.7% during the forecast period (2025-2032).
The lubricant market is growing exponentially due to the increasing demand for automotive oils and greases used in vehicles and spare parts. The lubricants market is involved with the production, distribution, and sale of lubricating oils and greases. Lubricants are utilized for reducing friction, heat, and wear among the moving parts in machinery and equipment. It helps them to extend their lifespan and enhance efficiency. The lubricant market consists of a vast range of applications in various sectors like automotive, industrial, marine, aerospace, construction, and agricultural. Based on their application, lubricants also have the potential to transmit power, secure against damage, and mitigate wear and heat debris, boosting the market growth. Increasing manufacturing activity with increased consumption of machinery and equipment across various sectors is driving the demand for lubricant. Rapid industrialization and urbanization in the developing economies are also creating more opportunities for lubricant manufacturers, expanding the market growth. Innovative products development and utilization of bio-based and synthetic lubricants are increasing sustainability, expanding the progress of the market.
US Lubricants Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 134.65 million
Largest Segment
Synthetic Oils
Fastest Growth
Synthetic Oils
Growth Rate
3.7% CAGR
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The lubricant market is segmented into base oil, product type, end use, and region. Based on base oil, the market is segmented into mineral oil-based lubricants, bio-based oil lubricants and synthetic oil-based lubricants. Based on product type, the market is segmented into engine oil, industrial oil, and hydraulic oil. Based on end use, the market is segmented into transportation and industrial. Based on region, the lubricant market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Lubricants Market Analysis by Base Oils
Based on base oils, the market is segmented into mineral oil-based lubricants, bio-based oil lubricants, and synthetic oil-based lubricants. The mineral oil-based lubricants segment is dominating the lubricant market. This is mainly because of easy availability and low manufacturing expense of the product. Investment in the R&D activities in the end-use sectors like chemical, power generation, and mining is also increasing, resulting in the expansion of the mineral oil segment. The mineral grade is the most utilized product as it is less expensive compared to the synthetic and semi-synthetic alternatives. Furthermore, it is made from crude oil and manufactured in several sectors like metal and mining, oil, and others. Mineral grades are available in light and heavy steps and their usage completely depends on end-use requirement.
Bio-based oil lubricants is the fastest growing segment in the lubricant market. These bio-based oils are derived from vegetable oils like canola, sunflower, palm, coconut, soyabean. The demand for these types of oils is increasing due to the shift towards eco-friendly products and governmental restrictions. These oils are mainly used in hydraulic fluids and engine oils, and rising demand for this equipment boosts their consumption. Bio-based lubricants are also used in the food processing sector due to the rise in environmental guidelines in the food & beverage industry. Recent developments in the healthcare sector have also augmented the demand for products that have low toxicity and high biodegradability. These factors are offering immense growth opportunities to the market.
Lubricants Market Analysis by Product Types
Based on product types, the engine oil is dominating the lubricants market as it assists in vital functions such as engine cooling, rust, and corrosion protection. Many governments are implementing strict fuel efficiency and emission rules due to which automakers are emphasizing on engine downsizing and improving techniques. Technologies such as turbocharging and direct fuel injection can make extraordinary enhancements in engine performance and place higher thermal and operational stresses on engine parts. It has encouraged the engine oil manufacturers to innovate formulations with the help of advanced detergency properties to mitigate sludge for keeping engines clean and allow better fuel combustion. Furthermore, lower viscosity grades ideal for modern small-displacement turbocharged engines are also gaining popularity. The demand for high-performance engine oils providing better lubrication and protection is constantly increasing in the engine oil segment.
The industrial oil segment is also witnessing the fastest growth in the lubricants market. The market is mainly driven by robust industrial production in developing economies. Furthermore, automotive lubricants are also playing a vital part in improving fuel efficiency, minimizing friction and wear, increasing the lifespan of automotive components. They also have the potential to resist component seizures and any serious damage. Furthermore, lubricants provide high resistance to oil degradation and reduce evaporation, contributing to enhanced fuel efficiency. The growing usage of industrial lubricants in new applications like battery cooling and noise reduction is further boosting the market demand.
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Asia Pacific holds the largest global lubricants market share, leading with market. Countries such as China, India, and Indonesia have experienced massive growth in their industrial and automotive sectors, fueling the demand for lubricants. Especially, China has become one of the biggest automotive markets along with global manufacturing hub. These factors have substantially augmented the consumption of automotive and industrial lubricants. Furthermore, the expansion of middle-class in the region has also increased the demand for consumer goods and appliances, driving the growth of lubricants market through the procedure of lubrication. Today, China is also a prominent exporter of base oil and finished lubricant products. Many small economies like Vietnam and Malaysia have also developed into a manufacturing hubs appealing foreign investments, boosting the market growth.
North America has the fastest growing lubricants market mainly due to the presence of prominent lubricant manufacturers. The region also has robust industrial sector that needs massive amount of lubricants across different end use verticals like automotive, industrial machinery, and metalworking. Countries like US and Canada have developed automotive and transportation sectors that are some of the largest consumers of automotive and industrial lubricants. Furthermore, North America is also a major exporter of lubricant products. Many lubricants brands from the region have established themselves globally. The booming aerospace sector in the region along with a surge in crude oil production is also driving the market’s development. The increasing demand for automobile production and the steady growth of the manufacturing sector have also raised the popularity of high-quality lubricants, propelling the market’s expansion. Furthermore, the increasing adoption of eco-friendly lubricants and the incorporating of strict environmental rules in the region, boosting the market growth.
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Lubricants Market Drivers
Increasing Demand for Lubricants in Automotive Sector
Growing Usage of Lubricants due to Outstanding Properties
Lubricants Market Restraints
Growing Demand for Hybrid or Batter-Driven Vehicles
Fluctuations of Raw Material Prices to Restrict Growth
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The market is fragmented due to the presence of many global and local players. Many organizations are investing massively in R&D and mergers to manufacture innovative products to gain a competitive edge in the market. The demand for bio-based raw materials is also increasing owing to the rising awareness related to the minimization of carbon emissions and energy conservation. The industry is also extremely competitive due to distribution partnerships, technological innovations, product portfolios, strategic developments, and capabilities.
Top Player’s Company Profile in Lubricants Industry
Recent Developments in Lubricants Industry
Rising Demand for Bio-Based Lubricants
Increase in Disposable Personal Income
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global lubricants market is experiencing robust growth in different sectors, boosted by the rising demand for specialty lubricants customized for applications. From high performance engines in automotive and marine applications to heavy-duty trucks, bulldozers, lubricants play a vital part in increasing performance and lifespan of moving parts. In the transport industry, vehicles such as shuttle buses, ambulances, and school buses, hydraulic fluids are important for power transmission and hydraulic machinery. The market is also offering a wide range of lubricants products like industrial lubricants for commercial machinery, metalworking fluids for cutting, and grinding. These factors are positively influencing the lubricants market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 134.65 Billion |
Market size value in 2031 | USD 186.73 Billion |
Growth Rate | 3.7% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Lubricants Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Lubricants Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Lubricants Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Lubricants Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG15E2157
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