Who are the key vendors in the Global Lubricants Market?

To increase their industry position, key firms are implementing a variety of methods such as joint ventures, corporate expansions, and new product development. ExxonMobil and Nissan Motors India, for example, signed a contract in March 2021 for the supply of lubricants for passenger car aftermarkets. ExxonMobile expanded their lubricant output by offering engine oils from OEMs for BS6, BS3, and BS4 vehicles. 'Royal Dutch Shell plc', 'ExxonMobil Corporation', 'Chevron Corporation', 'BP plc', 'TotalEnergies SE', 'China Petrochemical Corporation (Sinopec)', 'Petrochina Company Limited', 'Idemitsu Kosan Co., Ltd.', 'FUCHS PETROLUB SE', 'Lukoil', 'JXTG Holdings, Inc.', 'Valvoline Inc.', 'Indian Oil Corporation Ltd.', 'Phillips 66 Company', 'ENI S.p.A.', 'Repsol S.A.', 'Petroliam Nasional Berhad (PETRONAS)', 'Pertamina (Persero)', 'Sasol Limited', 'SK Lubricants Co., Ltd.', 'In October 2022, a new high-performance dielectric liquid will be used in the novel battery cooling technique that TotalEnergies and Valeo have revealed. This innovation not only increases the utilization of electric vehicles, but also minimizes the carbon imprint.', 'In July 2022, a variety of next-generation passenger car lubricants that offer higher technology and adhere to the BS-VI criteria of the Indian government have been introduced by ExxonMobil Lubricants Pvt. Ltd. in New Delhi.'.

What is the key driver of Global Lubricants Market?

The major factors driving the market growth are increasing industrialization, growing automotive industry, rising technological advancements, increasing demand for bio-based lubricants, and increasing maintenance and repair activities.

What is the key market trend for Global Lubricants Market?

Demand for high-performance lubricants that provide higher protection, longer service lives, and lower emissions is growing as energy efficiency and environmental protection become more and more important. Due to their greater performance and positive effects on the environment, speciality lubricants, bio-based lubricants, and synthetic lubricants are becoming more and more popular.

Which region accounted for the largest share in Global Lubricants Market?

The Asia-Pacific region is anticipated to dominate the global Lubricants market. The rapid growth of the automobile sector, as well as industrial development and the existence of automotive manufacturing industries in countries such as Japan, India, and China, are credited to the rise. Automotive engine oils, greases, and hydraulic fluids are the most widely utilized lubricants in the Asian market. Asia Pacific has begun to mimic the regulatory regimes of the United States and Europe, and countries such as Japan and South Korea are prioritising eco-labeled lubricants as a result.

Lubricants Market Size, Share, Growth Analysis, By Base Oil(Mineral Oil-Based Lubricants, Synthetic Oil-Based Lubricants, Bio-Based Oil Lubricants), By Product Type(Engine Oil, Industrial Oil, Hydraulic Oil), By End Use(Transportation, Industrial), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15E2157 | Region: Global | Published Date: August, 2024
Pages: 184 | Tables: 96 | Figures: 79

Lubricants Market News

In January 2024, MIDEL and MIVOLT was acquired by Shell U.K. Limited from M&I Materials Ltd. The products of these two organizations will be manufactured and distributed as part of Shell’s Lubricants portfolio. This will also help to strengthen Shell’s position in Transformer Oils.
In September 2023, TotalEnergies Luntifiants increased the incorporation of recycled plastics in their lubricant bottles. The objective was to contribute to a circular economy and to the reducing use of virgin plastics.
In March 2023, ExxonMobil publicized their investment of around USD 110 Million for constructing a lubricant manufacturing plant in Raigad, Maharashtra, India. This facility will cater to the increasing demand for sectors like construction, mining, power, steel, and manufacturing.

Lubricants Market Report Snapshots

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Global Lubricants Market size was valued at USD 134.65 Billion in 2022 and is poised to grow from USD 139.63 Billion in 2023 to USD 186.73 Billion by 2031, growing at a CAGR of 3.7 % in the forecast period (2024-2031).

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. 'Royal Dutch Shell plc (UK)', 'ExxonMobil Corporation (US)', 'Chevron Corporation (US)', 'BP plc (UK)', 'TotalEnergies SE (France)', 'China Petrochemical Corporation (Sinopec) (China)', 'Petrochina Company Limited (China)', 'Idemitsu Kosan Co., Ltd. (Japan)', 'FUCHS PETROLUB SE (Germany)', 'Lukoil (Russia)', 'JXTG Holdings, Inc. (Japan)', 'Valvoline Inc. (US)', 'Indian Oil Corporation Ltd. (India)'

Increasing Demand for Lubricants in Automotive Sector

The advent of innovative lubricants like bio-based with better features is boosting the growth of the market. Several advanced lubricants have been released in the market by some of the companies that are leading the manufacturing organization. However, the rising demand for eco-friendly and bio-based lubricants is creating immense and new opportunities for the market's development. The growing demand for lubricants that has been developed by utilizing non-toxic and renewable substances with low sulphur levels is providing a considerably increasing growth of the lubricant market.

Asia Pacific is dominating the global lubricants market with maximum market share. 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.

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Lubricants Market Size, Share, Growth Analysis, By Base Oil(Mineral Oil-Based Lubricants, Synthetic Oil-Based Lubricants, Bio-Based Oil Lubricants), By Product Type(Engine Oil, Industrial Oil, Hydraulic Oil), By End Use(Transportation, Industrial), By Region - Industry Forecast 2024-2031

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