Global Lubricants Market

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 2025-2032

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

Lubricants Market News

in Lubricants Industry

  • 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 November 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.
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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)'

Lubricants are widely utilized in the applications of automotive like passenger car motor oils, heavy-duty diesel engine and transmission oils. Lubricants are also used in sone automobile processing like movement of chain and piston. The demand for lubricants is boosted by the development and expansion of automobile oils globally. Lubricants are immensely efficient in high temperature environments and deliver high heat resistance bolstering the lubricants market growth.

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 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.  

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Global Lubricants Market

Report ID: SQMIG15E2157

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