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

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 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.