Pune, India, July 12, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Lubricants Market Size Report, Share, Demand, Growth Strategy, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis – by Base Oil, Product Type, End-Use Industry, and Geography” the market is expected to grow from US$ 148.18 Billion in 2020 to US$ 190.64 Billion by 2028; it is estimated to record a CAGR of 2.7% from 2021 to 2028.
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Global Lubricants Market: Competitive Landscape and Key Developments
Shell Plc, Exxon Mobil Corp, TotalEnergies SE, Chevron Corp, BP Plc, Lukoil Oil Co, Fuchs Petrolub SE, Valvoline LLC, Indian Oil Corp Ltd, and China Petroleum & Chemical Corp. are among the key players operating in the lubricants market. These companies have a wide presence across the globe, allowing them to serve many customers.
Lubricants Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 148.18 Billion in 2020 |
| Market Size Value by | US$ 190.64 Billion by 2028 |
| Growth rate | CAGR of 2.7% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 157 |
| No. of Tables | 83 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Base Oil, Product Type, and End Use, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Shell Plc, Exxon Mobil Corp, TotalEnergies SE, Chevron Corp, BP Plc, Lukoil Oil Co, Fuchs Petrolub SE, Valvoline LLC, Indian Oil Corp Ltd, and China Petroleum & Chemical Corp |
Asia Pacific held the largest share of the lubricants market in 2021. Many countries in the Asia Pacific region are investing heavily in infrastructure development, including the construction of roads, bridges, railways, airports, and buildings. Lubricants are extensively used in construction equipment, such as excavators, cranes, and bulldozers, as well as the maintenance of infrastructure assets. The infrastructure boom in the region has consequently driven the demand for lubricants. In addition, the Asia Pacific region has witnessed a significant increase in air travel due to rising incomes and affordable airfares. As a result, the aviation industry has expanded, leading to higher demand for lubricants. Thus, the growing infrastructure and aviation industry led to the lubricants market growth across the region.
Increasing Demand from Automotive Industry Drives Lubricants Market
Automotive oils are used in the automobile & transportation industry; some examples are engine oils, transmission fluids, gearbox oils, and brake and hydraulic fluids, among others. Lubricants play a crucial role in ensuring the proper functioning and longevity of vehicle engines and components. Lubricants are used as anti-friction and heat-absorbing media and lead to smooth and reliable functions/operations, reducing the risks of frequent failures and, thus, enhancing the durability/life-cycle of the vehicle. With the rising number of vehicles on the roads worldwide, particularly in emerging economies, the demand for lubricants for automotive applications is experiencing steady growth. The growing automotive industry is driving the lubricants market growth.
Lubricants Market: Segmental Overview
Based on base oil, the lubricants market is bifurcated into mineral oil, synthetic, bio-based oil, and others. The bio-based oil segment is expected to register the highest CAGR during the forecast period. Bio-based oil is derived from renewable resources such as vegetable oils, animal fats, and other bio-based materials. They are biodegradable, non-toxic, and have a lower environmental impact compared to conventional petroleum-based lubricants. As businesses and consumers become more aware of environmental issues and seek sustainable alternatives, the demand for bio-based oil has increased. In addition, governments and regulatory bodies are implementing stricter regulations and standards to reduce environmental pollution and promote sustainability. These regulations often include restrictions on the use of certain chemicals and encourage the use of environmentally friendly products. Bio-based oil derived from renewable resources and having lower toxicity can help industries meet these regulatory requirements. Growing demand for bio-based oil is driving demand for the bio-based oil segment during the forecast period.
In terms of product type, the lubricants market is segmented into engine oil, hydraulic oil, gear oil, grease, compressor oil, and others. The engine oil segment held a larger share of the lubricants market in 2021. The demand for engine oil is closely tied to the number of vehicles on the road. As the global population continues to grow, so does the demand for transportation. Emerging economies, in particular, are experiencing rapid urbanization and industrialization, leading to increased car ownership and, consequently, higher demand for engine oil. The growing demand from the automotive industry is driving the lubricants market growth for the engine oil segment.
Based on end use industry, the lubricants market is segmented into oil & gas, industrial, chemical, automotive, marine, and others. Industrial operations rely on various types of machinery and equipment, such as pumps, compressors, turbines, gears, bearings, and hydraulic systems. These components require lubrication to reduce friction, dissipate heat, and prevent wear & corrosion. Lubricants help ensure smooth operation, extend equipment life, and minimize downtime due to maintenance and repair.
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Impact of COVID-19 Pandemic on Lubricants Market
Before the onset of the COVID-19 pandemic, the demand for lubricants was mainly driven by the automotive, aerospace, marine, and building & construction industries. In addition, the shortage of manpower resulted in the deceleration of lubricants production and distribution operations. Disruptions in the global supply chain and the shutdown of tire production facilities hampered the demand for lubricants. Lockdowns imposed by different countries in 2020 hindered the ability of industries to maintain inventory levels. Several sectors that heavily rely on lubricants, such as aerospace and automotive, experienced a significant decline in demand during the pandemic. The aviation industry faced reduced air travel, leading to decreased demand for aircraft lubricants. The automotive sector also witnessed a slump in sales, impacting the demand for lubricants.
In 2021, the economies started reviving their operations, and various industries resumed business activities. As a result, several industries, including automotive and building & construction, showed signs of recovery in their operations. Various industries are also overcoming the consequences of disruptions in their raw material supply chains. With such a promising recovery, the global industrial sector is expected to provide the impetus for the lubricants market growth in the coming years
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