New York, May 17, 2023 (GLOBE NEWSWIRE) -- Lubricants Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Lubricants Market Information by Type, Application, and Region - Forecast till 2030”, the Lubricants Market could thrive at a rate of 5% between 2023 and 2030. The market size will be reaching around USD 146 Billion by the end of the year 2030
Market Synopsis
The lubricants market is a global market that is expected to experience growth in the coming years. Lubricants are widely used in various industries, including automotive, industrial, marine, and aerospace, among others.
One of the major drivers of the lubricants market is the growth of the automotive industry. With the increase in demand for vehicles, the demand for lubricants has also increased. The automotive industry relies heavily on lubricants to ensure that vehicles function smoothly and efficiently. In addition, the increasing adoption of synthetic lubricants, which offer better performance and efficiency, is also contributing to market growth.
Get a Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/5449
Market Competitive Landscape:
The affluent companies in the Lubricants industry include
- Royal Dutch Shell PLC.
- ExxonMobil Corporation
- Chevron Corporation
- TotalEnergies
- Sinopec Lubricant Company
- PetroChina Company Limited
- BP PLC
- JXTG Group
- Idemitsu Kosan Co. Ltd
- FUCHS
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2030 | USD 146 Billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing need for the housing and lodging sector with the rapid industrialization |
Browse In-depth Market Research Report (137 Pages ) Lubricants
https://www.marketresearchfuture.com/reports/lubricants-market-5449
October 2022
An agreement was signed between TotalEnergies and Valeo to collaborate on developing a novel method for cooling electric vehicle batteries.
November 2022
Valvoline developed a new engine oil called Valvoline All-Terrain, designed specifically for heavy-duty diesel engines operating in demanding off-road conditions.
Market USP Covered:
Market Drivers:
One driver for the lubricants market is the growth of the automotive industry. As more and more people purchase vehicles, the demand for lubricants increases, as lubricants are essential for the proper functioning of automotive engines and machinery. Additionally, there has been a rise in demand for high-performance lubricants that offer better fuel efficiency and longer engine life, further driving the growth of the market.
Market Restraints:
Restraint for the lubricants market is the increasing trend towards the use of electric vehicles (EVs). Unlike traditional gasoline-powered vehicles, EVs have fewer moving parts, which reduces the need for lubricants. As more consumers switch to EVs, the demand for traditional lubricants may decrease. However, this could also lead to an increase in demand for specialty lubricants designed specifically for EVs, such as those used for the lubrication of electric motors and other components
COVID 19 Analysis
The COVID-19 pandemic has had a significant impact on the lubricant market. With the outbreak of the pandemic, many industries and businesses worldwide experienced significant disruption, leading to a decline in demand for lubricants. One of the most significant impacts was the disruption in the global supply chain, which caused a shortage of raw materials and caused a slowdown in production. Additionally, the global travel restrictions imposed during the pandemic led to a decrease in demand for transportation fuels and lubricants. However, some segments of the lubricant market saw increased demand during the pandemic. For instance, with the increase in remote working, the demand for data centers and server equipment increased, leading to an increase in the demand for specialized lubricants. Also, with the rise in demand for e-commerce, the need for warehousing and cold storage facilities increased, leading to higher demand for lubricants in these industries.
Share Your Queries:
https://www.marketresearchfuture.com/enquiry/5449
Market Segmentation
By Type
The types in the market include Mineral Oil, Bio-based and Synthetic Lubricants.
By Application
By application, the segment includes Industrial, Automotive, Marine, Construction, and Others
Regional Insights
In North America, the market is driven by the presence of a large number of end-use industries such as automotive, industrial machinery, and marine. The increasing demand for advanced lubricants with improved properties, such as longer service life, better fuel efficiency, and lower emissions, has also contributed to the growth of the market.
In Europe, the lubricant market is driven by the increasing demand for high-quality lubricants to comply with stringent regulations related to emissions and fuel efficiency. The automotive industry is the major consumer of lubricants in this region. The growing focus on sustainability and the adoption of bio-based lubricants are some of the other factors driving the growth of the market.
Ask for Customization:
https://www.marketresearchfuture.com/ask_for_customize/5449
In the Asia Pacific region, the lubricant market is driven by the growth of the automotive and industrial sectors in emerging economies such as China and India. The increasing demand for better quality lubricants to improve the performance and efficiency of vehicles and machinery has also contributed to the growth of the market. The adoption of advanced technologies, such as synthetic lubricants and automatic transmission fluids, has further boosted the growth of the market in this region.
Discover more research Reports on Chemical Industry, by Market Research Future:
Texture Paints Market Research Report Information by Product Type (premixed, self-mixing paints, smooth textured paint), Additives (sand, quartz), Substrate Type (interior, exterior), Application (residential, non-residential), and Regions – Forecast till 2030
High Performance Alloys Market, by Metal Type (Iron, Aluminum, Titanium, Magnesium), Product (Non-Ferrous, Refractory, Superalloys), End-Use Industry (Aerospace & Defense, Automotive, Industrial, Electrical & Electronics, Oil & Gas) and Region - Forecast till 2030
Aerospace Maintenance Chemicals Market Research Report Information by Grade (Food, Pharmaceutical, Cosmetic), Application (Food & Beverage, Pharmaceuticals, Cosmetics & Personal Care, Agriculture/Animal Feed), and Region: Forecast till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
