New York, United States , Nov. 17, 2022 (GLOBE NEWSWIRE) -- The Global Lubricant Market Size to grow from USD 126 billion in 2021 to USD 179 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 4% during the forecast period. The lubricant market has grown due to a rise in the demand for high-performance lubricants (owing to their better and improved properties, such as reduced flammability, reduced gear wear, and increased service life).
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The engine oil segment accounts for the largest market size during the forecast period
Based on the product type, the global lubricant market is categorized into Engine Oil, Transmission and Hydraulic Fluid, Metalworking Fluid, General Industrial Oil, Gear Oil, Grease, Process Oil, and Other Product Types. The engine oil segment accounts for the largest market size during the forecast period. Engine oils have been continually used to enhance performance, increase efficiency, and, at the same time, also meet environmental emission regulations.
The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
Browse key industry insights spread across 211 pages with 122 market data tables and figures & charts from the report “Global Lubricant market Size, Share, and COVID-19 Impact Analysis, By Product Type (Engine Oil, Transmission and Hydraulic Fluid, Metalworking Fluid, General Industrial Oil, Gear Oil, Grease, Process Oil, and Other Product Types), By End-user Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metal Working, Chemical Manufacturing, and Other End-user Industries), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030”, in detail along with the table of contents.
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The automotive segment to hold a higher CAGR during the forecast period
Based on the end-user industry, the lubricant market is categorized into Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metal Working, Chemical Manufacturing, and Other End-user Industries. The automotive segment to hold a higher CAGR during the forecast period. This high share is related to rising consumer auto sales, including those of buses, trucks, and other forms of passenger transportation. Public transportation has improved in emerging economies like China, India, and Brazil as a result of their economies growing. This pattern is anticipated to increase the need for commercial automotive oil, boosting segment expansion throughout the forecast period.
Asia-Pacific is estimated to account for the highest market share in 2021.
The Global Lubricant Market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. The fast industrialization, urbanization, population increase, and significant growth in key end-use industries including textiles, chemicals, food processing, and metallurgy are reasons for the rise of this region. Major industrial players are also moving their production facilities to Asia Pacific as a result of the region's availability of cheap labor, rising demand, and supportive governmental regulations. Europe to hold a higher CAGR during the forecast period.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global lubricant market include ExxonMobil Corp., Pennzoil, Quaker Chemical Corp., Royal Dutch Shell Co., JX Nippon Oil & Energy Corp., British Petroleum, Lukoil, Total S.A, Chevron Corp., Philips 66 Company, Sinopec Corp and others 20+ prominent key players we have added in the final report.
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