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The lubricants market size is projected to reach US$ 236.71 billion by 2031 from US$ 175.73 billion in 2024; the market is expected to register a CAGR of 4.6% during 2025–2031. The surging demand for bio-based and sustainable lubricants in various industries is expected to be a key trend in the market.
Lubricants Market Analysis
Manufacturers globally are investing in improving their supply chain to increase automobile sales in developing regions. According to the Society of Indian Automobile Manufacturers (SIAM), in India, sales of passenger vehicles increased to nearly 2,854,242 units in November 2023 from ~2,409,535 units in November 2022. The South African automotive manufacturing industry is the 22nd largest in the world in terms of number of vehicles produced and is the largest on the African continent, accounting for more than ~54% of vehicles assembled on the continent in 2023. According to the International Organization of Motor Vehicle Manufacturers (OICA), Brazil was the largest manufacturer and exporter of light and commercial vehicles in 2023 in South & Central America. The country reported production of nearly 2.3 million vehicles in 2022. Traditionally, lubricants have been essential in internal combustion engine (ICE) vehicles, where they reduce friction, prevent wear, and help manage engine heat. However, the rise of EVs has introduced a new dynamic to the lubricants market. Electric vehicles, despite not having traditional engines, still rely on lubricants in several components such as transmissions, motors, and other drivetrain parts. Thus, the growing automobile industry is accelerating the demand for lubricants, contributing to better vehicle performance and longevity.
Lubricants Market Overview
Various countries across the globe are undergoing industrialization, leading to a surge in the use of machinery and equipment in several sectors. Industries such as manufacturing, construction, mining, and agriculture heavily rely on machinery that requires lubricants for optimal performance and longevity. The increased industrial activity and growing construction and agriculture industries are expected to increase the demand for lubricants.
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Lubricants Market: Strategic Insights
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
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Lubricants Market: Strategic Insights
| 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 |
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Lubricants Market Drivers and Opportunities
Rapid Industrial Growth in Emerging Economies Fuels Market Growth
Several types of lubricants such as mineral and synthetic lubricants, greases, compressor oils, and cutting fluids are used in oil & gas, textile, mining and metallurgy, power generation, paper & pulp, chemicals and petrochemicals, agriculture, manufacturing, food and beverages, and pharmaceuticals industries. As per the data published by Trading Economics in November 2024, industrial production in China increased by 5.4%. As the mining sector experiences robust growth, the need for lubricants gets intensified, primarily due to the extensive use of heavy machinery in mining operations. These machines, integral to the extraction and processing of minerals, demand efficient lubrication to ensure smooth functioning, reduce wear and tear, and extend operational lifespan. Mining activities, characterized by harsh operating conditions, put substantial stress on equipment components. Lubricants are crucial in mitigating friction, managing temperatures, and preventing corrosion, thereby enhancing mining machinery's overall performance and longevity. With the burgeoning demand for minerals and metals driving the mining operations, the lubricants market experiences a corresponding uptick as mining companies prioritize the maintenance and optimization of their equipment.
Increasing Demand for Lubricants from Wind Energy Sector to Create Growth Opportunities in the Market
Wind energy is among the fastest-growing renewable energy technologies, holding a potential share for consuming lubricants in the power industry. As per the data published by WindEurope, in 2023, Europe installed 18.3 GW of new wind power capacity and is expected to install 260 GW of new wind power capacity over 2024–2030. As several countries in the region are embracing renewable energy sources, particularly wind power, the need for specialized lubricants to ensure the smooth functioning of wind turbines becomes paramount. These lubricants enhance the operational efficiency and lifespan of the intricate machinery involved in harnessing wind energy. The expanding wind energy sector requires a reliable and consistent supply of high-performance lubricants to mitigate wear and tear, reduce friction, and prevent corrosion in the mechanical components of wind turbines. This demand opens avenues for research and development, encouraging innovation in lubricant formulations tailored to the unique challenges posed by the wind energy environment.
Lubricants Market Report Segmentation Analysis
Key segments that contributed to the derivation of the lubricants market analysis are base oil, type, and end-use industry.
- Based on base oil, the lubricants market is segmented into mineral oil, synthetic oil, and bio-based oil.
- By type, the market is segmented into hydraulic fluid, engine oil, driveline lubricants, metalworking fluids, grease, process oils, coolants, and others.
- In terms of end-use industry, the market is segmented into automotive, building and construction, power generation, mining and metallurgy, food processing, oil and gas, marine, aviation, and others. The automotive segment is further segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, and others.
Lubricants Market Share Analysis by Geography
The geographical scope of the lubricants market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is expected to dominate the market over the forecast period. Asia Pacific is a hub for automotive manufacturing with a large presence of international and domestic players operating in the region. According to a report published by the China Passenger Car Association, in 2022, Tesla Inc delivered 83,135 made-in-China electric vehicles, indicating growth in sales of electric vehicles compared to 2021. According to the China Association of Automobile Manufacturers, ~6,000 fuel-cell electric vehicles were sold in China in 2023, a year-on-year rise of 72%. According to the India Brand Equity Foundation, the annual production of automobiles in 2023 reached 25.9 million vehicles in India. In September 2024, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles was 2,773,039 units. Lubricants are used in automotive components such as engines, transmissions, and differentials where they provide lubrication to reduce friction, and enhance fuel efficiency, subsequently ensuring optimal performance and longevity of vehicles.
China, Japan, and South Korea are leading countries in the shipbuilding sector. Shipbuilding greases confer properties such as resistance to elements and corrosive saltwater, resistance to high pressure, and increased lifespans for ship components.
Lubricants Market Report Scope
Lubricants Market News and Recent Developments
The lubricants market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the lubricants market are listed below:
- Castrol launched the 'First Car Love Stories' campaign in the UK to drive brand awareness and sales. (Castrol Limited, Company Website, August 2024)
- Repsol joined forces with Tekniker to develop lubricants using nanotechnology. (Repsol, Company Website, September 2024)
- Repsol launched its new lubricant packaging incorporating 60% recycled plastic content. (Repsol, Company Website, March 2024)
- Castrol launched a new VECTON fully synthetic commercial vehicle lubricant that meets new ACEA Heavy-Duty specifications. (Castrol Limited, Company Website, August 2024)
- ExxonMobil expanded Mobil branded lubricants and chemical products with a focus on quality product innovation. (ExxonMobil, Company News, September 2023)
- Shell Lubricants acquired UK-based MIDEL and MIVOLT, strengthening its product portfolio for the power and renewables sectors. (Shell, Company News, October 2023)
Lubricants Market Report Coverage and Deliverables
The " Lubricants Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Lubricants market size and forecast for all the key market segments covered under the scope
- Lubricants market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter's Five Forces and SWOT analysis
- Lubricants market analysis covering key market trends, country framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the lubricants market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Base Oil, Product Type, and End Use, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The booming automobile sector and rapid industrial growth in emerging economies are driving the market growth.
The surging demand for bio-based and sustainable lubricants in various industries is expected to be a key trend in the market.
BP Plc, Chevron Corporation, Exxon Mobil Corporation, TotalEnergies, FUCHS, Shell plc, China National Petroleum Corporation, Petro‐Canada Lubricants Inc, Valvoline Inc, LUKOIL, Repsol, ENEOS Corporation, Gulf Oil International Ltd, CEPSA COMERCIAL PETRÓLEO, S.A.U, and Petrofer are among the key players operating in the lubricants market.
The market is expected to register a CAGR of 4.3% during 2024–2031.
In 2024, Asia Pacific held the largest share of the global lubricants market due to the growing construction, automotive, and oil and gas industries.
The mineral oil segment held the largest share of the global lubricants market in 2024.
The List of Companies - Lubricants Market
- BP Plc
- Chevron Corporation
- Exxon Mobil Corporation
- TotalEnergies
- FUCHS
- Shell plc
- China National Petroleum Corporation
- Petro?Canada Lubricants Inc
- Valvoline Inc
- LUKOIL
- Repsol
- ENEOS Corporation
- Gulf Oil International Ltd
- CEPSA COMERCIAL PETRÓLEO S.A.U
- Petrofer
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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