Market Overview:
Lubricants play a vital role in reducing friction and wear of moving parts in vehicles, machinery, and others. They help improve efficiency, lower operating temperature and protect surfaces from corrosion. With growing automotive and industrial sectors, the demand for lubricants is increasing globally.
Market key trends:
One of the key trends in the lubricants market is the rising demand for synthetic and semi-synthetic lubricants. Synthetic and semi-synthetic lubricants have superior properties compared to conventional mineral oil-based lubricants.They have better resistance to oxidation and thermal breakdown, lower volatility, higher viscosity index and better low-temperature fluidity. Owing to their superior performance, synthetic and semi-synthetic lubricants are widely replacing conventional lubricants in automotive, industrial and other applications. Another major trend is the growing demand for bio-based and eco-friendly lubricants due to stringent environmental regulations regarding the usage of conventional petroleum-based lubricants.
The Global Lubricants Market Demand is estimated to be valued at US$ 178.4 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global lubricants market is segmented by product type into engine oil, transmission and hydraulic fluids, metalworking fluids, general industrial oils, process oils, greases, and others. Among these, the engine oil segment dominates the market and accounted for over 35% of the global lubricants market share in 2023. Engine oils are extensively used in transportation equipment such as passenger cars, trucks, buses, motorbikes, aircraft, and water vessels. The high demand for engine oils stems from the massive vehicular fleet across countries.
Key Takeaways
The global lubricants market is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing demand from automotive and industrial sectors.
The Asia Pacific region dominated the global lubricants market in 2023 and is expected to maintain its position throughout the forecast period. Rapid industrialization and expansion of automotive industry in China and India has been the major factor driving the demand for lubricants in Asia Pacific.
North America is projected to be the fastest growing regional market for lubricants between 2023 and 2030 owing to substantial growth of the transportation, construction, and metalworking sectors in the US and Canada.
Key players operating in the lubricants market are ExxonMobil Corp., Pennzoil, Quaker Chemical Corp., Royal Dutch Shell Co, British Petroleum, Chevron Corp., Total S.A, JX Nippon Oil & Energy Corp., Lukoil, and Philips 66 Company. The market is competitive with the top players accounting for over 40% of the global lubricants market share. These players are focusing on development of high-performance, technologically advanced, and eco-friendly lubricant products.
For More Details On The Report, Read-
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