Lubricants Market Leading Players Updates and Growth Analysis 2030
The global lubricants market size is expected to reach USD 180.21 billion by 2030, registering a CAGR of 3.8% over the forecast period, according to a new report by Grand View Research, Inc. Growth in demand for biobased lubes owing to their eco-friendly characteristics is poised to pave way for higher demand over the coming years. Furthermore, the manufacturers are shifting and expanding their production units in developing nations owing to various factors, such as availability of raw materials and reduced infrastructure & labor costs. This, in turn, is anticipated to boost the market growth over the forecast period. Typical oil manufacturers use crude oil, CBM, tight oil, and other additives to formulate all types of lubricants.
Medical was the largest application for PEG, accounting for more than 40% of market share in 2022. Superior blending, hygroscopicity, and non-toxic properties of PEG have resulted in high demand for the chemical in numerous pharmaceutical products such as tablets and ointments. Increasing pharmaceutical expenditure, particularly in emerging economies of India, China, and Brazil, is expected to boost PEG market over the forecast period. Growing demand for paints & coatings coupled with the increasing use of PEG as a solvent due to its low VOC emissions is anticipated to fuel market growth over the next six years.
Gather more insights about the market drivers, restrains and growth of the Global lubricants market
Lubricants Market Report Highlights
- The market is estimated significantly due to the increasing demand for automotive oils and greases on account of the growing trade of vehicles and their spare parts
- Lubricants are majorly used as diesel engine oils, gearbox lubricants, and transmission oils in passenger cars, commercial vehicles, and motorcycle segments of the automotive sector. As per OICA, global motor vehicle production reached 85, 016,728 in 2022, which is anticipated to drive the product demand
- Gas turbine oil is a high-performance oil created to help gas turbines run more efficiently and reliably while also enhancing the safety and productivity of power plant operations
- Asia Pacific dominated the market with a revenue share of 44.6% in 2023. A rising number of consumers is demanding advanced technological products with superior performance characteristics. This factor is conducive to market growth.
Browse through Grand View Research's Petrochemicals Industry Research Reports.
- Fracking Chemicals & Fluid Market: The global fracking chemicals & fluids market size was valued at USD 35.8 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.8% from 2024 to 2030.
- Ethylene Oxide Market: The global ethylene oxide market size was valued at USD 36.10 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2030.
Lubricants Market Segmentation
Grand View Research has segmented the global lubricants market on the basis of application, base oil, and region:
Lubricants Application Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)
- Industrial
- Process Oils
- General Industrial Oils
- Metalworking Oils
- Industrial Engine Oils
- Greases
- Others
- Automotive
- Engine oil
- 0W-20
- 0W-30
- 0W-40
- 5W-20
- 5W-30
- 5W-40
- 10W-60
- 10W-40
- 15W-40
- Others
- Gear oil
- Transmission fluids
- Brake fluids
- Coolants
- Greases
- Engine oil
- Marine
- Engine oil
- Hydraulic oil
- Gear oil
- Turbine oil
- Greases
- Others
- Aerospace
- Gas turbine oil
- Piston engine oil
- Hydraulic fluids
- Others
Lubricants Base Oil Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
Lubricants Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- Switzerland
- France
- Russia
- Italy
- Spain
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- South East Asia
- Malaysia
- Indonesia
- Vietnam
- Oceania
- Australia
- New Zealand
- Kyrgyzstan
- Central & South America
- Brazil
- Argentina
- Chile
- Colombia
- Middle East & Africa
- Middle East
- Iran
- Oman
- UAE
- Qatar
- Kuwait
- Saudi Arabia
- Africa
- South Africa
- Angola
- Nigeria
- Middle East
Order a free sample PDF of the Lubricants Market Intelligence Study, published by Grand View Research.
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