Pune, India, May 19, 2022 (GLOBE NEWSWIRE) — The world lubricants market The size is expected to reach USD 139.12 billion by 2029 and grow at a CAGR of 2.1% during the forecast period. Growing demand for synthetic lubricants is expected to be a key trend driving the growth of the market. Fortune Business Insights presented this information in its report entitled, “Lubes Market, 2022-2029”. The market size stood at USD 117.78 billion in 2021 and USD 119.99 billion in 2022.
Moreover, the growing demand for enhanced lubricants from the industrial sector is expected to accelerate the growth of the market in the coming years.
List of Lubricants Market Key Players:
- Petro China Company Limited (Beijing, China)
- Chevron Corporation (California, USA)
- ExxonMobil Corporation (Texas, USA)
- Royal Dutch Shell Plc (The Hague, Netherlands)
- Total Group (Paris, France)
- BP Plc (London, UK)
- Valvoline LLC (Kentucky, USA)
- ENEOS Corporation (Tokyo, Japan)
- FUCHS Group (Dissen, Germany)
- Global Lubricant Industry LLC (Ajman Al Jurf Industrial Zone, UAE)
- Shield Lubricants (Mumbai, India)
- AMALIE Oil Co. (Florida, USA)
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On the basis of type, the market is segmented into process oils, marine oils, industrial oils, and automotive oils. On the basis of quality, the market is trifurcated into semi-synthetic, synthetic and mineral. Based on application, the market is bifurcated into industrial, automotive, and others. Geographically, the market is categorized into North America, Latin America, Europe, Asia-Pacific, Middle East & Africa.
|Market size value in 2021||$117.78 billion|
|Revenue forecasts in 2029||$139.12 billion|
|Rate of growth||CAGR of almost 2.1% 2022-2029|
|Year of reference||2021|
|Historical years||2018 – 2020|
|Forecast years||2022 – 2029|
|Segments Covered||By product type, by application and by end use|
|Forecast units||Value (USD billion) and volume (units)|
|Quantitative units||Revenue in USD Million/Billion and CAGR from 2022 to 2029|
|Regions covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa, and Rest of the World|
|Countries covered||United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others|
|Number of companies covered||Petro China Company Limited, Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc, Total Group, BP Plc, Valvoline LLC, ENEOS Corporation, The FUCHS Group, Global Lubricant Industry LLC, Shield Lubricants, AMALIE Oil Co|
|Report cover||Market Growth Drivers, Restraints, Opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Regulatory Landscape, Market Attractiveness Analysis by Segments & Region, Market Share Analysis business and analysis of the impact of COVID-19.|
|Scope of customization||Take advantage of personalized purchasing options to meet your exact research needs.|
- It analyzes individual segments, such as type, applications, and grade.
- It presents the latest developments in the industry.
- It includes a detailed analysis of the impact of the COVID-19 pandemic on the market.
- It offers a SWOT analysis of the major players in the market.
- It highlights the various strategies adopted by the major market players to acquire growth.
Drivers and Constraints-
Increase in demand for synthetic lubricants to fuel market growth
Industrial activities require large amounts of energy and result in high operating costs. Rising energy costs have forced industries to take measures to reduce operating costs and save energy. Poor lubrication of engine parts causes more friction, which leads to more fuel consumption, emissions and pollution. A premium lubricant can help minimize friction and improve machine efficiency. Hence, the growing demand for enhanced lubricants from the industrial sector is likely to provide impetus for the growth of the global lubricants market.
The demand for synthetic lubricants has increased in recent years due to their better efficiency compared to natural mineral oils. Growing industrial growth and expanding automotive industry have high demand for these synthetic lubricants, and the expansion of these end-use industries is likely to propel the growth of the market.
However, the growing demand and adoption of electric vehicles may restrain the market growth in the coming years.
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Asia-Pacific will experience considerable growth thanks to the expansion of the industrial and automotive sectors
Asia-Pacific is expected to experience exponential growth in the global lubricants market share. Growing investments in several industrial sectors, coupled with the ever-growing population, are expected to support the growth of the Asia-Pacific market. India, Japan and China are expected to be key countries due to strong demand from the automotive industry.
North America is expected to experience substantial growth in the coming years. The expansion of the automotive and industrial sectors, coupled with the presence of large companies such as Chevron Corporation, Royal Dutch Shell and ExxonMobil Corporation, should support growth in North America.
Europe is expected to achieve significant growth in the global market. Strict regulations on the disposal and use of lubricating oils coupled with the growing demand for technically advanced lubricants are expected to thrive in the growth of the market.
Latin America, the Middle East and Africa are estimated to be witnessing considerable growth due to the expansion of automotive industries, industrialization and urbanization.
Major players are focusing on mergers and acquisitions to amplify their global positions
The consolidated market includes various major market players operating internationally and domestically. Major players in the market are adopting ingenious strategies such as acquisitions, mergers, and others to amplify their global presence and strengthen their positions in the market. For example, ExxonMobil Corporation and INNIO extended their lubricant relationship in May 2020 for another five years. The two companies are working together to meet the demands of natural gas engine lubrication, eventually leading to the launch of new co-branded gas engine oil and additional products in the years to come.
Notable industry development-
- September 2020: The Total Group acquired Lubrilog SAS to enhance Total’s role in the industrial sector by providing high-level experience for critical applications in key industries such as mining, cement and materials.
Find out before you buy this report:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Emerging trends
- key ideas
- Main emerging trends – for main countries
- Industry SWOT Analysis
- Regulatory analysis
- Recent Industry Developments – Policies, Partnerships, New Type Launches, and Mergers & Acquisitions
- Qualitative insights – Impact of COVID-19 on the global lubricants market
- Supply chain challenges
- Measures taken by government/companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
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