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Global Lubricants Market Share, Size, Growth, Trends, Forecast: By Base Oil: Mineral Oil, Synthetic, Bio-based; By End Use: Automotive, Marine, Aerospace, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Trade Data Analysis; Competitive Landscape, Key Trends and Developments in the Market; 2023-2028

Global Lubricants Market Outlook

The global lubricants market size has reached a value of more than USD 129.38 billion in 2021. The market is expected to grow at a CAGR of 3.50% between 2023 and 2028, reaching a value of USD 159.03 billion by 2027.

 

Global Lubricants Market Trends

Lubricants refer to substances that help to reduce friction and wear between two surfaces in contact, while also reducing the heat generated when the surfaces move. They are usually utilised as antiwear, antioxidants, demulsifying and emulsifying agents, rust and corrosion inhibitors, among others.

 

High-Performance Lubricants Propelling the Market Growth

The rising demand for high-performance lubricants is driving the market growth as they help in reducing gear wear and friction, while saving a lot of energy.

 

Rising Sales in the Automotive Sector

The growing sales of vehicles have propelled the demand for engine oils. China has one of the largest automobile markets, and the constant growth is expected to propel market growth.

 

Increasing Demand from Industrial Sector

Industries are focused on reducing energy consumption due to the rising cost of energy. Lubricants can help reduce friction, which in turn helps in reducing energy consumption, while also increasing energy efficiency and reducing pollution.

 

Global Lubricants Market Opportunities

Rising Demand for Bio-Based Lubricants

Bio-based lubricants are much more environment-friendly as they are more biodegradable than fossil fuel-based lubricants while being less consequential to the environment.

 

Adoption of Synthetic Lubricants

Synthetic lubricants are increasingly utilised for industrial and automotive applications as they have much better performance than mineral oil-based lubricants.

 

Increasing Adoption of Electric Vehicles to be a Major Challenge for the Market

The growing environmental concerns have led many developed and emerging nations to adopt electric vehicles. All electric vehicles will hinder the market growth as they do not have an internal combustion engine which utilises engine oils, leading to reduced demand for lubricants.

 

Global Lubricants Market Analysis

Based on base oil, the market divisions include mineral oil, synthetic, and bio-based. Based on the end-use, it can be bifurcated into automotive, marine, aerospace, and industrial. The regional markets for the lubricants market can be divided into North America, Europe, the Asia Pacific, Latin America, Middle East and Africa. 

 

The extensive E.M.R. report provides an in-depth evaluation of the market based on Porter's five forces model and a SWOT analysis.

 

The lubricants market report comprehensively analyses key players in the market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

 

  • Shell Plc
  • Chevron Corporation
  • PetroChina Company Limited
  • BP p.l.c.
  • Idemitsu Kosan Co., Ltd.
  • FUCHS PETROLUB SE
  • Valvoline Inc.
  • Others

 

Global Lubricants Market Share by Base Oil 

Based on base oil, the market segments include synthetic, mineral, and bio-based oil. Among these segments, synthetic is expected to go through rapid development during the forecast period.

 

This is due to their enhanced viscosity which increases the efficiency of the machine and chemical stability, which helps in reducing environmental consequences.

 

Mineral oils hold a major share of the market owing to their low price compared to synthetic oils. They are manufactured in vast numbers based on industry requirements. However, the use of mineral oil-based lubricants can cause adverse environmental effects. The increasing environmental concerns among people and industries can hinder market growth for this segment.

 

Global Lubricants Market Share by End-Use

Based on end-use, the segments include automotive, marine, aerospace, and industrial. The automotive segment holds the largest market share, attributed to the increasing sales of consumer vehicles in the industry and the growing spendable income of people around the world.

 

The Asia Pacific region is the largest market region due to rising economic growth in countries such as India, South Korea, Indonesia, and China being one of the largest automobile markets in the world.

 

The industrial segment is expected to experience significant growth during the period as the demand for lubricants increases in various applications.

 

Competitive Landscape

Shell Plc is one of the largest multinational oil and gas companies in the world, founded in April 1907. It is headquartered in London, United Kingdom. Their products include conventional fuels, low-carbon fuels, hydrogen, renewable natural gas (RNG), and electric vehicle charging. They are also engaged in the production and distribution of bitumen, petrochemicals, lubricants, and sulphur.

 

They are also engaged in exploration and extraction activities for crude oil, natural gas and natural gas liquids.

 

Chevron Corporation is an American multinational company engaged in the energy and oil and gas industry, founded in September 1879. They are engaged in upstream and downstream activities of the energy industry such as exploration for oil and natural gas, production, refining, marketing and research.

 

Their product line includes gasoline, marine and aviation fuels, lubricants, diesel, and additives, among other products. Chevron consists of three premium brands including Chevron, Texaco and Caltex

 

Idemitsu Kosan Co., Ltd is a petrochemical company based in Japan and founded in June 1911. They are engaged in producing, refining, and selling petrochemical products. They are leading the market with high-quality lubricants and synthetic engine oils with increased performance and efficiency.

 

They are engaged in the production and promotion of renewable energies, as they work on solar energy, geothermal, and wind energy projects. The company also manufactures, develops, and sells computer software and electronic materials.

 

Other prominent lubricant market players include PetroChina Company Limited, BP p.l.c, FUCHS PETROLUB SE, and Valvoline Inc., among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Base Oil
  • End Use
  • Region
Breakup by Base Oil
  • Mineral Oil
  • Synthetic
  • Bio-based
Breakup by End Use
  • Automotive
  • Marine
  • Aerospace
  • Industrial
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Shell Plc
  • Chevron Corporation
  • PetroChina Company Limited
  • BP p.l.c.
  • Idemitsu Kosan Co., Ltd.
  • FUCHS PETROLUB SE
  • Valvoline Inc.
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Lubricants Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Lubricants Historical Market (2018-2022) 
    8.3    Global Lubricants Market Forecast (2023-2028)
    8.4    Global Lubricants Market by Base Oil
        8.4.1    Mineral Oil
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Synthetic
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Bio-based
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
    8.5    Global Lubricants Market by End Use
        8.5.1    Automotive
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Marine
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Aerospace
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
        8.5.4    Industrial
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2018-2022)
            8.5.4.3    Forecast Trend (2023-2028)
    8.6    Global Lubricants Market by Region
        8.6.1    North America
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022) 
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Europe
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022) 
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Asia Pacific
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022) 
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Latin America
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022) 
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Middle East and Africa
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2018-2022) 
            8.6.5.3    Forecast Trend (2023-2028)
9    North America Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Trade Data Analysis (HS Code- 340399)

    16.1    Major Exporting Countries
        16.1.1    By Value
        16.1.2    By Volume
    16.2    Major Importing Countries
        16.2.1    By Value
        16.2.2    By Volume 
17    Price Analysis
18    Competitive Landscape

    18.1    Market Structure
    18.2    Company Profiles
        18.2.1    Shell Plc
            18.2.1.1    Company Overview
            18.2.1.2    Product Portfolio
            18.2.1.3    Demographic Reach and Achievements
            18.2.1.4    Certifications
        18.2.2    Chevron Corporation
            18.2.2.1    Company Overview
            18.2.2.2    Product Portfolio
            18.2.2.3    Demographic Reach and Achievements
            18.2.2.4    Certifications
        18.2.3    PetroChina Company Limited
            18.2.3.1    Company Overview
            18.2.3.2    Product Portfolio
            18.2.3.3    Demographic Reach and Achievements
            18.2.3.4    Certifications
        18.2.4    BP p.l.c.
            18.2.4.1    Company Overview
            18.2.4.2    Product Portfolio
            18.2.4.3    Demographic Reach and Achievements
            18.2.4.4    Certifications
        18.2.5    Idemitsu Kosan Co., Ltd.
            18.2.5.1    Company Overview
            18.2.5.2    Product Portfolio
            18.2.5.3    Demographic Reach and Achievements
            18.2.5.4    Certifications
        18.2.6    FUCHS PETROLUB SE
            18.2.6.1    Company Overview
            18.2.6.2    Product Portfolio
            18.2.6.3    Demographic Reach and Achievements
            18.2.6.4    Certifications
        18.2.7    Valvoline Inc.
            18.2.7.1    Company Overview
            18.2.7.2    Product Portfolio
            18.2.7.3    Demographic Reach and Achievements
            18.2.7.4    Certifications
        18.2.8    Others
19    Key Trends and Developments in the Market

 

List of Figures and Tables

1.    Global Lubricants Market: Key Industry Highlights, 2018 and 2028
2.    Global Lubricants Historical Market: Breakup by Base Oil (USD Million), 2018-2022
3.    Global Lubricants Market Forecast: Breakup by Base Oil (USD Million), 2023-2028
4.    Global Lubricants Historical Market: Breakup by End Use (USD Million), 2018-2022
5.    Global Lubricants Market Forecast: Breakup by End Use (USD Million), 2023-2028
6.    Global Lubricants Historical Market: Breakup by Region (USD Million), 2018-2022
7.    Global Lubricants Market Forecast: Breakup by Region (USD Million), 2023-2028
8.    North America Lubricants Historical Market: Breakup by Country (USD Million), 2018-2022
9.    North America Lubricants Market Forecast: Breakup by Country (USD Million), 2023-2028
10.    Europe Lubricants Historical Market: Breakup by Country (USD Million), 2018-2022
11.    Europe Lubricants Market Forecast: Breakup by Country (USD Million), 2023-2028
12.    Asia Pacific Lubricants Historical Market: Breakup by Country (USD Million), 2018-2022
13.    Asia Pacific Lubricants Market Forecast: Breakup by Country (USD Million), 2023-2028
14.    Latin America Lubricants Historical Market: Breakup by Country (USD Million), 2018-2022
15.    Latin America Lubricants Market Forecast: Breakup by Country (USD Million), 2023-2028
16.    Middle East and Africa Lubricants Historical Market: Breakup by Country (USD Million), 2018-2022
17.    Middle East and Africa Lubricants Market Forecast: Breakup by Country (USD Million), 2023-2028
18.    Major Exporting Countries by Value
19.    Major Importing Countries by Value
20.    Major Exporting Countries by Volume
21.    Major Importing Countries by Volume
22.    Global Lubricants Market Structure

Key Questions Answered in the Report

In 2021, the global market for lubricants reached a size of USD 129.38 billion.

The lubricants market is expected to grow at a CAGR of 3.50% during the period 2023-2028.

The lubricants market is expected to reach a value of USD 159.03 billion.

The market is driven by the rising demand for lubricants in the industrial sector and the growing demand for high-performance lubricants in the automotive industry.

Increasing demand for renewable products such as bio-lubricants and the adoption of synthetic lubricants replacing mineral oil-based lubricants are key trends in the market.

The regional markets for the global lubricants market include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. Among these regions, Asia-Pacific is expected to show rapid growth.

The base oils in the market lubricants include synthetic, mineral, and bio-based oil, among others.

Based on end-use, the market can be divided into automotive, marine, aerospace, and industrial, among others.

Based on an analysis report, the lubricant market will grow significantly in the next 15 years due to more advanced formulated synthetic lubricants and increasing demand for industrial applications.

The key players in the market include Shell plc, Chevron Corporation, Idemitsu Kosan Co., Ltd, PetroChina Company Limited, BP p.l.c, FUCHS PETROLUB SE, and Valvoline Inc., among others.

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