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The global lubricants market size has reached a value of more than USD 138.60 billion in 2023. The market is expected to grow at a CAGR of 3.5% between 2024 and 2032, reaching a value of USD 188.88 billion by 2032.
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.
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.
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.
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.
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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.
Synthetic lubricants are increasingly utilised for industrial and automotive applications as they have much better performance than mineral oil-based lubricants.
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.
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.
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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.
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.
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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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Base Oil |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Trade Data Analysis |
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Competitive Landscape |
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Companies Covered |
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*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 (2018-2023)
8.3 Global Lubricants Market Forecast (2024-2032)
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 (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Synthetic
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Bio-based
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.5 Global Lubricants Market by End Use
8.5.1 Automotive
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Marine
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Aerospace
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.5.4 Industrial
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2023)
8.5.4.3 Forecast Trend (2024-2032)
8.6 Global Lubricants Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2023)
8.6.5.3 Forecast Trend (2024-2032)
9 North America Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
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 2032
2. Global Lubricants Historical Market: Breakup by Base Oil (USD Million), 2018-2023
3. Global Lubricants Market Forecast: Breakup by Base Oil (USD Million), 2024-2032
4. Global Lubricants Historical Market: Breakup by End Use (USD Million), 2018-2023
5. Global Lubricants Market Forecast: Breakup by End Use (USD Million), 2024-2032
6. Global Lubricants Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Lubricants Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Lubricants Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Lubricants Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Lubricants Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Lubricants Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Lubricants Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Lubricants Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Lubricants Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Lubricants Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Lubricants Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Lubricants Market Forecast: Breakup by Country (USD Million), 2024-2032
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
In 2023, the global market for lubricants reached a size of USD 138.60 billion.
The lubricants market is expected to grow at a CAGR of 3.50% during the period 2024-2032.
The lubricants market is expected to reach a value of USD 188.88 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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