Global Finished Lubricant Market – Industry Trends and Forecast to 2029

Global Finished Lubricant Market, By Base Oil (Mineral Oil, Synthetic Oil, Bio-Based Oil), Product (Engine OilHydraulic Fluid, Metalworking Fluid, Gear Oil, Compressor Oil, Grease, Turbine Oil, Others), End-Use Industry (Transportation, Industrial) – Industry Trends and Forecast to 2029.

Finished Lubricant Market Analysis and Size

The augmented demand for high-performance engines is the major aspect of the increased revenue of the finished lubricant market. The fuel economy and emission norms will foster the market growth.  Finished lubricants form a vital aspect of the lubricants industry all over the world. Finished lubricant differs from other oils and lubricants due to its properties. Finished lubricants are also provide safety and performance advantages in high working temperatures to reduce the risk of fire. The energy industry is the largest consumer of finished lubricants all over the globe.

Data Bridge Market Research analyses that the finished lubricant market was valued at USD 155.78 million in 2021 and is expected to reach USD 209.94 million by 2029, registering a CAGR of 3.80% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Finished Lubricant Market Scope and Segmentation

Market Definition

A lubricant is a substance that help to reduce friction between surfaces in mutual contact. This ultimately reduces the heat generated when the surfaces move. It may also have the function of transporting foreign particles, transmitting forces, or heating or cooling the surfaces. Finished lubricants are high-performance lubricants used in those applications encountering high heat. These lubricants are anticipated to maintain their qualities at high temperatures.

Global Finished Lubricant Market Dynamics

Drivers

• Increasing demand of finished lubricant in automotive sector

Finished lubricants are widely used in automotive applications such as transmission, passenger car motor, and heavy-duty diesel engines. Finished lubricants are also used in automobile processing such as chain and piston movement. The demand for the finished lubricants is likely to be mostly driven by the growth in the demand for automobiles all over the globe. Finished lubricant are effective in high-temperature environments and provide high heat resistance which are expected to boost the market growth rate.

• Growing usage of finished lubricant due to excellent properties

The demand for the finished lubricant increases due to their quality which depends on certain properties such as high boiling point, thermal stability, hydraulic stability, high viscosity index, and high resistance to oxidation. These factors aid in diminishing the friction in several applications, which is also responsible for the augmented demand for finished lubricant globally. The increased usage of finished lubricant because of their excellent properties is anticipated to enhance market growth.

Moreover, rise in demand of high-performance engine, expansion of refinery capacities and increasing emission and fuel economy norms in emerging economies are other major factors expected to drive the finished lubricant market growth during the forecast period of 2022-2029.

Opportunities

• Rising demand for bio-based finished lubricant

The launch of innovative finished lubricants, such as bio-based lubricants with improved features, is expected to give the lift to the market in upcoming period. Numerous innovative finished lubricants have already been released by some of the industry's which is leading manufacturing companies.The increasing demand for environment-friendly and bio-based finished lubricant will create new and ample opportunities for market growth. The rising demand for those finished lubricant manufactured using non-toxic and renewable materials with low sulfur levels is a considerable boost in the finished lubricant market in upcoming years.

Restraints/ Challenges

• Growing demand for hybrid vehicle or battery operated vehicle

 The growing demand for hybrid vehicle and the battery-operated vehicle is gradually reducing the demand for the IC engine, which will intensely impact the demand for the finished lubricant during the forecast period. The strict vehicle emission standards and initiatives for ban of diesel engine in some areas are highly restraining the growth of the finished lubricants market in the above mentioned forecast period.

This finished lubricant market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the finished lubricant market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Finished Lubricant Market

The ongoing COVID-19 pandemic disrupted the production and supply chain activities which have seen a minor setback yet the use will improve with the economic recovery during pandemic. This pandemic has caused a severe impact on the global economy at many levels and the impact is seen on end-user industries as well.  

The finished lubricant market growth is also expected to be slightly affected by the pandemic and is probable to witness drop in demand. The number of end-user industries has affected by supply and shortage in demand which are expected to result in a drop in growth of the global finished lubricant market

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In May 2022, Shell Plc signed a contract with PJSC LUKOLI. In this agreement, Shell Plc sold Shell Neft LLC, a lubricant business in Russia. This deal includes 411 retail stations in the North-western regions of Russia.
• In May 2022, Chevron Corporation declared its partnership with the PT Pertamina of Indonesia to explore the opportunities for potential lower carbon business in Indonesia, Pertmania and Chevron  plan to consider carbon offsets and geothermal technologies through nature-based solutions,
• On June 13, 2022, Chevron Corporation announced the completion of its acquisition of the Renewable Energy Group, Inc. This acquisition made Chevron leading renewable company in the U.S. Chevron now provides lower carbon solutions and an expanded suite of cost-effectiveness to consumers.

Global Finished Lubricant Market Scope

The finished lubricant market is segmented on the basis of type, product and end-use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Synthetic Oil
• Mineral Oil
• Bio Based Oil

Product

• Engine Oil
• Hydraulic Fluid
• Metalworking Fluid
• Gear Oil
• Compressor Oil
• Grease
• Turbine Oil
• Others

End-Use Industry

• Transportation
• Industrial

Finished Lubricant Market Regional Analysis/Insights

The finished lubricant market is analysed and market size insights and trends are provided by country, type, product and end-use industry as referenced above.

The countries covered in the finished lubricant market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the finished lubricants market in terms of market share. This is due to the increasing population which is accompanied by rise in infrastructural activities and industrial expenditure in this region.

North America is expected to be the fastest developing region during the forecast period of 2022-2029 due to the growing construction and automobile industry in this region. The increasing demand for the finished lubricants in energy, automotive and industrial applications is expected to be high in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Finished Lubricant Market Share Analysis

The finished lubricant market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to finished lubricant market.

Some of the major players operating in the finished lubricant market are:

• Shell PLC. (U.K.)
• BP p.l.c. (U.K.)
• FUCHS (Germany)
• Petroliam Nasional Berhad (Patrons) (Malaysia)
• Lubrita Europe B.V (Europe)
• Liberty Lubricants (U.S.)
• China Petrochemical Corporation (China)
• TotalEnergies (France)
• ExxonMobil Corporation (U.S.)
• Phillips 66 Company (U.S.)
• Indian Oil Corporation Ltd. (India)
• Idemitsu Kosan Co.,Ltd. (Japan)
• Chevron Corporation (U.S.)
• JX Nippon Oil & Gas Exploration Corporation (Japan)
• KLÜBER LUBRICATION INDIA Pvt. Ltd. (India)
• Mineral Oil Corporation (India)
• Valvoline (U.S.)
• ENEOS Holdings, Inc, (Japan)