Global Lubricants Market – Industry Trends and Forecast to 2030

Lubricants Market Analysis and Size

The surging demand for high-performance engines is the major factor that increases the market's revenue, as well as the fuel economy and emission norms, will bolster the market growth.  Furthermore, rapid industrialization in numerous country is expected to surge demand for the product during the forecast period. As per the report of STLE, the manufacture of commercial vehicles led to a rise in demand for trucks by about 20% and a surge in sales of trucks by about 18.7%, worth USD 5.1 million in China in 2020. According to the OICA, China witnessed a 3% surge in the manufacture of vehicles to meet the growing demand in 2021.

Data Bridge Market Research analyses that the lubricants market is expected to reach USD 188.30 billion by 2030, which is USD 135.49 billion in 2022, registering a CAGR of 4.20% during the forecast period of 2023 to 2030. 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.

Lubricants Market Scope and Segmentation

Market Definition

Lubricants are those organic substances which are used to lessen the friction between surfaces in mutual contact. This also aids to reduce the heat generation when the surfaces move. It may also have the property of transporting transmitting forces, foreign particles, or cooling or heating the surfaces. The lubricants are projected to sustain their qualities at high temperature.

Lubricants Market Dynamics

Drivers

• Growing demand of lubricants in automotive sector

Lubricants are broadly used in the applications of automotive such as passenger car motor oils, heavy-duty diesel engine and transmission oils. Lubricants are also utilized in some automobile processing such as movement of chain and piston. The demand for the lubricants is expected to be generally driven by the growth and expansion in the demand of automobiles all over the world. Lubricants are highly effective in high-temperature environments and deliver high heat resistance which is expected to bolster the market growth rate.

• Rising usage of lubricant due to excellent properties

The demand for the lubricant surges owing to their unique quality which mainly depends on certain properties such as hydraulic stability, high viscosity index, high resistance to oxidation, high boiling point and thermal stability. These factors support to lessen the friction in numerous applications, which is also accountable for the augmented demand for lubricant globally. The increasing usage of lubricant because of their superior properties is projected to enhance the growth rate of the market.

Opportunities

• Surging demand for bio-based  lubricant

The introduction of innovative lubricants, such as bio-based lubricants with superior features, is anticipated to give the boost to the market in coming period. Many innovative lubricants have previously been released by some of the industries which are leading manufacturing companies. The growing demand for the eco-friendly and bio-based lubricant will create ample and new opportunities for the growth of the market. The rising demand for lubricant which has manufactured by using non-toxic and renewable substances with low sulphur levels, are offering a considerable increase in the growth of the lubricant market in upcoming years.

Restraints/ Challenges

• Rising demand for hybrid vehicle or battery operated vehicle

The increasing demand for battery-operated vehicle or hybrid vehicle is steadily reducing the demand for the IC engine in the automotive sector, which will extremely impact the demand for the lubricant in the forecast period. The strict vehicle emission standards and initiatives for ban on the usage of diesel engine in some regions are extremely detaining the growth of the lubricants market in the forecast period of 2023-2030.

This lubricants 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 lubricants 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.

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 2022, Shell Plc signed a contract with PJSC LUKOLI. In this contract Shell Plc wholesaled Shell Neft LLC which is a business of lubricants in Russia. This agreement comprises around 411 retail stations in North-western regions of Russia.
• On 2022, Chevron Corporation declared its partnership with PT Pertamina to explore the openings for potential business of lower carbon in Indonesia, Chevron  and Pertmania  plan to consider geothermal and carbon offsets technologies with the help of nature-based solutions,
• In 2021, IOCL signed an MOU for "Investment Promotion" between the Indian Oil and Government of Gujarat for setting up Acrylics/Oxo Alcohol Project and Petrochemical and Lube Integration (LuPech) Project, coupled with other infrastructure projects at Vadodara,  its Gujarat Refinery

Global Lubricants Market Scope

The lubricants market is segmented on the basis of base oil, product and end-user 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.

Base Oil

• Synthetic Oil
• Mineral O​​​​​​​il
• Bio Based Oil

Product

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

End-Use Industry

• Transportation
• Industrial

Lubricants Market Regional Analysis/Insights

The lubricants market is analyzed and market size insights and trends are provided by country, base oil, product and end-user industry as referenced above.

The countries covered in the lubricants 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 is expected to dominate the lubricants in terms of revenue growth and market share owing to the rapid urbanization and industrialization and increasing population within the region.

Europe in anticipated to be the fastest growing region in lubricants market during the forecast period of 2023-2030 owing to  increasing  chemical manufacturing facilities 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 Lubricants Market Share Analysis

The lubricants 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 lubricants market.

Some of the major players operating in the lubricants 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)

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