Lubricants Market Overview:
Lubricants Market is expected to reach USD 142.34 billion in 2023, and with a linear growth rate, it is expected to reach USD 195.68 billion by 2033, with a CAGR of 4.0% from 2024 to 2033. Lubricants are organic chemicals used to reduce friction between surfaces in mutual contact hence reducing the heat generated when they move. It may also be used to transfer forces, transport foreign particles, and heat or cool surfaces. Lubricity is the property of minimizing friction. Lubricants reduce friction and wear, protect equipment from corrosion, control temperature and pollution, transmit power (hydraulics), and provide a fluid seal. Two-wheelers and passenger cars are considered light-duty vehicles. The most common lubricants used in these vehicles are engine oils, gear oils, transmission oils, greases, and compressor oils. OEM and aftermarket accounts for a large share of the lubricant market.
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Market Dynamics:
Growing need for lubricants in the automobile sector.
Lubricants are generally utilized in the applications of automotive such as passenger vehicle motor oils, heavy-duty diesel engine and transmission oils. Lubricants are also used in certain automotive processes, such as chain and piston movement. Lubricant demand is predicted to be driven mostly by the rise and expansion of global car consumption. Lubricants are very effective in high-temperature conditions and offer excellent heat resistance, which is projected to boost market growth.
Increasing use of lubricants due to their great features.
The lubricant is in high demand due to its unique quality, which is primarily determined by qualities such as hydraulic stability, high viscosity index, strong resistance to oxidation, high boiling point, and thermal stability. These features contribute to reduced friction in a variety of applications, which explains the increased global demand for lubricants. The increasing use of lubricants due to their superior qualities is expected to accelerate the market’s growth rate.
Lubricants Market Opportunities:
Rising demand for bio-based lubricants:
The introduction of new lubricants, such as bio-based lubricants with superior features, is expected to enhance the market in the next time. Many novel lubricants have already been released by some of the industry’s leading manufacturers. The increased demand for eco-friendly and bio-based lubricants will open up numerous new prospects for market expansion. The growing demand for lubricants made from non-toxic and renewable chemicals with low sulphur levels is expected to boost the lubricant market’s growth in the next years.
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Lubricants Market Segments:
Market, By Production Method:
- Engine Oils
- Industrial Oils
- Transmission and Hydraulic Fluids
- Metalworking Fluids
- Greases
- Process Oils
- Bio-Based Lubricants
- Others
Market, By Oil Type:
- Mineral Oil
- Synthetic Oil
- Bio-Based Oil
- Semi-Synthetic Oil
Market, By Application:
- Bottles
- Drums
- Pails
- IBCs (Intermediate Bulk Containers)
- Cans
- Kegs
- Bulk Delivery
- Others
Market, By End-User:
- Automotive
- Industrial Machinery
- Marine
- Aerospace
- Energy and Power Generation
- Mining
- Construction
- Food Processing
- Agriculture
- Others
Market, By Sales Channel
- Original Equipment Manufacturers (OEMs)
- Distributors
- Independent Workshops
- E-commerce
- Others
Market Regional Analysis:
Asia Pacific is the largest shareholder in the lubricants market, accounting for more than 45% of the global share. This is attributable to the region’s rapid economic expansion and modernization. Asia Pacific’s largest lubricant markets are China, India, and Japan.
Europe is the world’s second largest lubricant market, accounting for more than 21% of total market share. The region is home to a number of major lubricant producers, including Shell, BP, and Total Energies. The biggest European lubricant markets are Germany, France, and the United Kingdom.
North America is the world’s third largest lubricant market, accounting for more than 18% of total market share. The United States is North America’s largest lubricant market.
Latin America, the Middle East, and Africa are modest shareholders in the lubricants market, but they are likely to rise significantly in the next years. Brazil and Mexico are the two largest lubricant markets in Latin America. Saudi Arabia and the United Arab Emirates are the largest lubricant markets in the Middle East and Africa.
Key Market Players:
- ExxonMobil Corp.
- Royal Dutch Shell Co.
- BP PLC
- Total Energies
- Chevron Corp.
- Fuchs
- Castrol India Ltd.
- Am soil Inc.
- JX Nippon Oil & Gas Exploration Corp.
- Philips 66 Company
- Valvoline LLC
- Petros China Company Ltd.
- China Petrochemical Corp.
- Petronas Lubricant International
- Quaker Chemical Corp.
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Frequently Asked Questions?
- What is the market worth of lubricants globally?
- Which nations will have the largest growth in the lubricants market?
- Who are the main rivals of the market participants?
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