The Global Lubricants Market size was valued at USD 142.77 Billion in 2023 and is expected to reach USD 206.69 Billion by 2032, at a CAGR of 4.30% during the forecast period 2023 – 2032
Lubricants are substances or products used to reduce the friction between two moving machinery parts. Lubricant converts solid friction into liquid friction to reduce friction and wear and tear of machines, which is the most common and essential function of lubricants.
Reduced friction prevents heating and abrasion on the friction surface. The global lubricant market is driven by various factors such as rapidly growing automotive industries, excellent chemical and physical properties of lubricants, and growing demand for lubrication from the manufacturing sector.
Growing demand for lubricants in the wind turbine industry is a key trend observed in the global lubricants market. The wind turbine industry is growing rapidly across the globe. Wind turbines and machinery are exposed to all weather conditions, to prevent their wear & tear and rusting from such uncertain weather conditions lubricants are employed on these machines and turbines.
According to, the International Energy Agency, the global wind turbine market size stood at 98.6 billion in 2022 and is expected to grow at a CAGR of 9.2% during the forecast period. Thus, the rapidly growing wind turbine industry is expected to create lucrative opportunities for the market during the forecast period.
However, fluctuating raw material prices, less adaptation of lubricants in underdeveloped countries, and lack of universal directives about the usage of lubricants are restraining the market growth during the forecast period.
Increasing production of vehicles in many emerging economies such as China, India, Japan, South Africa, GCC, and Brazil among others is expected to create lucrative opportunities for the market during the forecast period.
By base oil, the synthetic oil segment dominated the global lubricant market due to its excellent properties as compared to other counterparts. Synthetic oil is replacing natural mineral oil due to low prices and easy availability.
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By end use industry, the automotive and transportation segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period. An increasing production and sales of vehicles worldwide, coupled with regular maintenance needs, contributes to a consistent demand for lubricants.
The interconnected nature of global trade and travel underscores the perpetual necessity for reliable lubrication solutions in the vast and dynamic automotive and transportation landscape.
Asia Pacific held the highest market share in the global lubricants market in 2022 and is expected to keep its dominance during the forecast period. Economic growth in emerging markets, such as China, India, Indonesia South Korea, Vietnam and South Asian countries has led to the betterment of public and commercial transportation in these regions.
This trend is expected to boost the demand for commercial automotive lubricants during the forecast period. Increasing sales of commercial vehicles, such as heavy-duty trucks, and construction automotive vehicles such as tractors, excavators, etc. is expected to create lucrative opportunities for the lubricant market in this region.
Custom Market Insight has comprehensively analyzed Lubricants market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict an in-depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this lubricants industry.
List of the prominent players in the Lubricants Market:
- Exxon Mobil Corporation
- Chevron Corporation
- BP p.l.c.
- Shell plc
- Total Energies
- Philips 66 Company
- Pennzoil
- Quaker Chemical Corp.
- Royal Dutch Shell Co.
- JX Nippon Oil & Energy Corp.
- British Petroleum
- Lukoil
- Total S.A
- Sinopec Corp.
- Castrol India Ltd.
- Amsoil Inc.
- JX Nippon Oil & Gas Exploration Corp.
- Valvoline LLC
- PetroChina Company Ltd
- Idemitsu Kosan Co. Ltd
- Petronas Lubricant International
- PetroFer Chemie
- Blaser Swisslube Inc.
- Others
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