Market Overview
Lubricants
Market is projected to achieve a value of USD 142.34 Billion in 2023, with a
linear behavior in the market growth it is forecasted to achieve a value of USD
195.68 Billion by 2033 with a CAGR of 4.0% during the forecast period
2024-2033.
Lubricants
are substances used to reduce friction between surfaces in contact, thus
minimizing wear and heat generation. They are commonly used in various
mechanical systems, engines, and machinery to ensure smooth operation and
prevent damage. Lubricants can come in various forms, including liquids,
greases, and solids, and they work by forming a protective film or layer
between moving parts, which reduces the direct contact and friction between
them.
Below Depicted Is The Consumer Survey Within The
Lubricants Market:
Consumers
are increasingly aware of the importance of using the right lubricant for their
vehicle. Consumers are willing to spend more money on lubricants if they
believe that it will help to extend the life of their vehicle. Consumers are
interested in learning more about lubricants and how to choose the right one
for their vehicle.
Consumers
are increasingly interested in sustainable lubricants, so lubricant
manufacturers should focus on developing products that are environmentally
friendly and have a low carbon footprint.
Consumers
are willing to pay a premium for lubricants that offer better performance and
protection. Lubricant manufacturers should make sure to highlight these
benefits in their marketing and advertising materials.
Consumers
are more likely to purchase lubricants from brands that they are familiar with
and trust. Lubricant manufacturers should invest in building brand awareness
and trust through marketing and advertising campaigns.
Market Scope
Report Attributes |
Description |
Market Size in 2023 |
USD
142.34 Billion |
Market Forecast in 2033 |
USD 195.68
Billion |
CAGR % 2024-2033 |
4.0% |
Base Year |
2023 |
Historic Data |
2016-2022 |
Forecast Period |
2024-2033 |
Report USP |
Production,
Consumption, company share, company heatmap, company production capacity,
growth factors and more |
Segments Covered |
By Production Method, by Oil Type, by Packaging,
by End-user and by Sales Channel |
Regional Scope |
North America,
Europe, APAC, South America and Middle East and Africa |
Growth Drivers |
The expansion of industrial sectors,
such as automotive, machinery, construction, and manufacturing, drives the
demand for lubricants as machinery and equipment are essential components of
these industries. Industries recognize the importance of proper lubrication for machinery maintenance and the extension of equipment lifespan, reducing replacement and maintenance costs. The automotive industry, including both passenger and commercial vehicles, uses lubricants extensively to ensure engine performance, reduce wear and tear, and improve fuel efficiency. |
Country Scope |
U.S.; Canada;
U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia;
China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico;
Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies |
ExxonMobil Corp.; Royal Dutch Shell Co.;
BP PLC; Total Energies; Chevron Corp.; Fuchs; Castrol India Ltd.; Amsoil
Inc.; JX Nippon Oil & Gas Exploration Corp.; Philips 66 Company;
Valvoline LLC; PetroChina Company Ltd.; China Petrochemical Corp.; Idemitsu
Kosan Co. Ltd.; Lukoil; Petrobras; Petronas Lubricant International; Quaker
Chemical Corp.; PetroFer Chemie; Buhmwoo Chemical Co. Ltd.; Zeller Gmelin
Gmbh & Co. KG; Blaser Swisslube Inc. |
Market Dynamics
The
rising demand for energy-efficient lubricants is expected to drive the
lubricants market during the forecast period. This is because energy-efficient
lubricants can help to reduce fuel consumption and emissions, which is a major
concern for both businesses and consumers.
A
study by the Energy Research Centre of the Netherlands found that using
energy-efficient lubricants in heavy-duty trucks can reduce fuel consumption by
up to 5%. This can lead to significant savings for trucking companies, both in
terms of fuel costs and emissions.
Another
study, conducted by the US Department of Energy, found that using
energy-efficient lubricants in passenger cars can reduce fuel consumption by up
to 2%. This can save consumers money on fuel costs and help to reduce their
environmental impact.
In
the automotive sector, there is a growing focus on improving fuel efficiency
and reducing emissions. Low-viscosity engine oils and transmission fluids are
being used to reduce friction within engines, which results in improved fuel
economy. For example, the shift from traditional 10W-30 engine oils to lower
viscosity 5W-30 or even 0W-20 oils has led to improved fuel efficiency, thereby
creating a higher demand for lubricants market.
Energy-efficient
lubricants are used in various industrial applications to minimize friction and
reduce energy consumption. For example, synthetic lubricants, such as
polyalkylene glycol (PAG) and perfluoropolyether (PFPE) oils, are employed in
industrial gearboxes and compressors to improve efficiency. These lubricants
can help reduce energy consumption by up to 3% to 5% in some cases, according
to the European Lubricating Grease Institute.
Energy-efficient
lubricants are crucial for wind turbines to maximize their energy output.
Specialized lubricants are used in the gearboxes of wind turbines to reduce
friction and improve overall efficiency.
Governments
and regulatory bodies are also pushing for energy-efficient lubricants to
reduce environmental impact. For instance, the U.S. Environmental Protection
Agency's (EPA) Energy Star program promotes and certifies energy-efficient
products, including lubricants. This incentivizes industries to adopt
energy-efficient lubricants to meet regulatory requirements and reduce their
carbon footprint.
Market Production Method Analysis
Engine
oils account for the largest share of the lubricants market, due to the high
demand for these lubricants in the automotive sector. Engine oils are used to
lubricate and protect the internal components of engines, which helps to extend
the engine's lifespan and improve its performance.
Industrial
oils are the second largest segment of the lubricants industry. Industrial oils
are used in a wide range of industrial applications, including manufacturing,
construction, and mining. These lubricants are used to lubricate and protect
machinery and equipment, which helps to reduce friction and wear and extend the
lifespan of the equipment.
Transmission
and hydraulic fluids are used in automatic transmissions and hydraulic systems.
These lubricants help to reduce friction and wear and protect the components of
the transmission and hydraulic systems.
Metalworking
fluids are used in metalworking operations, such as machining, grinding, and
cutting. These lubricants help to cool and lubricate the metal during machining
operations, which helps to improve the quality of the finished product and
extend the lifespan of the tooling.
Greases
are thick, semi-solid lubricants that are used in bearings and other moving
parts. Greases help to reduce friction and wear and protect the moving parts
from corrosion.
Process
oils are used in a variety of industrial processes, such as plastics
processing, rubber processing, and textile processing. These lubricants help to
improve the processing performance and the quality of the finished product and
thereby creating a demand for industrial lubricants market.
Bio-based
lubricants are lubricants that are made from renewable resources, such as
vegetable oils and animal fats. Bio-based lubricants are becoming increasingly
popular due to their environmental benefits.
Market Oil Type Analysis
Mineral
oil is the most common type of lubricant used, accounting for over 70% of the
global lubricants market. Mineral oil is derived from crude oil and is
relatively inexpensive to produce. It is also widely available and has good
lubrication properties. However, mineral oil is not as durable as synthetic oil
and breaks down more easily at high temperatures.
Synthetic
oil is a man-made lubricant that is designed to have superior performance
characteristics compared to mineral oil. Synthetic oil is more durable, has a
higher viscosity index, and offers better protection against extreme
temperatures and wear. However, synthetic oil is more expensive than mineral
oil.
Semi-synthetic
oil is a blend of mineral oil and synthetic oil. Semi-synthetic oil offers some
of the benefits of synthetic oil, such as improved performance and durability,
at a lower cost.
Bio-based
oil is a lubricant that is made from renewable resources, such as vegetable
oils and animal fats. Bio-based oils are becoming increasingly popular due to
their environmental benefits. However, bio-based oils are more expensive than
mineral oil and may not offer the same level of performance and many hinder the
growth of lubricants market.
Market End-User
Automotive
is the largest end-user segment of the lubricants industry, accounting for over
45% of the global market share. This is due to the high demand for lubricants
in the automotive sector, where they are used to lubricate and protect the
internal components of engines, transmissions, and other moving parts.
Industrial
Machinery is the second largest end-user segment of the market, accounting for
over 32% of the global market share. Industrial lubricants are used in a wide
range of industrial applications, such as manufacturing, construction, and
mining. These lubricants are used to lubricate and protect machinery and
equipment, which helps to reduce friction and wear and extend the lifespan of
the equipment.
Marine
is the third largest end-user segment of the lubricants market, accounting for
over 8% of the global market share. Marine lubricants are used in a variety of
marine applications, such as shipping, fishing, and offshore oil and gas
production. These lubricants are specially formulated to withstand the harsh
marine environment.
Aerospace
is the fourth largest end-user segment of the market, accounting for over 6% of
the global market share. Aerospace lubricants are used in aircraft engines and
other components. These lubricants are specially formulated to withstand the
extreme temperatures and pressures encountered in aerospace applications.
Energy
and Power Generation is the fifth largest end-user segment of the lubricants
market, accounting for over 4% of the global market share. Energy lubricants
are used in a variety of energy and power generation applications, such as
power plants and wind turbines. These lubricants are specially formulated to protect
the equipment from corrosion and wear.
Mining,
Construction, Food Processing, Agriculture, and Others are smaller end-user
segments of the lubricants market. However, these segments are expected to grow
in the coming years, driven by the increasing industrialization and
urbanization in developing countries.
Market Regional Analysis
Asia
Pacific is the largest shareholder within lubricants market, accounting for
over 45% of the global market share. This is due to the region's rapid economic
growth and industrialization. China, India, and Japan are the major markets for
lubricants in Asia Pacific.
Europe
is the second largest market for lubricants, accounting for over 21% of the
global market share. The region is home to a number of leading lubricant manufacturers,
such as Shell, BP, and Total Energies. Germany, France, and the United Kingdom
are the major markets for lubricants in Europe.
North
America is the third largest market for lubricants, accounting for over 18% of
the global market share. The United States is the largest market for lubricants
in North America.
Latin
America and Middle East and Africa are smaller shareholder within lubricants
market, but they are expected to grow significantly in the coming years. Brazil
and Mexico are the major markets for lubricants in Latin America. Saudi Arabia
and the United Arab Emirates are the major markets for lubricants in the Middle
East and Africa.
Competitive Analysis
Royal
Dutch Shell, Exxon Mobil, Chevron, BP Plc and Total Energies are the major
players of the Lubricants market and cumulatively accounting for around 50% of
the market share.
Research Report Following 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.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Global Lubricants market was valued at USD 142.34 Billion in 2023 and is estimated to reach value of 195.68 Billion by 2033.
Brazil, India, Mexico, Indonesia, Saudi Arabia and Argentina are the fastest growing countries within the global market.
Royal Dutch Shell, Exxon Mobil, Chevron, BP Plc and Total Energies are the top companies in the market.
Only Three Thousand Four Hundred Ninety Nine US dollar
Only Four Thousand Four Hundred Ninety Nine US dollar
Only Five Thousand Four Hundred Ninety Nine US dollar