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Lubricants Market Size - By Production Method (Engine Oils, Industrial Oils, Transmission and Hydraulic Fluids, Metalworking Fluids, Greases, Process Oils, Bio-Based Lubricants, Others), By Oil Type, Packaging, End-User and By Sales Channel & Forecast, 2024-2033

  • PUBLISHED ON
  • 2024-10-31
  • NO OF PAGES
  • 290
  • CATEGORY
  • Chemicals & Materials

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.

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

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.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

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).

Solution

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.

Market Estimates and Forecast

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.

Case Study- ICT Sector

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.

Frequently Asked Questions

What is the Global Lubricants market value?

Global Lubricants market was valued at USD 142.34 Billion in 2023 and is estimated to reach value of 195.68 Billion by 2033.

Which are the upcoming countries within the Lubricants market?

Brazil, India, Mexico, Indonesia, Saudi Arabia and Argentina are the fastest growing countries within the global market.

Who are the key competitors of market Players?

Royal Dutch Shell, Exxon Mobil, Chevron, BP Plc and Total Energies are the top companies in the market.

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