Lubricants Market Size was valued at USD 125 Billion in 2023. The Lubricants industry is projected to grow from USD 133 Billion in 2024 to USD 150 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2024 - 2032). The creation of bio-based lubricants is the consequence of increased research and development efforts to lessen the negative environmental impact of synthetic lubricants, and the rapid growth of the automotive industry are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The rapid growth of the automotive industry is expected to boost the lubricants market. Lubricants play a critical role in ensuring the efficient operation and longevity of engines and other mechanical systems, and the growth of the automotive industry is expected to drive the demand for lubricants. As the automotive industry continues to grow, particularly in emerging economies such as China and India, the demand for lubricants is expected to increase. Lubricants are used in a wide range of automotive applications, including engine oil, transmission fluid, brake fluid, and hydraulic oil, among others.
In addition, the increasing demand for high-performance lubricants is also expected to boost the lubricants market. High-performance lubricants are designed to withstand extreme temperatures and pressures, and can provide improved fuel efficiency, extended equipment life, and reduced maintenance costs. The growing awareness of the importance of maintenance and regular oil changes is also expected to drive the demand for lubricants. Consumers are increasingly aware of the importance of maintaining their vehicles to ensure optimal performance and longevity, and this is expected to drive the demand for lubricants. Overall, the rapid growth of the automotive industry, the increasing demand for high-performance lubricants, and the growing awareness of the importance of maintenance are all expected to boost the lubricants market in the coming years. Therefore, such factors related to Lubricants have enhanced the Lubricants market CAGR across the globe in recent years.
The Lubricants market segmentation, based on type, includes Mineral Oil, Bio-based and Synthetic Lubricants. The mineral oil segment held the majority share in 2022, contributing to around ~30% of the Lubricants market revenue. The most popular product is mineral oil since it is less expensive than synthetic and semi-synthetic alternatives. It is produced in large quantities from crude oil and used in various industries, including oil, mining, and metal. Mineral grades occur in light and heavy levels, and the criteria for the ultimate purpose completely determine how they are used. Base oil, thickeners, and additives are all used in synthetic ones. Due to these growing benefits, it is anticipated that the synthetic sector will expand quickly throughout the projected period..
Based on application, the Lubricants market segmentation includes Industrial, Automotive, Marine, Construction and Others. The automotive segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2030. The rise in sales of passenger vehicles like buses, lorries, and other consumer cars explains this. Public transportation has improved in rising economies like China, India, and Brazil as a result of economic expansion in these countries. The demand for commercial automotive lubricants is anticipated to increase due to this trend. Over the projected period, rising sales of commercial vehicles, including heavy-duty trucks and construction machinery like cranes, bulldozers, and concrete mixers, are anticipated to support the expansion of the Middle East & Africa region. These all factors for Lubricants positively impact the market growth.
Figure 2: Lubricants Market, by Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is one of the largest lubricant markets in the world, with China and India being the key countries driving the growth. The growth of the automotive industry in the region, particularly in China and India, has been one of the major factors driving the demand for lubricants. With increasing demand for passenger cars and commercial vehicles in these countries, the demand for engine oils, transmission fluids, and other lubricants is also increasing. In addition to the automotive industry, the growth of other end-use industries such as manufacturing, power generation, and construction is also driving the demand for lubricants in the region. These industries require a wide range of lubricants for various applications, such as hydraulic oils, gear oils, and compressor oils, among others.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Figure 3: LUBRICANTS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Lubricants market accounts for the third-largest market share. Europe's lubricants market is a well-established market that is driven by various end-use industries such as automotive, industrial machinery, and marine, among others. The region is home to several major automotive manufacturers, which creates significant demand for lubricants in the region. The industrial machinery sector is also a significant end-user of lubricants in the region, driven by the demand for lubricants for a wide range of applications, including hydraulic oils, gear oils, and compressor oils. Further, the Germany Lubricants market held the largest market share, and the UK Lubricants market was the fastest-growing market in the European region.
The North American lubricants market is a mature market and is characterized by a high degree of competition. The market is driven by various end-use industries such as automotive, industrial machinery, and marine, among others. The marine industry is important end-user of lubricants in the region, driven by the demand for marine engine oils and other lubricants for various applications. The growth of the shale gas industry in the region has also created opportunities for the lubricants market, particularly in the area of drilling fluids and other specialty lubricants. Overall, the North American lubricants market is expected to grow at a steady rate in the coming years, driven by the growth of end-use industries and the increasing demand for high-performance lubricants. Moreover, the U.S. Lubricants market held the largest market share, and the Canada Lubricants market was the fastest-growing market in the North American region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Lubricants market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Lubricants industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Lubricants. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Lubricants industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Lubricants industry to benefit customers and expand the market sector. Major Lubricants market players, including Royal Dutch Shell PLC., Exxonmobil Corporation, Chevron Corporation, TotalEnergies, Sinopec Lubricant Company, Petrochina Company Limited, BP PLC, JXTG Group, Idemitsu Kosan Co. Ltd, FUCHS, and others, are attempting to increase market demand by funding R&D initiatives.
Royal Dutch Shell PLC, commonly known as Shell, is a multinational oil and gas company. Shell is engaged in various activities including oil and gas exploration, production, refining, and marketing of oil and gas products. The company is also involved in the production and marketing of petrochemicals, biofuels, and other products. In recent years, the company has focused on expanding its renewable energy portfolio, with investments in wind, solar, and biofuels. Shell's portfolio of brands includes Shell, Shell V-Power, Shell Helix, Shell Rimula, and Shell Advance, among others.
ExxonMobil Corporation is an American multinational oil and gas company that was formed through the merger of Exxon and Mobil. The company is primarily engaged in the exploration, production, transportation, and sale of crude oil, natural gas, and petroleum products. The company operates in all phases of the oil and gas industry, from upstream exploration and production to downstream refining, marketing, and distribution. In addition to oil and gas, ExxonMobil also produces a range of chemicals and petrochemicals, including plastics, synthetic rubber, and specialty chemicals. The company also has a significant presence in the lubricants market, with its Mobil brand of automotive and industrial lubricants.
Exxonmobil Corporation
Chevron Corporation
TotalEnergies
Petrochina Company Limited
BP PLC
JXTG Group
Idemitsu Kosan Co. Ltd
FUCHS among others
October 2022: TotalEnergies and Valeo have announced an agreement to develop an innovative method for cooling electric vehicle batteries using a new high-performance dielectric liquid. This innovation not only improves the use of electric vehicles, but also reduces the carbon footprint.
July 2021: A brand-new engine oil called Valvoline All-Terrain was created especially for off-road, heavy-duty diesel engines that work in challenging conditions.
Mineral Oil
Bio-based
Synthetic Lubricants
Industrial
Automotive
Marine
Construction
Others
Lubricants Product Type
Engine Oil
Hydraulic Fluid
Metalworking Fluid
Gear Oil
Grease
Others
Lubricants Regional Outlook
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 125 Billion |
| Market Size 2024 | USD 133 Billion |
| Market Size 2032 | USD 150 Billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Royal Dutch Shell PLC., Exxonmobil Corporation, Chevron Corporation, TotalEnergies, Sinopec Lubricant Company, Petrochina Company Limited, BP PLC, JXTG Group, Idemitsu Kosan Co. Ltd, FUCHS |
| Key Market Opportunities | R&D and the introduction of new products among the main players |
| Key Market Dynamics | Growth in Industrial Oil Demand in the Food Processing and Wind Turbine Industries Rapid Growth of the Automotive Industry |
Lubricants Market Highlights:
Frequently Asked Questions (FAQ) :
The lubricants market size was valued at USD 125 Billion in 2023.
The lubricants market is projected to grow at a CAGR of 5% from 2024-2032.
Asia Pacific had the largest share of the lubricants market
The key players in the lubricants market are Royal Dutch Shell PLC. (Netherlands), ExxonMobil Corporation (U.S.), Chevron Corporation (U.S.), Total S.A. (France), Sinopec Lubricant Company (China), Petrochina Company Limited (China), BP PLC (U.K.), JXTG Group (Japan), Idemitsu Kosan Co. Ltd (Japan), FUCHS (Germany),
The mineral oil category dominated the lubricants market in 2023.
Automotive had the largest share in the lubricants market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
