Global Lubricants Market Research Report

Report Overview

The size of the worldwide lubricants market, estimated at USD 130.03 billion in 2021, is expected to increase in value at a compound annual growth rate (CAGR) of 3.7% from 2022 to 2030. The reason for this is the growing demand for automotive lubricants and greases as a result of the developing commerce in autos and their replacement parts. Lubricants are essential to industries that are growing swiftly. In order to reduce friction and wear and tear, they are used in equipment between two reasonably movable pieces. They might be water-based or petroleum-based and are required for the efficient operation of machines. Moreover, lubricants minimise downtime in operations, which raises general productivity.

Lubricants are frequently used to maintain continuous, smooth performance in processing industries and in automobile components, particularly brakes and engines. Piston engine lubricants are being imported and exported more frequently, which is causing the industry to grow. The availability of high-end, cutting-edge items and consumers’ growing desire to improve vehicle performance are driving up product demand. Future growth will be significantly influenced by the volume of automobiles produced and the distance each vehicle is travelled. Consumers are also looking for fundamental and specialised lubricants for their typical cars in order to maintain the smooth operation of their vehicles and reduce long-term maintenance costs.

Crude oil, tight oil, and other additives are necessary for the production of all types of lubricants. Many additives are added to lubricants to enhance their properties and performance. Among them are dispersants, detergents, viscosity index enhancers, anti-wear agents, severe pressure additives, rust and corrosion prevention additives, and antioxidants. Lubricants are composed of 90% base oil and 10% additives; base oils may contain silicones, fluorocarbons, esters, polyolefins, and other petrochemical fractions. Base oils make lubricants more viscous, which lessens wear and tear. Two significant base oils that are employed in lubricant formulations are paraffinic and naphthenic.

Application Insights

In 2021, the automotive sector led the industry globally and contributed more than 53.63% of total revenue. The increase in demand for passenger vehicles like buses, trucks, and other consumer cars explains this. Because of their rapid economic growth, emerging economies like China, India, and Brazil have seen improvements in public transportation. This trend is expected to raise the need for commercial automotive lubricants. Rising sales of commercial vehicles, such as heavy-duty trucks, and construction equipment, such as cranes, bulldozers, and concrete mixers, are anticipated to support the growth of the Middle East & Africa area throughout the projected period.

Due to increased industrial production in emerging nations, the industrial segment had the second-largest segment share in 2021. The greatest markets for industrial lubricants are anticipated to be in the chemical, mining, and unconventional energy sectors. This pattern is anticipated to increase the need for industrial lubricants in centrifuges, hydraulic compressors, and industrial engines. Throughout the forecast years, the marine category is anticipated to develop at a considerable CAGR. The product’s use in low-, medium-, and high-speed marine engines is credited with the rise.

The substance shields the parts from extreme temperatures and increases engine life. To protect camshafts, crankcases, and under crowns, several marine lubricants have additive technology. In addition, the product is employed in slow-speed cylinders since they offer high-performance lubrication, better mechanical wear protection, and minimise cold corrosion.

Regional Insights

In 2021, Asia Pacific dominated the market with a revenue share of more than 40.0%. The rapid development of the automotive industry, the growth of the global economy, and the presence of automakers in countries like China, India, and Japan are all credited with the expansion. Automotive engine oils, greases, and hydraulic fluids are the most widely utilised lubricants on the Asian market. Countries like Japan and South Korea are prioritising eco-labeled lubricants as a result of the regulatory systems in the Asia Pacific region starting to resemble those in the United States and Europe.

Due to its numerous ports and growing trade with the US and other developed nations, Asia Pacific also enjoys a leading position in the world’s marine industry. Over the projected period, it is anticipated that the marine industries of China, India, and Singapore will become international port operators. These elements are expected to increase lubricant consumption across the board in marine applications. With more than 55,000 participating enterprises, China has the largest and most developed lubricant market in the Asia Pacific region. The Society of Tribologists and Lubrication Engineers estimates that China will account for about 65% of the world’s newly expanded chemical material capacity in 2020.

Therefore, it is projected that over the forecast period, the country’s growing industrialization will raise product demand. In 2020, sales of trucks are expected to climb by 18.7%, totaling USD 5.1 million, as a result of a 20% increase in demand for trucks brought on by China’s commercial vehicle output. According to OICA, China saw a 3% growth in car production in 2021 to keep up with the rising demand. Europe contributed a sizeable portion of revenue in 2021 and is anticipated to expand at a sizable CAGR throughout the projected period. One of the greatest sectors in the world and a key component of the European Union’s economy is the automotive sector.

The European Commission estimates that this industry directly employs about 2.6 million people, or about 8.5% of all manufacturing jobs in the European Union, who are engaged in the production of automobiles. Due to increasing funding and technology harmonisation offered by governments of various area-member countries for conducting automation research and development operations, the region is also one of the world’s top producers of motor vehicles. The industry will probably benefit from this in the long run.

Key Companies & Market Share Insights

To increase their market position, key players are implementing a variety of techniques, such as joint ventures, company expansions, and new product development. For instance, ExxonMobil and Nissan Motors India agreed to a contract in March 2021 for the sale of lubricants to the aftermarket for passenger cars. By providing a variety of engine oils appropriate for BS6, BS3, and BS4 models from OEMs, ExxonMobile enhanced the output of lubricants. Some of the main participants in the global lubricants market include:

  • 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.

Global Lubricants Market Segmentation

This study provides an analysis of the most recent market trends in each of the sub-segments from 2018 to 2030 and estimates revenue growth at the global, regional, and national levels. Flair Insights has divided the global lubricants market report into segments based on application and region for the purposes of this study:

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
    • Industrial
      • Process Oils
      • General Industrial Oils
      • Metalworking Fluids
      • Industrial Engine Oils
      • Greases
      • Others
    • Automotive
      • Engine Oil
        • 0W-20
        • 0W-30
        • 0W-40
        • 5W-20
        • 5W-30
        • 5W-40
        • 10W-60
        • 10W-40
        • 15W-40
        • Others
      • Gear Oil
      • Transmission Fluids
      • Brake Fluids
      • Coolants
      • Greases
    • Marine
      • Engine Oil
      • Hydraulic Oil
      • Gear Oil
      • Turbine Oil
      • Greases
      • Others
    • Aerospace
      • Gas Turbine Oil
      • Piston Engine Oil
      • Hydraulic Fluids
      • Others
  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • U.K.
      • Switzerland
      • France
      • Russia
    • Asia Pacific
      • China
      • India
      • Japan
    • Latin America
      • Brazil
      • Argentina
    • Middle East & Africa
      • Saudi Arabia