Lubricants Market worth $187.9 billion by 2027 Globally, at a CAGR of 2.7%, says MarketsandMarkets™
Chicago, Aug. 23, 2023 (GLOBE NEWSWIRE) — The global Lubricants Market size is projected to reach USD 187.9 billion by 2027 from USD 164.8 billion in 2022, at a CAGR of 2.7% between 2022 and 2027, as per the recent study by MarketsandMarkets™. Lubricants are defined as various compounds like fluids, oils, and greases. Lubrication is an essential process for numerous industries as it helps to reduce the friction between moving parts or surfaces to enhance the efficiency of machines.
Lubricants are manufactured using base oil, which is categorized as mineral oil, synthetic oil, and bio-based oil. Mineral oil and synthetic oil are sourced from petroleum crude, whereas bio-based oils are sourced from vegetable oil. The primary factor that is driving the global lubricants market is massive industrialization in the developing parts of the world, the increasing disposable income, and rapid urbanization in emerging countries.
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List of Key Players in Lubricants Market:
- Royal Dutch Shell Plc. (Netherlands)
- ExxonMobil Corporation (U.S.)
- Chevron Corporation (U.S.)
- BP p.l.c. (U.K.)
- TotalEnergies SE (France)
- Petrochina Company Limited (China)
- Sinopec Corp (China)
- LUKOIL (Russia)
- Fuchs Petrolub AG (Germany)
- Idemitsu Kosan Co. Ltd (Japan)
- among others
Drivers, Restraints, and Opportunities in Lubricants Market:
- Driver: Increased demand for high performance engines
- Restraint: Growth in demand of hybrid vehicles and increasing battery price parity
- Opportunity: Demand for renewable energy to positively impact the lubricants market
Key Findings of the Study:
- Based on base oil, the market is segmented into mineral oil, synthetic oil, and bio-based oil. Synthetic oils are expected to witness the highest growth between 2022 and 2027.
- Based on product type, the lubricants market is segmented into engine oil, hydraulic fluid, metalworking fluid, gear oil, compressor oil, grease, turbine oil, and others.
- Based on the end-use industry, the lubricants market is segmented into transportation and industrial lubricants.
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Synthetic-oil based lubricants can be customized according to the requirement so that it can have a controlled molecular structure with predictable properties. Furthermore, they have superior properties than mineral oil-based lubricants.
Grease is expected to be the fastest-growing segment in terms of both volume and value, from 2022 to 2027. Greases are cost-effective for the lubrication of systems. Lubricating oil may require an expensive system for proper circulation of the oil and devices for the retention of oil. Mining, construction, and transport industries are heavily dependent on grease. Grease is primarily used in bearing applications. Bearing is used in processes involving mechanical movement. It is used to reduce frequent bearing failures due to increased friction.
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Industrial lubricant is expected to be the fastest-growing segment from 2022 to 2027. The industrial lubricant market will be driven by the growth of the construction, mining, manufacturing, and power generation sectors. Power generation is one of the major consumers of lubricants and is also expected to grow at the highest rate during the forecast period. The commercial vehicle segment is expected to drive the transportation segment in the lubricant market.
Asia Pacific is estimated to be the largest market for lubricants during the forecast period, in terms of value and volume. Improved lifestyle due to increasing income, growing population, and growth of the industrial sector in China, India, and ASEAN is projected to propel the growth of the lubricants industry in the region. The presence of major manufacturers, such as Petrochina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Corp (China), and ENEOS Holdings, Inc.(Japan), is expected to further fuel the lubricants market growth in the region.
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