Due to the growing demand for lubricating oils made from
bio-based materials, the lubricants market dynamics are shifting
rapidly in terms of raw materials.
The rapid expansion of specialized manufacturing industries
like 3D printing and medical devices is anticipated to complement
the lubricants market's future trends in the coming days.
Therefore, it is anticipated that the increasing industrialization
by adopting emerging technologies and robotics would also increase
the sales of lubricants, which will then support the expansion of
the global lubricants industry
NEWARK,
Del., July 29, 2024 /PRNewswire/ --
According to Future Market Insights' latest industry analysis, the
global lubricants market size is estimated to be around
USD 174.94 billion in 2024. It is
projected to exhibit a CAGR growth of 4.50% over the forecast
period, with an estimated market size of USD
271.68 billion in 2034.
In the last few years, the global demand for lubricants has seen
a tremendous rise, especially in the global automotive sector. Car
manufacturers, service stations, and individual vehicle owners rely
on lubricants for engine and transmission maintenance. Besides
this, lubricants are also widely used in the manufacturing and
processing industries, where they help reduce friction and ensure
smooth operations for machinery and equipment.
The agriculture sector also contributes to the growing demand
for lubricants. Apart from this, the increasing industrial
activities worldwide also contribute to the heightened demand for
lubricants in machinery and manufacturing processes. Ongoing
innovations in lubricant technology, such as high-performance
formulations, enhanced efficiency, and extended product lifecycles,
are also driving demand.
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Increased international trade and transportation activities are
significantly escalating the demand for lubricants in the shipping
and logistics sectors. The growth in construction and
infrastructure projects in countries like India, China,
and the United States are
necessitating lubricants for heavy machinery and equipment. The
expanding renewable energy sector, such as wind and solar power,
also requires lubricants for the maintenance and efficient
operation of equipment.
What is the Future of Global Lubricants Market?
"Rising air passenger traffic and large increases in military
spending around the world are predicted to emerge as the major
drivers of lubricants market expansion."
The demand for lubricants used in automotive oils and component
greases is expected to increase as the commerce in automobiles and
subsequent replacement components expand. The passenger cars
category is anticipated to grow immensely in the coming days, which
is good news for the lubricants industry, as a result of the
significant economic boom in low-income and emerging economies.
When operating in vacuum conditions and extremely high
temperatures, vital components of aircraft need reliable,
long-lasting lubrication. The aerospace industry is increasing
quickly as a result of significant increases in defense spending by
nations like the United States,
Germany, India, and Brazil. This pattern is anticipated to
increase the need for dielectric grease, boosting the lubricants
market expansion throughout the anticipated years.
Due to worries about the future of energy security for petroleum
products, both government and lubricants company owners are
concentrating on the application of bio-based natural products.
However, due to their immaturity, bio-lubricants have several
limitations, such as oxidative instability and thermal intolerance
that could limit the emerging trends in the lubricants market.
"Forging strategic partnerships is very crucial in
this market. Companies in the lubricant market must collaborate
with manufacturers, distributors, and other industry stakeholders
to strengthen supply chains and enhance market presence, especially
in emerging economies," Says Nikhil
Kaitwade, Associate Vice President at Future Market
Insights (FMI).
Key Takeaways from the Market Study
- The automotive oil segment dominates the global lubricant
market with a share of 36.54%.
- On the basis of base oil, the synthetic oil segment leads the
lubricant market with a share of 39.43%
- The lubricant market in the United
States is anticipated to grow at a modest CAGR of 3.70%
through 2034.
- The lubricant market in Germany is estimated to rise at a 2.80% CAGR
through 2034.
- The lubricant market in China
has the potential to increase at 5.70% CAGR through 2034.
- The India lubricant market is
predicted to rise by 6.80% CAGR through 2034.
- The lubricant market in Australia is very likely to grow at a CAGR of
6.80% through 2034.
Competitive Landscape
- The market for lubricants is highly competitive with numerous
companies vying for a share of the international marketplace.
- Key players in the market, such as ExxonMobil, Royal Dutch Shell, and Chevron Corporation, have
a strong foothold in the industry and are trusted by entities
across various industries for their lubrication needs.
- The increasing demand for eco-friendliness in lubricants has
caused key players in the market to focus on developing more
sustainable and eco-friendly products.
- To cater to the demands of eco-conscious consumers and
businesses, companies are making efforts to improve their
sustainability practices.
Recent Developments:
- Finalized in January 2023,
Hindustan Petroleum Corporation Ltd. (HPCL) and Chevron Brands
International LLC established a long-term agreement for licensing,
production, distribution, and marketing of Chevron's lubricant
products in India. HPCL's Silvassa
facility commenced manufacturing premium Caltex lubricants,
enhancing collaboration and delivering increased value to
consumers.
- Expanding its lubricants line in April
2023, Brakes India, a braking systems manufacturer and part
of the $3 billion TSF group,
introduced gear and transmission oil under the brand Revia.
Leveraging its distribution network, the move aimed to meet the
growing demand in the lubricants market.
- Forming a global service agreement in January 2024, TotalEnergies Lubrifiants and Point
S entered a strategic alliance. TotalEnergies supplied Quartz
engine oils to Point S's network of over 6,185 independent tire
dealers and auto repair centers across 51 countries.
- In October 2023, BPCL featured
brand ambassador Rahul Dravid for
Mak Lubricants. The films, emphasizing the importance of choosing
the right lubricant, showcased individuals facing non-starting
vehicle issues, with Dravid highlighting the need for thoughtful
lubricant selection to prevent such problems
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Key Companies in the Lubricant Market
- ExxonMobil
- Royal Dutch Shell
- Chevron Corporation
- BP
- TotalEnergies
- Sinopec
- Fuchs Petrolub AG
- Valvoline
- Castrol (BP)
- Idemitsu Kosan Co., Ltd.
- PetroChina
- Lukoil
- Phillips 66
- Indian Oil Corporation
- Repsol
- JXTG Nippon Oil & Energy Corporation
- Pertamina
- Gazprom Neft
- SK Lubricants
- Petrobras
- Petrobras
Key Market Segmentation
By Base Oil:
- Bio-based Oil
- Mineral Oil
- Synthetic Oil
By Product Type:
- Automotive Oil
- Hydraulic Oil
- Gear Oil
- Compressed Oil
- Greases
- Metal Working Fluid
By End-User Vertical:
- Automotive
- Industrial
- Marine
- Chemical
- Oil & Gas
- Aerospace
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
Have a Look at Related Research Reports of Chemicals
& Materials
The global lubricant additives market is expected to
attain a valuation of USD 13.46
billion in 2023 and is projected to reach USD 21.7 billion by 2033, expanding at a CAGR of
4.8% during the forecast period.
Over the forecast period, global demand for agricultural
lubricants is poised to rise at 5.5% CAGR. By 2033, the
overall market valuation is set to total USD
826.7 million.
The global PAG compressor oil market is currently
valued at USD 1.4 Billion in 2023 and
is anticipated to expand at a CAGR of 8.7%. Owing to the increasing
application in the end-use industry the market is likely to propel
to USD 3.22 billion by 2033.
The castor oil derivatives market is expected to
expand its roots at an average CAGR of 4.9% during the forecast
period. The market is likely to hold a revenue of USD 1.37 billion in 2023 while it is anticipated
to cross a value of USD 2.21 billion
by 2033.
The castor oil sales are expected to witness a moderate
CAGR of 3.2% from 2024 to 2034. By 2034, the castor oil demand is
anticipated to reach a valuation of USD
1,808.50 million.
Demand for cold rolling oils and lubricants is
predicted to rise at a CAGR of 5.6% and end up with an
estimated market valuation of USD 18.2 Billion by
2028.
Over the projection period (2023 to 2033), industrial lubricant
sales in India are likely to
rise at 4.0% CAGR, culminating in a market size of USD 2,902.7 million by the end of 2033.
Europe industrial lubricants
market size is expected to reach USD
4,634.2 million by 2023, which is further set to expand at a
CAGR of 5.2% from 2023 to 2033.
The global industrial lubricants market value is
anticipated to be valued at USD 22,845.9
million in 2023, expanding at a CAGR of 4.4% from 2023 to
2033, to be valued at USD 35,140.9
million in 2033.
The global USA lubricant
contaminated HDPE container waste market is currently valued
at USD 150.77 Billion and is expected to grow at a CAGR
of 4% during the forecast period. According to
projections, the market will witness market growth of USD 225
Billion in 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
stands as the leading global provider of market intelligence,
advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer Technology, Healthcare, Industrial, and
Chemicals markets. With a vast team of ~400 analysts worldwide, FMI
provides global, regional, and local expertise on diverse domains
and industry trends across more than 110 countries.
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