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.
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