Lubricant is a substance that is used to minimize the friction through the application of a friction-reducing film between the surfaces when come in contact. It possesses anti-wear, antioxidant, and antifoaming characteristics and as a result, finds a broad range of application in agriculture, mining, automotive, manufacturing, and steel sectors. It is further used as a cutting fluid and coolant across several industries.
The global Lubricants market size is expected to reach close to US$ 248 Billion by 2029 with an annualized growth rate of 4.5% through the projected period.
Growing demand for automobile along with ongoing industrialization across the developing countries is stimulating the industry landscape. Lubricants reduces friction and minimizes wear & tear between the surfaces in contact. Surging lubricants demand from manufacturing sectors in comprising 3D printing and medical devices further complements the business outlook. Furthermore, the recent decline in the price of crude oil resulting in low base oil price which will drive the industry size in the coming years.
Rising environmental concerns toward toxic nature of conventional products has boosted the adoption of the bio-based lubricants, which in turn will escalate the industry growth. Furthermore, the rising inclination toward battery-operated vehicles is poised to supplement the industry size in the coming years. Moreover, increasing industrialization leading to the development of machineries and components is complementing the business landscape.
Lubricants Market Scope
|Revenue forecast in 2029
|US$ 248 Billion
|CAGR of 4.5 % during 2019-2029
|By Base Oil, By Product Type, By End User Vertical, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|ExxonMobil Corp., Pennzoil, Quaker Chemical Corp., Royal Dutch Shell Co., JX Nippon Oil & Energy Corp., British Petroleum, Lukoil, Total S.A, Chevron Corp., Philips 66 Company, Sinopec Corp.
Key Segment Of The Lubricants Market
By Base Oil (USD Billion)
• Bio-based Oil
• Mineral Oil
• Synthetic Oil
By Product Type, (USD Billion)
• Automotive Oil
• Hydraulic Oil
• Gear Oil
• Compressed Oil
• Metal Working Fluid
By End User Vertical, (USD Billion)
• Oil & Gas
Business Vertical, (USD Billion)
• I.T. & Telecom
• Retail & e-Commerce
• Government & Defense
• Energy & Utilities
• Others (Travel & Hospitality,Transportation & Logistics,Media & Entertainment,etc.
Regional Overview, (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
Ongoing escalation across refining industries which utilize lubricants in large quantity is boosting the product demand. These companies have well established backward integration to ensure raw material supply chain for petrochemicals industries, which significantly contributes to industry size. Furthermore, consistent dependency of heavy industries such as shipbuilding, aircraft, machine manufacturing is expected to uphold the industry size over the forecast timeline.
Rising adoption of vehicles, which has low fuel consumption, thereby limiting the impact on the environment is proliferating the industry landscape. Although, shifting focus toward utilizing synthetic lubricants has limited the product demand. However, the rising inclination toward high performance engines across multiple industry will catapult the business outlook over the forecast timeline.
Base Oil Segment
On the basis of the base oil segment, the market is categorized into mineral oil, bio-based oil, and synthetic oil segment. Mineral Oil lubricants dominates the global lubricants market in 2018 and synthetic oil is anticipated to gain a significant growth for the forecast period 2019-2025.
Product Type Segment
Lubricants market is segmented into hydraulic fluid, metalworking fluid, engine oil, grease, process oil, gear oil, and others on the basis of product type. In this segment, engine oil segment is anticipated to hold a major share in the coming years.
End-User Industry Segment
Based on end-user industry, the segment is divided into heavy equipment, power generation, food & beverages, automotive, chemical, metallurgy, and others. The automotive segment is analyzed to hold a significant share across the regions over the forecast timeline.
Asia Pacific accounted for the major regional share and is expected to follow a similar trend in the coming years. The ongoing proliferation across various industries including automotive, power generation, and metal fabrication, is stimulating the regional share. Furthermore, the rising establishment of manufacturing facilities for various heavy equipment coupled with the availability of cheap labor is stimulating the business outlook.
The major players operating across the global Lubricants market include ExxonMobil, Royal Dutch Shell, Chevron Corporation, BP PLC, Total S.A., Idemitsu Kosan Co. Ltd., Petrochina Company Limited, and Fuchs Petrolub AG including others. The industry for lubricants is integrated with the participation of established global players across the globe. In addition, these companies are focusing on expanding their footprint through implementation of inorganic as well as organic strategies which in turn is proliferating the business outlook.