Lubricants Market With Strong Application and Scope By 2028
The global lubricants market size is expected to reach USD 167.48 billion by 2028, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 3.7% from 2021 to 2028. Growth in demand for biobased lubes, as they are eco-friendly, is estimated to augment the market growth over the coming years. Furthermore, the manufacturers are shifting and expanding their production units in developing nations owing to various factors, such as availability of raw material and reduced costs of infrastructure and labor. This, in turn, is anticipated to boost the market growth over the forecast period.
Typical oil manufacturers use crude oil, CBM, tight oil, and other additives to formulate all types of lubricants. Technological advancements have led to the reduction of combustion engine-based vehicles; and countries, such as Norway and the Netherlands, have imposed strict regulations against the approval of any combustion engine-based vehicles. Major companies, such as Shell, Total, Chevron, ExxonMobil, BP, and Sinopec, have integrated their business operations globally.
Increasing passenger car sales in emerging markets of Asia Pacific and Latin America is expected to be a major factor driving consumer automotive lubricants demand over the forecast period. Growing sales of consumer automotive, such as trucks, buses, and other forms of passenger transport, are expected to drive commercial automotive oil product demand. Economic growth in emerging markets, such as China, India, and Brazil, has led to betterment in public transportation in these regions. This trend is expected to further strengthen commercial automotive lubricant demand.
The Asia Pacific automotive industry is anticipated to witness a high growth rate over the forecast period owing to rapid economic development, mega construction projects, and introduction of various favorable policies by the government, such as 100% FDI and “Smart Cities”. The rapid industrial development and growing demand for high-performance luxurious passenger cars have also attracted heavy investments from international automobile companies.
Companies, such as ExxonMobil & Chevron, are directly involved in the production of lubricants for specific applications, these companies are further involved in supply agreements with major end-users to ensure steady product sales. Companies, such as Total, Shell, Amsoil, and Castrol, have entered into exclusive supply agreements with Tata Motors & Vestas Wind Systems to supply their products.
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Lubricants Market Report Highlights
- Bio-based lube formulations are widely used since several regulations have been formulated by authorities, such as the EPA, to reduce the vehicular emissions
- These products have high price fluctuations as they depend on the costs of petroleum products, such as crude oil
- In terms of volume, the automotive application segment accounted for a prominent share in the market in 2020 and is further expected to witness steady growth over the forecast period
- Asia Pacific accounted for the highest revenue share in 2020 and will expand further at the fastest CAGR from 2021 to 2028
- An increasing number of consumers are demanding advanced technological products with superior performance characteristics, which are conducive to market growth
- Global as well as regional players are developing direct sales channels, especially for the automotive sector, at their local service centers
- Some companies also participate in annual events of their end-users and showcase their products at discounted prices
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Lubricants Market Segmentation
Grand View Research has segmented the global lubricants market on the basis of application and region:
Lubricants Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- Process Oils
- General Industrial Oils
- Metalworking Oils
- Industrial Engine Oils
- Engine Oil
- Gear Oil
- Transmission Fluids
- Brake Fluids
- Engine Oil
- Engine Oil
- Hydraulic Oil
- Gear Oil
- Turbine Oil
- Gas Turbine Oil
- Piston Engine Oil
- Hydraulic Fluids
Lubricants Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
List of Key Players of Lubricants Market
- ExxonMobil Corp.
- Quaker Chemical Corp.
- Royal Dutch Shell Co.
- JX Nippon Oil & Energy Corp.
- British Petroleum
- Total S.A
- Chevron Corp.
- Philips 66 Company
- Sinopec Corp.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.