Lubricants Market Size, Share & Trends Analysis Report By Application (Automotive, Industrial, Marine, Aerospace), By Region, And Segment Forecasts, 2024 - 2030

Lubricants Market Size & Trends

The globallubricants market size was estimated at USD 139.44 billion in 2023and is projected to grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2030. This is attributed to the growing demand for automotive oils and greases due to the growing trade of vehicles and spare parts. Lubricants are an essential part of rapidly expanding industries. They are used between two relatively moving machinery parts to reduce friction and wear & tear. They can be either petroleum-based or water-based and are essential for proper machinery functioning. Lubricants also decrease operational downtime and eventually increase overall productivity. Lubricants are extensively used in processing industries and automobile parts, especially brakes and engines, which need lubrication for continuous smooth functioning.

进口和出口的增加活塞是女士e lubricants are contributing to the market growth. The product demand is driven by the rising focus of consumers on enhancing vehicle performance coupled with the introduction of innovative & premium product offerings. Future growth will be highly dependent on motor vehicle production and the miles covered by each vehicle. Furthermore, consumers are looking for standard and specialized lubricants for their regular vehicles to ensure the smooth functioning of their vehicles and reduce long-term maintenance costs.

Lubricant manufacturing requires crude oil, tight oil, and other additives to formulate all lubricant types. There are multiple additives incorporated in lubricants to enhance their functionality and properties. These include antioxidants, extreme pressure additives, rust- & corrosion-prevention additives, detergents, viscosity index improvers, anti-wear agents, and dispersants. Lubricants are 90% base oil and 10% additives, wherein base oils include petrochemical fractions, such as fluorocarbons, esters,polyolefin, and silicones. Base oils increase the viscosity of the lubricants and reduce wear & tear. Paraffinic and naphthenic are the two essential base oils used in lubricant formulations.

Market Dynamics

Several new & improved technologies in industrial & automotive lubricant segment has been introduced such as lubricating grease containing ash-free additives, the incorporation of a thickener matrix to improve “spray off” properties of lubricants & the combination of lithium & calcium soaps to improve water resistance.

The implementation of European REACH legislations to promote environmentally friendly products has further impacted global lubricants industry. Certain chemical substances have been forbidden in North Sea Basin on account of metallic surface separators usage in thread compounds. Furthermore, regulatory intervention has led to the development of other alternatives for WTR, such as dimerized lubricants to reduce groundwater contamination and other environmental issues around the globe. These alternatives are primarily expected to replace conventional lubricants, especially in gasoline additive applications.

Furthermore, a Canadian start-up firm named Tyromer, introduced by the University of Waterloo, has an innovative rubber devulcanization technology. Numerous countries such as Hungary, Spain, Croatia, Russia, and Turkey are expected to utilize this technology when licenses are made available. Numerous other factors such as the rapid expansion of the footwear industry and other markets are expected to contribute to industry growth over the forecast period.

Application Insights

汽车部门主导全球的尘埃ry in 2023 with the largest revenue share of 53.4%. This is attributed to the increased sales of consumer automobiles, such as buses, trucks, and other forms of passenger transport. Economic growth in emerging markets, such as China, India, and Brazil, has led to the betterment of public transportation in these regions. This trend is expected to strengthen the demand for commercial automotive lubricants further. Increasing sales of commercial vehicles, such as heavy-duty trucks, and construction automotive, such as cranes, bulldozers, and concrete mixers, is expected to complement the Middle East & Africa region’s growth over the forecast period. The industrial segment held the second-largest share in 2023 due to the high industrial production in emerging markets.

The chemical, mining, and unconventional energy industries are projected to be among the largest markets for industrial lubricants. This trend is expected to strengthen industrial lubricants demand in compressors, industrial engines, hydraulics,bearings, and centrifuges. The marine segment is expected to grow significantly during the forecast years. The growth is attributed to the product application in low-, medium-, and high-speed marine engines. The product helps extend the engine life and protects the components at high temperatures. Many marine lubricants offer additive technology to protect camshafts, crankcases, and under crowns. In addition, the product is used in slow-speed cylinders as they offer high-performance lubrication, enhanced mechanical wear protection, and mitigate cold corrosion.

Regional Insights

Asia Pacific dominated the industry with a revenue share of 44.6% in 2023. The growth is attributed to the rapid growth of the automotive industry along with industrial development and the presence of automotive manufacturing industries in countries, such as Japan, India, and China. The most extensively used lubricants in the Asian market include automotive engine oils, greases, and hydraulic fluids. Asia Pacific has started mirroring the American and European regulatory systems, and countries like Japan and South Korea are thus emphasizing eco-labeled lubricants. Moreover, Asia Pacific also holds the dominant position in the global marine industry, owing to a large number of ports and increasing trade activities with the U.S. and other developed economies.

The marine industries in China, India, and Singapore are anticipated to emerge as international port operators over the forecast period. These factors are anticipated to boost lubricant consumption in various marine applications. China is the largest and most mature market in Asia Pacific, with over 55,000 participating businesses. According to the Society of Tribologists and Lubrication Engineers, around 65% of the global newly added chemical material capacity in 2020 was in China. Thus, rapid industrialization in the country is anticipated to increase product demand over the forecast period. According to a report by STLE, the production of commercial vehicles in China led to a surge in demand for trucks by around 20% and an increase in sales of trucks by 18.7%, worth USD 5.1 million in 2020.

As per OICA, in 2021, China witnessed a 3% increase in the production of vehicles to meet the increasing demand. Europe accounted for a significant revenue share in 2023 and is predicted to register a considerable CAGR over the forecast period. The automotive industry in the European Union is one of the largest industries across the globe, forming a crucial part of its economy. According to the European Commission, this industry employs approximately 2.6 million people who are directly involved in the manufacturing of vehicles, representing approximately 8.5% of the total manufacturing employment of the European Union. The region is also one of the world's leading producers of motor vehicles due to support provided by governments of different countries in the form of funds and technological harmonization for carrying out R&D activities in automation. This is likely to have a positive impact on the industry's growth.

Key Companies & Market Share Insights

关键球员正在采用各种策略,包括ding joint ventures, business expansions, and new product development, to strengthen their industry presence. For instance, in March 2021, ExxonMobil and Nissan Motors India signed a contract to supply lubricants for passenger car aftermarkets. ExxonMobile increased its lubricant output by offering a selection of engine oils suited for BS6, BS3, and BS4 models from OEMs.

Lubricants Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 144.38 billion
Revenue forecast in 2030	USD 180.21 billion
Growth rate	CAGR of 3.7% from 2024 to 2030
Base year for estimation	2023
Historical data	2018 - 2022
Forecast period	2024 - 2030
Report updated	December 2023
Quantitative units	Revenue in USD million/billion, volume in kilotons, and CAGR from 2024 to 2030
Report coverage	Revenue & volume forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	Application, region
Regional scope	North America; Europe; Asia Pacific; Central & South America; Middle East & Africa
Country scope	U.S.; Canada; Mexico; UK; Germany; Switzerland; Russia; France; Italy; Spain; Netherlands; China; India; Japan; South Korea; Malaysia; Indonesia; Vietnam; Australia; New Zealand; Kyrgyzstan; Brazil; Argentina; Colombia; Chile; Iran; Oman; UAE; Qatar; Kuwait; Saudi Arabia; South Africa; Angola; Nigeria
Key companies profiled	ExxonMobil Corp.; Royal Dutch Shell Co.; BP PLC; Total Energies; Chevron Corp.; Fuchs; Castrol India Ltd.; Amsoil Inc.; JX Nippon Oil & Gas Exploration Corp.; Philips 66 Company; Valvoline LLC; PetroChina Company Ltd.; China Petrochemical Corp.; Idemitsu Kosan Co. Ltd.; Lukoil; Petrobras; Petronas Lubricant International; Quaker Chemical Corp.; PetroFer Chemie; Buhmwoo Chemical Co. Ltd.; Zeller Gmelin Gmbh & Co. KG; Blaser Swisslube Inc.
Customization scope	Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope
革命制度党cing and purchase options	Avail customized purchase options to meet your exact research needs.Explore purchase options

Global Lubricants Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global lubricants market report based on application and region:

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Industrial

    • Process oils

    • General industrial oils

    • Metalworking Fluids

    • Industrial engine oils

    • Greases

    • Others

    • Process oils

  • Automotive

    • Engine oil

      • 0W-20

      • 0W-30

      • 0W-40

      • 5W-20

      • 5W-30

      • 5W-40

      • 10W-60

      • 10W-40

      • 15W-40

      • Others

    • Gear oil

    • Transmission fluids

    • Brake fluids

    • Coolants

    • Greases

  • Marine

    • Engine oil

    • Hydraulic oil

    • Gear oil

    • Turbine oil

    • Greases

    • Others

  • Aerospace

    • Gas turbine oil

    • Piston engine oil

    • Hydraulic fluids

    • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • Switzerland

    • France

    • Russia

    • Italy

    • Spain

    • The Netherlands

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Malaysia

    • Indonesia

    • Vietnam

    • Australia

    • New Zealand

    • Kyrgyzstan

  • Central & South America

    • Brazil

    • Argentina

    • Chile

    • Colombia

  • Middle East & Africa

    • Middle East

    • Iran

    • Oman

    • UAE

    • Qatar

    • Kuwait

    • Saudi Arabia

    • Africa

    • South Africa

    • Angola

    • Nigeria