Authored By: Sarah
02 Jul 2024

 Lubricants Market Size to grow by USD 23.8 billion between 2024-2028

According to a research report “ Lubricants Market” by Application (Automotive oils, Industrial oils, Process oils, Metalworking fluids, Greases) Product (Mineral oil-based lubricants, Synthetic lubricants, Bio-based lubricants) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 23.8 billion, at a CAGR of almost 3.22% during the forecast period. The global lubricants market experiences significant demand from various sectors beyond the automotive industry. Key consumers include construction, steel and cement, wind energy, agriculture, mining and oil drilling, marine, and aerospace industries. In the construction sector, lubricants are utilized in construction equipment due to their anti-wear properties, resistance to corrosion, superior lubricity, water tolerance, and filterability. Hydraulic fluids derived from lubricants are essential in earthmoving machinery like crawler excavators, mini excavators, wheeled excavators, wheeled dozers, and skid-steer loaders, owing to their excellent energy transmission capacity. In the steel and cement industry, lubricants are employed to extend drain/re-greasing intervals, improve lubrication efficiency, boost wear resistance of friction pairs, and lengthen equipment lifespan.

Browse market data tables, figures, and in-depth TOC on “Lubricants Market” by Application (Automotive oils, Industrial oils, Process oils, Metalworking fluids, Greases) Product (Mineral oil-based lubricants, Synthetic lubricants, Bio-based lubricants) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Application, the Automotive oils segment is projected to dominate the market size in 2024

In the lubricants market, mineral oil-based products hold a significant market share due to their affordability and widespread availability. Derived from petroleum or crude oil through distillation, solvent extraction, and cracking, mineral oil lubricants offer several advantages. These advantages include excellent solubility with additives, enhanced compatibility with seals, high viscosity, and a high flash point. Mineral oil lubricants are further categorized into paraffinic oils, naphthenic oils, and aromatic oils. The large-scale production during the petroleum refining process results in a lower cost compared to synthetic and bio-based alternatives. Mineral oil lubricants' cost-effectiveness, combined with their desirable properties, makes them a preferred choice for various industrial applications.

By Product, Mineral oil-based lubricants  segment is expected to hold the largest market size for the year 2024

The automotive industry's expansion, driven by heightened production and robust demand, particularly in emerging economies, is fueling a significant increase in lubricant consumption. Passenger car production is experiencing notable growth in countries such as China, India, Brazil, and Indonesia, leading to a corresponding surge in lubricant demand. Automotive lubricants, including engine oils, hydraulic oils, and shock absorber fluids, play a crucial role in reducing friction and wear, thereby enhancing fuel efficiency and extending the lifespan of automotive components. This ultimately contributes to the longevity and optimal performance of vehicles.

APAC is forecasted to hold the largest market size by region in 2024

The lubricants market encompasses a broad range of products utilized to reduce friction and wear between moving parts in various industries. These essential commodities enhance machinery efficiency, productivity, and longevity. Market growth is driven by factors such as increasing industrialization, automotive sector expansion, and stringent regulatory requirements for lubricant quality and performance. Key players in this sector focus on innovation, sustainability, and cost competitiveness to cater to diverse customer needs and maintain market share.

The Lubricants Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Arabian Petroleum Ltd.
  • BP Plc
  • Chevron Corp.
  • CONDAT
  • ENEOS Holdings Inc.
  • Exxon Mobil Corp.
  • FUCHS PETROLUB SE
  • Gazpromneft Lubricants Ltd.
  • GP Global
  • Hinduja Group Ltd.
  • Idemitsu Kosan Co. Ltd.
  • Indian Oil Corp. Ltd.
  • Novvi LLC
  • Oil and Natural Gas Corp. Ltd.
  • PETRONAS Chemicals Group Berhad
  • Phillips 66
  • PJSC LUKOIL
  • PT Pertamina Persero
  • Sinopec Shanghai Petrochemical Co. Ltd.
  • TotalEnergies SE
.

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Research Analysis Overview

The lubricants market encompasses a wide range of products, including Mineral Oil Lubricants, Semi-Synthetic Lubricants, Synthetic Lubricants, and Bio-based lubricants. Group I Engine Oils, derived from mineral oils, are the most basic type, while Semi-Synthetic Lubricants and Synthetic Lubricants offer greater performance and longevity. Semi-solid and Solid lubricants, such as graphite and PTFE, are used in applications with high friction and extreme temperatures. Hydraulic fluids, another essential lubricant type, ensure efficient lubrication in heavy-duty construction equipment and various industries, including the construction sector. Colliding industries like cruise ships in the tourism sector and seaborne trade rely on marine application lubricants for their engines and machinery. With the rise of high-performance engines and electric vehicles, lubricant manufacturers are innovating to meet the demands of these industries. Bio-based lubricants are gaining popularity due to their eco-friendly nature and potential to reduce greenhouse gas emissions. In summary, the lubricants market caters to diverse industries, offering solutions for various applications, from heavy-duty construction equipment to marine applications and high-performance engines. By focusing on efficient lubrication, reducing friction, and ensuring longevity, lubricant manufacturers continue to play a crucial role in the success of various sectors.

Market Research Overview

The lubricants market encompasses a wide range of products used in various industries, including Group II, III, IV, and V base stocks for automotive and industrial applications. These base stocks are derived from different sources such as mineral oil, polyalphaolefins, and synthetic materials. The wind power industry and electric vehicles are major consumers of Group II, III, and IV base stocks, which are used in the manufacturing of high-performance lubricants for wind turbines and EV batteries. In the automotive sector, Group II, III, and IV base stocks are used in the production of engine oils, transmission fluids, and brake fluids for commercial vehicles, passenger cars, and high-performance lubricants. The performance-to-efficiency ratio and environmental emission regulations are key factors driving the demand for these lubricants. The global automotive industry, including medium-duty trucks, buses, ambulances, package delivery trucks, and courier services, also utilizes various types of lubricants. Aftermarket and OEM applications require different lubricants, including semi-synthetic and mineral oil lubricants, for various engine components, gear oil, grease, and hydraulic fluids. The lubricants market also caters to the needs of the marine, aircraft, and heavy equipment industries. Marine applications require bio-based lubricants and hydraulic fluids for efficient lubrication and cooling of moving parts in ships and boats. Aerospace applications require lubricants with high flammability resistance and long service life for aircraft engines. The construction sector relies on lubricants for heavy-duty construction equipment, including excavators, bulldozers, and cranes, as well as for housing projects, where lubricating surfaces, cooling, and corrosion reduction are essential. The transportation sector, including heavy-duty trucks and machinery, requires lubricants for power transmission and hydraulic machinery. Lubricant manufacturers produce various types of lubricants, including mineral oil lubricants, synthetic lubricants, and specialty lubricants, to cater to the diverse needs of different industries. These lubricants are used in various applications, such as cutting fluids, lubricant emulsions, and cooling fluids, to ensure efficient lubrication and protect against wear, contamination, corrosion, and rust. In summary, the lubricants market is a diverse and essential industry that caters to various sectors, including automotive, wind power, electric vehicles, marine, aircraft, heavy equipment, and construction. The demand for lubricants is driven by factors such as performance, efficiency, environmental regulations, and the need for protective materials to ensure the longevity and efficient operation of machinery and equipment.

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Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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