Authored By: Sarah
28 Oct 2023

Lubricants Market to witness market revenue growth of USD 25.23 Bn worldwide through 2023-2027  

Technavio has been monitoring the Lubricants Market and it is expected to grow by USD 25.23 Bn and accelerate at a CAGR of almost 3.5% during the forecast period worldwide. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.

Navigating through the market growth drivers it has been observed that the advancement of the market as forecasted depends on several factors, including the increasing demand for lubricants from end-user industries, the increasing need for reliable machinery and its effective maintenance, and the growing global marine industry across the world.

Senior Analyst at Technavio Quoted ~ "Mostly the growing global marine industry is notably driving the market expansion of the Lubricants Market "

As lubricants are used extensively in commercial shipping and other vessels, including freight carriers, cruise ships, towing vessels, yachts, boats, and other marine applications to increase the life or durability of parts of ships by virtue of high temperature, and protective lubricants "

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Snapshot of Lubricants Market Analysis

When it comes to the core companies names like Arabian Petroleum Ltd., BP Plc, Chevron Corp., Sinopec Shanghai Petrochemical Co. Ltd., 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, and TotalEnergies SE are some of the major market participants. 

For instance, BP Plc offers Castrol lubricants for heavy-duty vehicles and machines. Our report comes with a profiled analysis of the market players.

Track down a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus along with qualitative and quantitative analyses of companies with a wider understanding of the business ecosystem. Download our best-selling report on Lubricants Market for all the insights

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerating at a CAGR of almost 3.5%.

  2. What is the incremental growth of the market?
    The market is expected to grow by USD 25.23 Bn through 2023-2027.

  3. What is a key factor driving this market?
    Increasing demand for lubricants from end-user industries will drive market growth over the forecast period.

  4. What are the key regions covered in this market research report?
    APAC, Europe, North America, the Middle East and Africa, and South America are the key regions featured in this research report.

  5. Which is the leading geographic region for this market:
    41% growth will originate from APAC

  6. What are the market segments covered in this report?
    The market is segmented by Application (Automotive oils, Industrial oils, Process oils, Metalworking fluids, and Greases ), Product (Mineral oil-based lubricants, Synthetic lubricants, and Bio-based lubricants ), and Geography (APAC, Europe, North America, Middle East and Africa, and South America)
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