Pune, India, May 19, 2022 (GLOBE NEWSWIRE) -- The global lubricants market size is anticipated to reach USD 139.12 billion by 2029 and exhibit a CAGR of 2.1% during the forecast period. The increasing demand for synthetic lubricants is expected to be a key trend fostering growth for the market. Fortune Business Insights has presented this information in its report titled, “Lubricants Market, 2022-2029”. The market size stood at USD 117.78 billion in 2021 and USD 119.99 billion in 2022.
Additionally, the escalating demand for improved lubricants from the industrial sector is predicted to uptick market growth in the forthcoming years.
List of Key Lubricants Market Players:
- Petro China Company Limited ( Beijing, China)
- Chevron Corporation (California, U.S.)
- ExxonMobil Corporation (Texas, U.S.)
- Royal Dutch Shell Plc (Hague, Netherlands)
- Total Group (Paris, France)
- BP Plc (London, U.K.)
- Valvoline LLC (Kentucky, U.S.)
- ENEOS Corporation (Tokyo, Japan)
- The FUCHS Group (Dissen, Germany)
- Global Lubricant Industry LLC (Ajman Al Jurf Industrial Area, UAE)
- Shield Lubricants (Mumbai, India)
- AMALIE Oil Co. (Florida, U.S.)
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Segmentation-
On the basis of type, the market is segmented into process oils, marine oils, industrial oils, and automotive oils. On the basis of grade, the market is trifurcated into semi-synthetic, synthetic, and mineral. On the basis of application, the market is divided into industrial, automotive, and others. Geographically, the market is classified into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
| Report Attribute | Details |
| Market size value in 2021 | USD 117.78 billion |
| Revenue forecast in 2029 | USD 139.12 billion |
| Growth Rate | CAGR of almost 2.1% 2022-2029 |
| Base Year | 2021 |
| Historic Years | 2018 - 2020 |
| Forecast Years | 2022 - 2029 |
| Segments Covered | By Product Type, By Application, and By End Use |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Petro China Company Limited, Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell Plc, Total Group, BP Plc, Valvoline LLC, ENEOS Corporation, The FUCHS Group, Global Lubricant Industry LLC, Shield Lubricants, AMALIE Oil Co |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
Report Coverage-
- It analyses the individual segments, such as type, applications, and grade.
- It showcases the latest industry developments.
- It includes a detailed analysis of the COVID-19 pandemic’s impact on the market.
- It offers a SWOT Analysis of key players in the market.
- It highlights the various strategies adopted by major market players to acquire growth.
Drivers & Restraints-
Increasing Demand for Synthetic Lubricants to Fuel Market Growth
Industrial activities require extensive amounts of energy and incur high operating costs. The rising costs of energy have forced industries to take measures to lower operating costs and save energy. Poor lubrication in engine parts causes more friction which results in more fuel consumption, emissions, and pollution. A top-grade lubricant can help minimize friction and improve machine efficiency. Hence, the rising demand for improved lubricants from the industrial sector is likely to give impetus to the global lubricants market growth.
Synthetic lubricants’ demand has been increasing in recent years due to their better efficiency over natural mineral oils. The escalating industrial growth and expanding automotive industry have a high demand for these synthetic lubricants, and the expansion of such end-use industries is likely to propel market growth.
However, the increasing demand and adoption of electric vehicles may restrain the market’s growth in the forthcoming years.
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Regional Insights-
Asia Pacific to Gain Immense Growth Due to Expanding Industrial & Automotive Sectors
Asia Pacific is anticipated to witness exponential growth in the global lubricants market share. The increasing investments in several industrial sectors, coupled with the ever-increasing population are expected to bolster the market growth in Asia Pacific. India, Japan, and China are expected to be key countries due to the extensive demand from the automotive industry.
North America is predicted to experience substantial growth in the coming years. The expanding automotive and industrial sectors, coupled with the presence of major firms including Chevron Corporation, Royal Dutch Shell, and ExxonMobil Corporation, are expected to foster growth in North America.
Europe is projected to attain significant growth in the global market. The strict regulations for disposal and use of lubricating oils, coupled with the rising demand for technically advanced lubes are anticipated to flourish in growth for the market.
Latin America and the Middle East & Africa are estimated to garner considerable growth due to expanding automotive industries, industrialization, and urbanization.
Competitive Landscape-
Major Players Focus on Mergers & Acquisitions to Amplify their Global Positions
The consolidated marketplace comprises various major market players operating internationally and domestically. The major market players adopt ingenious strategies such as acquisitions, mergers, and others to amplify their global presence and fortify their market positions. For instance, ExxonMobil Corporation and INNIO extended their lubricant relationship in May 2020 for another five years. The two firms are working together to meet the requirements of a natural gas engine lubrication, eventually leading to the launch of a new co-branded gas engine oil and additional products in the coming years.
Notable Industry Development-
- September 2020: Total Group acquired Lubrilog SAS to improve Total’s role in the industrial sector by offering high-level experience for crucial applications in key industries such as mining, cement, and materials.
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Type Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Lubricants Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC Continued…!
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