Pune, India, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The global lubricants market value is slated to rise from USD 117.31 billion in 2022 to USD 131.33 in 2029, exhibiting a CAGR of 2.3% during the forecast period. Lubricants are fluids, oils, or greases that reduce friction between two surfaces that are close together, says Fortune Business InsightsTM in its report titled, “Lubricants Market, 2022-2029”. The lubricants market size hit USD 115.87 billion in 2021.
Lubricants are extensively used in processing industries and automobile parts, especially in brakes and engines, which need lubrication for continuous smooth functioning. The increasing imports and exports of piston engine lubricants are contributing to the growth of the market. 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.
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Segments-
By Type, Vehicles Generate the Highest Revenue from the Automotive Segment
Based on type, the market is divided into automotive oils, industrial oils, marine oils, and process oils. Hydraulic fluid or oils, industrial gear oils, metal working fluids, greases, and others are all sub-categories of industrial oils. The automotive sector is expected to have the largest market share due to the rising demand for engine oils, gear oils, transmission fluids, and coolants. Economic growth in developing countries is increasing vehicle ownership, which will surge the demand.
By Grade, Mineral Offers Cost Reduction to Drive Growth
The mineral grade is the most commonly used product as it is less expensive than synthetic and semi-synthetic alternatives. Furthermore, it is made from crude oil and produced in large quantities for use in various industries, including metal and mining, oil, and others. Mineral grades are available in light and heavy steps, and their application depends entirely on the end-use requirements.
By Application, High Demand from the Automotive Sector Will Drive Market Growth
The automotive industry had the largest global market share. The segment is expected to see rising demand as customers acquire more passenger cars in the coming years. Lubricating oils are used in the automotive industry to reduce friction between two vehicle components. They also aid in temperature control by absorbing the heat generated by the moving parts.
Lubricants Market Dynamics-
Drivers:
- Increase in demand for vehicles and industrial machinery
- Growth in construction and infrastructure development
- Stringent government regulations for fuel efficiency
- Rising awareness for maintenance of machines and equipment.
Restraints:
- Fluctuations in raw material prices
- Competition from synthetic lubricants
- Concerns over the environmental impact of lubricants
- The slowdown in global economic growth.
Opportunity:
- Demand for renewable energy to positively impact the lubricants market
- Turbine oil and transformer oil are a few of the industrial lubricants that the power sector uses extensively.
- The potential subsegment of the power generation market is the renewable energy sector.
- Lubricants are necessary for the optimal operation of wind turbines.
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Regional Insights-
In North America, the automotive industry dominated the market. The relatively large automobile industry in the U.S. has contributed to the market's tremendous rise. Furthermore, the industrial sector has shown consistent growth and is expected to continue in the coming years.
Europe is expected to be the fastest-growing region in the market. The increasing advancement of elevated machinery and equipment for industrial applications is expected to drive the market in this area. Furthermore, rising demand for equipment flexibility and the need to improve its competitor's efficiency are expected to drive the market.
The Asia Pacific region is one of the largest and most diverse markets in the world. The region is known for its high growth potential and is a hub for many industries such as technology, manufacturing, and consumer goods. However, it also faces challenges such as political instability, economic inequality, and environmental concerns. To succeed in the Asia Pacific market, companies must have a deep understanding of the local cultures, regulations, and consumer behaviors.Lubricants Market Report Highlights-
| Segments | Details |
| Base Oil |
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| Product Type |
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| End Use Industry |
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| By Region |
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| Key Market Players | PetroChina Company Limited (China), Chevron Corporation (U.S.), ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Total Group (France), BP plc (U.K.), Valvoline LLC (U.S.), ENEOS Corporation (Japan) , The FUCHS Group (Germany), Global Lubricant Industry LLC (UAE), Shield Lubricants (India), AMALIE Oil Co. (U.S.) |
Competitive Landscape-
Offering a Range of Solutions Could Strengthen the Positions of Market Players
The major producers are in Europe, but Asia Pacific has witnessed high demand. It is resulting in the consolidation of the market. Producers in Europe and North America are constantly acquiring and merging to strengthen their market position and drive business growth. As a result, the market's key players have established strong distribution channels, regional presence, and product offerings.
Browse Detailed Summary of Research Report with TOC:
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Detailed Table of Content:
- CHAPTER 1: INTRODUCTION
- Report description
- Key market segments
- Key benefits to the stakeholders
- Research Methodology
- Secondary research
- Primary research
- Analyst tools and models
- CHAPTER 2: EXECUTIVE SUMMARY
- Key findings of the study
- Business Perspective
- CHAPTER 3: MARKET OVERVIEW
- Market definition and scope
- Key findings
- Top investment pockets
- Porter’s five forces analysis
- Top player positioning
- Market dynamics
- Drivers
- Restraints
- Opportunities
- COVID-19 Impact Analysis on the market
- Pricing Analysis
- Regulatory Guidelines
- Value Chain Analysis
- Market Share Analysis
- Patent Landscape
TOC Continued…!
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