Newark, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global lubricants market is expected to grow from USD 124.65 billion in 2022 to 161.13 billion by 2032, at a CAGR of 2.6% during the forecast period 2023-2032. High performance lubricants have improved properties such as reduced gear wear, reduced flammability and extended life, which can promise good market performance on lubricant market trends during the forecast period. Bio-lubricants, which are also part of the market, are witnessing a growing global demand, with countries in the APAC region expected to be most consumed, such as India and China.
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Report Scope
| Report Attribute | Details |
| Projected Market Size in 2032 | USD 161.13 billion |
| CAGR Growth Rate | 2.6% |
| Base Year | 2022 |
| Forecast Years | 2023-2032 |
| Key Market Players | British Petroleum, Chevron Corp., ExxonMobil Corp., JX Nippon Oil & Energy Corp., Lukoil, Pennzoil, Philips 66 Company, Quaker Chemical Corp., Royal Dutch Shell Co., Sinopec Corp., and Total S.A among others. |
| Key Segment | Type, application, and region. |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Key Finding of Lubricants Market
The engine oil segment dominated the market with a market share of 56.87% in 2022.
The type segment is divided into hydraulic fluids, engine oil, metalworking fluid, greases, gear oil, others. The engine oil segment dominated the market with a market share of 56.87% in 2022. This high value is due to growing demand in the automotive sector. Economic growth in developing countries is raising the ownership of automobiles which will act as a stimulus to the demands.
In terms of volume, the automotive segment dominated the market with a revenue share of 62.08% in 2022.
The application segment is divided into industrial, automotive and others. In terms of volume, the automotive segment dominated the market with a revenue share of 62.08% in 2022. The automotive segment held the largest market value in the global market. The segment will witness significant growth during the forecast period. The reason for this is the increasing ownership of the customer's car. Lubricants are used in automotive engineering to reduce friction between two vehicle components. It also helps control temperature by absorbing the heat generated by moving parts.
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Regional Segmentation Analysis:
The market is analyzed based on five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific region is anticipated to grow at the fastest CAGR over the forecast period. Europe is anticipated to hold the second largest market share in the global lubricants industry during the forecast period, in terms of volume and value. The main factor is the growth of various industrial sectors, along with the increasing number of automobiles in the countries.
Competitive Analysis:
The major players of market include British Petroleum, Chevron Corp., ExxonMobil Corp., JX Nippon Oil & Energy Corp., Lukoil, Pennzoil, Philips 66 Company, Quaker Chemical Corp., Royal Dutch Shell Co., Sinopec Corp., and Total S.A among others.
About the report:
The global pharmaceutical packaging market is analysed on the basis of value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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