Wilmington, Delaware, United States, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The lubricants market was worth US$ 142.7 billion in 2021. A CAGR of 2.9% is predicted between 2022 and 2031. The global lubricants industry will generate US$ 184.5 billion by 2031. Due to the rising demand for pollution reduction, regulations such as these are being proposed in an attempt to minimize ecosystem impact and promote sustainable practices. These regulations force industries to use lubricants that comply with the regulations.
Environmental regulations mandate the use of environmentally friendly lubricants by the U.S. Environmental Protection Agency and the International Standards Organization (ISO). Environmental awareness is increasing among industries, and lubricants with a low environmental footprint are becoming increasingly popular.
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Many lubricants can be used in some environments that are biodegradable, non-toxic, and have low levels of emissions. The use of such lubricants can help industries minimize their contribution to the pollution of the environment by reducing their carbon footprint.
Key Findings of the Market Report
- The automotive oils segment is expected to expand at a CAGR of 2.8% during the forecast period.
- A 17.9% share of the market was held by North America in 2021.
- Lubricants sales in Europe are projected to increase at a CAGR of 2.5% during the forecast period.
- Asia Pacific held 39.6% of the global market in 2021.
- The demand for lubricants in the automotive industry is expected to increase in the years.
Global Lubricants Market: Growth Drivers
- Vehicles require lubricants for efficient operation, which makes lubricants a crucial part of the automotive sector. As the automotive industry expands across the globe, particularly in emerging markets, lubricants are expected to become more expensive. Industrialization and manufacturing activities throughout the world increase demand for lubricants. Lubricants are integral parts of machinery and equipment in these sectors for smooth operation, reduced friction, and wear reduction.
- The construction and infrastructure development industries significantly influence the lubricants market. Construction machinery such as excavators and cranes, which the construction industry uses, rely heavily on lubricants for their performance and durability. Developing synthetic lubricants that have a longer equipment life and are more sustainable contributes to improved efficiency, longer equipment life, and higher equipment life cycle costs. Improved fuel economy and reduced emissions often drive the adoption of advanced lubricants.
- The electric generation and utility industries rely heavily on machinery that requires lubrication as the energy demand continues to grow. Countries are increasingly investing in renewable energy sources, which involve using lubricants to maintain equipment. Lubricants that extend the life of machinery and ensure preventive maintenance drive the demand. In addition to reducing friction and preventing corrosion, lubricants dissipate heat, thus extending the lifespan of equipment.
- As environmental regulations and environmental sustainability become more prevalent, eco-friendly lubricants are being developed. Manufacturers are increasingly developing biodegradable and low-impact lubricants. The aviation and marine industries heavily rely on lubricants for aircraft engines, ship engines, and other components. Trade and travel are increasing globally, which increases demand for specialized lubricants.
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Global Lubricants Market: Regional Landscape
- A growing demand for lubricants in Asia Pacific will lead to a significant increase in market growth. With booming industrialization and increasing automotive manufacturing units, the Asia Pacific market is predicted to experience rapid growth. The growing economy and population will generate lucrative market revenues in the future.
- Due to expanding industrial investment and infrastructure development, India and China are expected to become ideal markets for lubricants. In addition, industrial equipment is expected to operate more efficiently after applying lubricants, which is anticipated to boost demand. The growing sales of passenger cars in China and India will likely create a market for lubricants soon.
Global Lubricants Market: Key Players
Large-scale vendors dominate the global lubricants market, controlling most of the market share. Several companies are heavily investing in research and development, primarily to develop environmentally friendly products. Among the strategies prominent players adopt are product expansion, mergers, and acquisitions.
- Royal Dutch Shell Plc
- ExxonMobil Corporation
- BP Plc.
- Chevron Corporation
- Total S.A.
- Calumet Specialty Products Partners, L.P
- PetroChina Company Limited
- China Petrochemical Corporation (Sinopec Group)
- JXTG Nippon Oil & Energy Corporation
- Idemitsu Kosan Co., Ltd.
- FUCHS
- Gulf Oil Marine Ltd.
- Petroliam Nasional Berhad (PETRONAS)
Key Developments
- In November 2023, ExxonMobil Lubricant’s Maharastra greenfield project is scheduled to start operations by 2025. As a result of the growing demand for lubricants from the industrial and consumer sectors, a new plant, which will cost 900 crores, will produce 1 million barrels of lubricant oil or 159,000 kilos of finished lubricant oil per year.
- In December 2023, Oman Oil launched new lubricant packaging across all markets. In a recent event, OOMCO introduced an improved and more visible packaging solution that is eco-friendly and more effective.
Global Lubricants Market: Segmentation
By Type
- Mineral
- Semi-synthetic
- Synthetic
By Product
- Automotive Oils
- Engine Oils
- Transmission Oils
- Others
- Industrial Oils
- Metalworking Fluids
- Hydraulic Oils
- Process Oils
- Marine Oils
- Greases and Others
By End Use
- Automotive
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Industrial
- Marine
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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