New York, March 28, 2023 (GLOBE NEWSWIRE) -- The latest research report by Reports Insights titled "Finished Lubricant Market" reveals that the market was valued at USD 155.9 billion in 2022 and is expected to reach USD 198.35 billion by 2030, exhibiting a CAGR of 3.5%. The market growth is attributed to the increasing demand for finished lubricants from various end-use industries such as automotive, industrial machinery, and marine applications. The report provides insights into market dynamics, trends, and opportunities that are beneficial for lubricant manufacturers, distributors, and investors.
Finished Lubricant Market Size, Share & Trends Analysis, By Type (Synthetic, Bio-Based, Oil-based), Grade (Industrial Grade, Food Grade), Product (Engine Oils, Fuel Additives, Coolants & Antifreezes, Greases, Hydraulic Oils, Industrial Oils, Transmission/Gear Oils, Metalworking Oils, Turbine Oils, Others), End Use (Automotive, Marine, Industrial, Steel, Food Processing Industry, Construction, Petrochemical, Others) By Region and Segment, Forecast Period 2023 – 2030.
ReportsInsights Consulting Pvt. Ltd. offered an in-depth research report on the finished lubricant market, which considers various factors such as market size, trends, value, and supply chain, along with the regulatory environment that affects market growth rate. Additionally, the study examines different opportunities and trends in key segments such as type, grade, application, end-use industry, and region. These factors enable manufacturers to gain a competitive advantage over their rivals by developing strategic partnerships, acquisitions, and mergers, as well as launching innovative products to strengthen their market position.
Finished Lubricant Market Growth Drivers:
- Rising automation or machinery adoption within manufacturing facilities boost the demand for finished lubricants for reduced wear and tear of the machinery components along with equipment optimizations.
- Growing infrastructural developments due to increased investments from public and private ventures accelerates the finished lubricants market statistics.
- Increased research and development of biodegradable grade lubricants to meet evolving environmental regulations set by authoritative bodies such as Food and Drug Administration also propels the market growth in food and beverage industry.
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Restraints
- Volatile costs of oil along with strict standards and protocols for lubricant production without usage of toxic chemicals such as phosphorus, sulfur, and ash (PSA) compounds hampers the market growth.
- Prolonged human exposure to such finished lubricants, especially in industrial settings increases the risks of allergic reactions, skin irritation and other ailments. Such human health concerns also limits the market adoption typically in manually controlled machinery in industrial environment.
Competitive Landscape
As per the research, Chevron U.S.A. Inc., Royal Dutch Shell, FUCHS, TotalEnergies, and Idemitsu Kosan Co.,Ltd are prominent players that operate in market circumstances. The competition in the finished lubricant market is based on factors such as product quality, pricing, brand image, distribution channels, and innovation. Thus, the market players constantly invest in R&D to develop new and improved lubricant products that offer better performance, efficiency, and sustainability. In addition, companies are also focusing on expanding their distribution network and establishing strategic partnerships to improve their market presence and gain a competitive advantage.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 198.35 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 3.5% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Chevron U.S.A. Inc., Royal Dutch Shell, Castrol Limited (BP), Sinopec Corp., Universal Lubricants, HP Lubricants, Gulf Oil Corporation, FUCHS, TotalEnergies, Idemitsu Kosan Co.,Ltd, North Sea Lubricants |
| By Type | Synthetic, Bio-Based, Oil-based |
| By Grade | Industrial Grade, Food Grade |
| By Product | Engine Oils, Fuel Additives, Coolants & Antifreezes, Greases, Hydraulic Oils, Industrial Oils, Transmission/Gear Oils, Metalworking Oils, Turbine Oils, Others |
| By End Use | Automotive, Marine, Industrial, Steel, Food Processing Industry, Construction, Petrochemical, Others |
| Report Coverage | Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Total Revenue Forecast, Business Strategies, and more. |
| By Geography | North America [United States, Canada, Mexico] Asia-Pacific [China, Japan, India, Southeast Asia, Korea, Western Asia] South America [Brazil, Argentina, Columbia, Chile, Peru] Europe [Germany, UK, Turkey, Spain, France, Italy, Russia, Netherlands, Switzerland] Middle East & Africa [GCC, North Africa, South Africa] |
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The growing demand of finished lubricants from various industries such as automotive, marine, construction, industrial and others will push the sales of finished lubricants. For instance, according to a report published by The American Oil Chemists' Society, the annual global consumption of finished lubricants is about 42 million tons than over 4,500 million tons of oil consumption. Thus, the market for finished lubricants is expected to witness an increase in coming years due to such increased demand from multiple industries.
Synthetic lubricants offer several advantages as compared to conventional mineral-based lubricants, including better performance, longer life, and reduced maintenance costs. With increased awareness of these benefits among population, the demand for finished lubricants is expected to witness an increase.
As emerging economies continue to grow and develop, the demand for finished lubricants is expected to grow at a substantial rate. These economies are expected to be major consumers of finished lubricants in the future due to the continued pace of industrial and automotive sectors expansion.
Rising technological advancement is anticipated to propel the demand for lubricants that could withstand higher temperatures, pressures, and stresses. Thus, the scope of developing high-performance lubricants, will drive the growth of the finished lubricant market.
Growing limitations on mineral oil-based lubricants in specific areas, such as in forests and lakes by several countries, including Germany, Belgium, Switzerland and Austria will accelerate the demand for bio-based finished lubricants. One of the crucial legislations called European Union’s Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) plays a major role in development of various bio-lubricants. Thus, increased implementation of protocols and regulations sketched by the REACH to clean the chemical industry and decrease the usage of toxic substances will result in increased sales of bio-based finished lubricants.
Key Market Takeaways
- The global finished lubricant market size is projected to garner USD 198.35 billion by 2030 with a staggering CAGR of 3.5% during the forecast period (2023-2030).
- Based on type, the synthetic segment accounted for highest share contribution to the market growth in 2022.
- By grade, the industrial grade segment is expected to contribute significant shares to the market growth during the forecast period
- In the context of product, the hydraulic oils segment is anticipated to account for highest share contribution to the market statistics from 2023 to 2030.
- Based on the end-use, the automotive segment accounted for largest share contribution to the market growth in 2022.
- Environmental regulations play a significant role in the finished lubricant market in North America in terms of the development of advanced lubricants that help to reduce the emissions in automobiles and improve fuel efficiency.
- With increased expenditures on product innovations, especially in terms of biodegradability of finished lubricant is expected to boost the market presence in European region.
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Recent Developments:
In March 2022, North Sea Lubricants launched a new product series named TIDAL POWER SXPD. The latest TIDAL POWER SXPD range is designed to optimize performance and provide longer drain intervals for major OEMs. The products are expected to be offered as cost-effective solution as compared to fully synthetic top tier products.
In July 2022, Automovill, an emerging venture that provides end-to-end mobility solutions, formed an alliance with TotalEnergies Marketing India Pvt. Ltd (TEMIPL) to become its sole lubricants partner. As part of the partnership, TEMIPL is expected to provide high-quality automotive lubricants to all Automovill outlets.
List of Major Finished Lubricant Market Players
• Chevron U.S.A. Inc.
• Royal Dutch Shell
• Castrol Limited (BP)
• Sinopec Corp.
• Universal Lubricants
• HP Lubricants
• Gulf Oil Corporation
• FUCHS
• TotalEnergies
• Idemitsu Kosan Co.,Ltd
- North Sea Lubricants
Global Finished Lubricant Market Segmentation:
- By Type
- Synthetic
- Bio-Based
- Oil-based
- By Grade
- Industrial Grade
- Food Grade
- By Product
- Engine Oils
- Fuel Additives
- Coolants & Antifreezes
- Greases
- Hydraulic Oils
- Industrial Oils
- Transmission/Gear Oils
- Metalworking Oils
- Turbine Oils
- Others
- By End Use
- Automotive
- Marine
- Industrial
- Steel
- Food Processing Industry
- Construction
- Petrochemical
- Others
Key Questions Covered in the Finished Lubricant Market Report
Who are some of the major players with a dominant market presence in the finished lubricant market?
Among the different segments in the finished lubricant market, which segment is anticipated to hold the largest share from 2023 and 2030?
What is the estimated market valuation for the finished lubricant market by 2030?
What are the primary trends propelling the growth of the finished lubricant market from 2023 to 2030?
Which region is expected to offer significant opportunities for increased market presence of finished lubricants during the forecast period?
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