Wilmington, Delaware, United States, Transparency Market Research Inc. -, Sept. 16, 2024 (GLOBE NEWSWIRE) -- A valuation of US$ 151.1 billion was estimated for the lubricants market (윤활유 시장) in 2023. By 2034, it is projected to have grown at a compound annual growth rate (CAGR) of 2.6% and reach US$ 206.9 billion. Increasing sustainability laws and environmental awareness have led to a growing demand for bio-based lubricants from renewable resources, including animal fats, vegetable oils, and synthetic esters. The oil-based lubricants are better, less toxic, and biodegradable than the traditional ones.
Industrial operations, such as those in the manufacturing, construction, automotive, and transportation industries, are strongly associated with the need for lubricants. Economic growth and industrial expansion enhance demand for lubricants to maintain machinery and equipment, propelling market growth.
The popularity of synthetic lubricants is predicted to increase due to their superior properties, such as low oxidation resistance and high viscosity index. As a result, they increase performance under harsh operating conditions, prolong equipment life, and improve fuel efficiency. Smart lubrication systems that use data analytics to provide predictive maintenance warnings can maximize lubricant consumption, minimize downtime, and avert equipment problems.
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Key Findings of the Market Report
- Based on product, bio-based lubricants will likely drive demand
- As automobile sales rise, the lubricant market is expected to grow rapidly.
- In 2023, the Asia Pacific region held the largest share of the market.
- As the lubricant industry grows, China is expected to gain its market share significantly.
Global Lubricant Market: Growth Drivers
- The automotive industry relies heavily on lubricants, particularly engine and transmission fluids. In light of the increasing popularity of electric vehicles (EVs) and the increasing use of hybrid vehicles, lubricant compositions are changing. Fuel economy and pollution laws also affect the creation of high-performance lubricants.
- Environmental concerns and regulatory measures to reduce emissions and promote sustainability influence the lubricant market. This includes the shift towards bio-based and environmentally friendly lubricants and the development of lubricants with lower emissions and improved energy efficiency.
- Innovation and expansion in the market are propelled by developments in lubricant technology, such as creating synthetic, bio-based, and specialty lubricants suited for particular uses. Numerous industries find these innovations intriguing because they enhance performance, durability, and environmental sustainability.
- High-quality lubricants are more important as proactive maintenance techniques, such as condition monitoring and predictive maintenance, are implemented to guarantee equipment dependability and save downtime. The need for specialty lubricants designed for particular equipment types and operating circumstances is increased by this trend.
Global Lubricant Market: Regional Landscape
- Lubricants are expected to lead the market in Asia Pacific. China, India, and Southeast Asian countries are showing rapid industrial growth as the Asia-Pacific region becomes increasingly industrialized. The need for lubricants is driven by this industrial growth in several industries, including the maritime, automotive, manufacturing, and construction sectors.
- Some of the biggest automobile markets in the world, including those of China, Japan, India, and South Korea, are found in the Asia-Pacific area. These nations' rising car sales and production are increasing lubricant demand, especially engine and gearbox fluids. Lubricant use is further increased by higher car ownership rates, which result from urbanization and the growing middle class.
- The governments of numerous Asia-Pacific nations are investing significantly in constructing ports, airports, railroads, highways, and bridges. Heavy machinery and construction equipment for these projects depend on lubricants for proper operation and upkeep.
- The Asia-Pacific region's growing manufacturing and industrial sectors are driving up demand for lubricants for the upkeep of machinery and equipment. This comprises equipment used in the mining, manufacturing, agricultural, and energy production industries.
Global Lubricant Market: Competitive Landscape
Lubricant manufacturers are concentrating on developing bio-based lubricants to meet consumer demand. To keep their leadership position and increase their market presence, they are also implementing a number of initiatives, including mergers and acquisitions and the development of new products.
Key Players Profiled
- ADDINOL Lube Oil GmbH
- AMSOIL INC.
- BVA Oil
- Carlube
- CRP Industries Inc.
- Forsythe Lubrication
- FUCHS
- LIQUI MOLY GmbH
- Lucas Oil Products Inc.
- Motul
- Royal Purple LLC
- The Maxol Group
- Tulco Oils
- Unil-Opal S.A.S
Key Developments
- In September 2023, L.B. Foster Company, the world's biggest lubricant manufacturer, expanded its North American strategic partnership to include new markets in South America, Australia, and China. The partnership combines L.B. Foster’s world-renowned expertise and FUCHS's world-class lubrication solutions for railways with its manufacturing capabilities.
- In March 2024, AMSOIL INC. announced that AMSOIL products would become the official lubricants for performance-engineered products manufactured by Lingenfelter Performance Engineering (LPE). Engine and chassis tuning components and advanced engine builds are LPE's specialty. Aspects such as component design, durability testing, and life-cycle improvement are also provided to manufacturers by these companies.
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Global Lubricant Market: Segmentation
By Product
- Mineral Lubricants
- Synthetic Lubricants
- Bio-based Lubricants
By Application
- Automotive
- Aerospace
- Marine
- Industrial
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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