New York, United States, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Lubricants are chemical compounds designed to reduce or manage friction between industrial surfaces. They are formulated using a variety of base oils, including synthetic, semi-synthetic, and bio-based oils, along with chemically modified substances such as esters, polyalphaolefins (PAOs), and polyethylene glycols (PAGs). These formulations exhibit properties comparable to those of petroleum-based products.
One of the primary functions of lubricants is to absorb heat generated by mechanical components, effectively lowering the temperature of moving parts. By reducing friction and heat buildup, lubricants significantly enhance the overall service life and efficiency of equipment, ensuring smoother operation and reducing wear and tear. This makes them essential for a wide range of applications across various industries, including automotive, manufacturing, and energy sectors.
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Market Dynamics
Rapidly Booming Electric Vehicle (EV) sector drives the global market
The swift adoption of electric vehicles (EVs) is significantly boosting the lubricants market, as there is an increasing demand for specialized driveline fluids, coolants, and greases to manage heat and ensure efficiency in electric motors and batteries. In EVs and hybrid electric vehicles (HEVs), lubricants are crucial in preventing copper corrosion in electrical components.
Sales of EVs have surged from 2022 to 2023, with a notable 25% increase in the first quarter of 2024 compared to the previous year. The International Energy Agency projects that EV sales in the U.S. could represent nearly one-fifth of total passenger car sales by 2035, creating substantial growth opportunities for lubricant providers.
Growing acceptance of bio-lubricants creates tremendous opportunities
The global lubricants market is experiencing a significant shift toward bio-based, sustainable options, presenting a compelling opportunity for manufacturers and businesses alike. With governments increasingly advocating for eco-friendly lubricants in sensitive environments such as forests, waterways, and agricultural lands, there is a strong push to mitigate the ecological risks associated with mineral oils.
Businesses are recognizing the strategic advantage of adopting bio-lubricants, as these products not only enhance sustainability but also improve brand perception and support corporate social responsibility (CSR) commitments. The industry's innovative spirit is reflected in the emergence of new bio-based alternatives to traditional polyalphaolefins and mineral oils.
- For instance, Synnova, developed from renewable sources like sugarcane, stands out as a carbon-negative and biodegradable lubricant that meets OECD standards. This innovation highlights the growing market potential for bio-lubricants, allowing companies to lead in sustainability while meeting consumer demand for greener solutions.
Regional Analysis
The Asia Pacific region is witnessing substantial growth in the lubricants market, largely fueled by the increasing adoption of electric vehicles (EVs) across nations such as China, Japan, and South Korea. This growth is further supported by rapid urbanization and significant technological advancements that enhance the demand for lubricants in various applications.
China, in particular, is at the forefront of promoting electric mobility, bolstered by extensive government support and substantial investments in EV infrastructure. Japan and South Korea are also making significant strides in introducing electric vehicles, contributing to a robust market for lubricants tailored to meet the specific needs of EV technology.
As these countries continue to lead the charge in electric vehicle adoption, the lubricants market is poised for continued expansion, driven by the demand for specialized products that ensure optimal performance and efficiency in electric mobility solutions.
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Key Highlights
- The global lubricants market size was valued at USD 147.42 billion in 2024 and is projected to reach USD 200.91 billion by 2033, growing at a CAGR of 3.5% during the forecast period (2025-2033).
- Based on product type, the global market is segmented into automotive oil, industrial oil, marine oil, and process oils.
- Based on base oil type, the global market is segmented into mineral oil, synthetic lubricants, and bio-based lubricants.
- Based on application, the global lubricants market is segmented into automotive, industrial, and others.
Competitive Players
The key players in the global market are ExxonMobil Corp., Royal Dutch Shell Co., BP PLC., Total Energies, Chevron Corp., Fuchs, Castrol India Ltd., Philips 66 Company, Valvoline LLC, PetroChina Company Ltd., China Petrochemical Corp., Idemitsu Kosan Co. Ltd., Lukoil, Petrobras, Petronas Lubricant International, Quaker Chemical Corp., PetroFer Chemie, Buhmwoo Chemical Co. Ltd., Zeller Gmelin Gmbh & Co. KG, and Blaser Swisslube Inc.
Market News
- In January 2024, Shell U.K. completed the acquisition of MIDEL and MIVOLT, where Shell will manufacture and distribute the MIDEL and MIVOLT product lines as part of Shell’s global lubricants portfolio. The acquisition will further enable Shell to complement its differentiated position in Transformer Oils.
Global Lubricants Market: Segmentation
By Base Oil Type
- Mineral Oil
- Synthetic Lubricants
- Bio-Based Lubricants
By Product Type
- Automotive Oil
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- Hydraulic Oil
- Industrial Oil
- Metal Working Fluids
- Greases
- Others
- Industrial Oil
- Marine Oil
- Process Oil
By Applications
- Automotive
- Industrial
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- Central & South America
- The Middle East and Africa
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