Lubricants Industry Overview
The global lubricants market size was valued at USD 125.81 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028. The industry dynamics are changing, in terms of raw material, owing to the rising demand for bio-based lubricants. The growing trade of vehicles and their spare parts is anticipated to fuel the demand for automotive oils and greases.
The major economic recovery in North America and Europe is expected to boost the consumer vehicles segment, which, in turn, is a boon for the market. Typical lube manufacturers use crude oil, CBM, tight oil, and other additives to formulate all types of lubricants. Major companies, such as Royal Dutch Shell, Total SA, Chevron, ExxonMobil Corporation, British Petroleum, and Sinopec, have integrated their business operations globally. It ensures a steady raw material supply to manufacture mineral oils & additives needed for production.
Gather more insights about the market drivers, restrains and growth of the Global Lubricants Market
However, many other manufacturers have definitive contracts with raw material manufacturers as well as suppliers. This strategically enables these companies to reduce uncertain time and price losses in the procurement of these materials. Lubricants are majorly used as diesel engine oils, gearbox & transmissions in passenger cars, commercial vehicles & motorcycle segments of the automotive sector. Growing automobile sales are expected to augment the global industry growth over the forecast period. Global automotive sales have been on the rise primarily driven by countries, such as India, China, the U.S., and Brazil.
Growth drivers for the manufacturing sector in these markets include favorable foreign investment norms, availability of a large pool of skilled labor & technological know-how. High growth in niche manufacturing sectors, such as 3D printing & medical devices, is expected to further complement the industrial growth in these markets. Hence, rapid industrialization in BRICS is expected to drive industrial fluids demand, which, in turn, is expected to complement the global lubricants sector growth.
Major companies in the market are running a consumer-centric business, which has led to a high level of innovations, in terms of distribution timeline reductions and enhanced accessibility of the products. Many manufacturers have established ground-level distribution channels with regional suppliers that enable them to focus on other aspects of the business, such as quality improvisation, product portfolio enhancement, and more, thereby leaving distribution handling to the dedicated sources with a broader reach and market knowledge.
The industry is characterized by a high number of new market entrants that are seeking to tap the lucrative opportunities in the global market; while existing players are entering into strategic collaborations to increase capacities & expand their reach into emerging markets. The joint venture, merger, and acquisition activities in the industry have increased significantly over the past decade. Companies constantly seek to establish long-term contract agreements with trusted partners for sustainable business operations globally.
Browse through Grand View Research’s Petrochemicals Industry Research Reports.
- Mineral Oil Market – The global mineral oil market size was valued at USD 3.14 billion in 2017. It is likely to expand at a CAGR of 4.0% from 2018 to 2025. Surging demand for white oil has been helping the overall market gain momentum. It is widely used in the personal care and pharmaceutical industries.
- Coal Bed Methane Market – The global coal bed methane market size was valued at USD 16.0 Billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2020 to 2027.
Lubricants Market Segmentation
Grand View Research has segmented the global lubricants market on the basis of application and region:
Lubricants Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- Process Oils
- General Industrial Oils
- Metalworking Oils
- Industrial Engine Oils
- Engine Oil
- Gear Oil
- Transmission Fluids
- Brake Fluids
- Engine Oil
- Engine Oil
- Hydraulic Oil
- Gear Oil
- Turbine Oil
- Gas Turbine Oil
- Piston Engine Oil
- Hydraulic Fluids
Lubricants Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- June 2021: IOCL signed an MOU for “Investment Promotion” between the Government of Gujarat and IndianOil for setting up a Petrochemical and Lube Integration (LuPech) Project and Acrylics/Oxo Alcohol Project, along with other infrastructure projects at its Gujarat Refinery at Vadodara.
- September 2020: Total Group acquired Lubrilog SAS to improve Total’s role in the industrial sector by offering high-level experience for crucial applications in key industries such as mining, cement, and materials.
Key Companies profiled:
Some prominent players in the global lubricants market include
- ExxonMobil Corp.
- Quaker Chemical Corp.
- Royal Dutch Shell Co.
- JX Nippon Oil & Energy Corp.
- British Petroleum
- Total S.A
- Chevron Corp.
- Philips 66 Company
- Sinopec Corp.
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