Market Overview

The global lubricants market produces and distributes lubricants to reduce friction and wear in machinery and equipment. Lubricants minimize friction and wear, making machinery and equipment run smoothly. mineral-based and synthetic lubricants make up the market. Synthetic lubricants are created from chemicals, while mineral-based ones come from crude oil. Bio-based lubricants from vegetable oils and other renewable resources are also in demand.

Industry Growth

The lubricant market has grown in developing countries like India, Indonesia, China, Brazil, and others due to the rising automobile sector. As per capita income rises, people want cars to live well. The industrialization has increased commercial vehicle demand. Lubricant sales rise with vehicle production. Hybrid vehicle demand and battery parity will hurt the global lubricant sector. Renewable energy demand is also helping the lubricants business. Power generation uses lots of industrial lubricants. Wind turbines are now employed to generate power, and they need lots of lubricants. Thus, growing lubricant use in various processes will drive market growth in the future.

The key market players profiled in the report include Royal Dutch Shell Plc. (Netherlands), ExxonMobil Corporation  (U.S.), Chevron Corporation (U.S.), BP p.l.c. (U.K.), TotalEnergies SE (France), Petrochina Company Limited (China), Sinopec Corp (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co. Ltd  (Japan), among others.

This report segments the Lubricants market as follows

Global Lubricants Market: By Base Oil Segmentation Analysis

• Mineral Oil
• Synthetic Oil
• Bio-based Oil

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Global Lubricants Market: By Product Type Segmentation Analysis

• Engine Oil
• Hydraulic fluid
• Metalworking fluid
• Gear Oil
• Compressor oil
• Grease Oil
• Turbine Oil
• Others

Global Lubricants Market: By End- User Segmentation Analysis

• Transportation
• Industrial

“Gear oil projected to be the second largest product type, in terms of value, during the forecast period”

It helps in increasing the functional lives of gear equipment and also reduces the possibility of frequent down times. The growth of the gear oil market is associated with the growth of mechanical machines used in industries. Although machines have transformed into mechatronics, gears are still a vital part of mechanical systems. Thus, the growing industrial sector positively impacts the gear oil market.

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Regional Insight by FnF Research

North America, APAC, Latin America, and MEA make up the global lubricant market. Due to rising infrastructure and industrial spending in emerging markets like China, Indonesia, and India, APAC is expected to grow quickest in volume and share. The largest countries are the U.S., Germany, UK, Canada, South Korea, Italy, India, Japan, Brazil, UAE, Egypt, France, China, South Africa, and Kuwait.

“North America is estimated to be the second-largest market for lubricants, in terms of value, during the forecast period”

The region is characterized by the high use of synthetic and semi-synthetic lubricants driven by OEM recommendation and consumer awareness. The OEM tie-ups with the lubricant manufacturers govern the major share of the market. Major lubricant suppliers have tie-ups with automotive companies to supply customized lubricants suiting their requirements. North America is one of the developed regions in the world. The region is very much affluent. It has one of the highest motorization rates in the world, especially in the US. However, it is expected that the lubricants market in the region will witness a shift from mineral oil-based lubricants to synthetic oil-based lubricants.