Lubricants Market to Reach US$ 163.37 Bn by 2026

Lubricants play a vital role in various industries such as automotive, industrial, and marine. They help reduce friction and wear and tear of operating parts of machines.

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lubricants possess properties such as high boiling point, high viscosity index, corrosion prevention, thermal stability, low freezing point, and high resistivity to oxidation. They extend the shelf-life of mechanical parts, thereby providing higher efficiency. Lubricants are employed to facilitate smooth operation of mechanical parts and eliminate any residues deposited on these parts. Key lubricant products include metalworking fluids, process oil, transformer oil, industrial lubes & greases, and industrial oil.

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global lubricants market
The global lubricants market has been segmented based on type, product, and application. In terms of product, the market has been classified into mineral, synthetic, and semi-synthetic. Mineral was the leading segment of the market in 2017. Mineral-based lubricants are available at lower cost than synthetic and semi-synthetic lubricants. They contain large number of hydrocarbon compounds and organic compounds of oxygen, sulfur, and nitrogen. These hydrocarbons can result in the development of dirty oil, acid, and oxidation instability. This can create irregular lubrication in the engine. The challenge of mineral lubricants containing group I base oil is to deliver fuel economy at lower viscosity, without affecting engine durability.

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Therefore, increase in limitations on using conventional mineral oil base stock for formulating lubricants is boosting the demand for synthetic lubricants that contain higher quality base stocks such as PAO and API Group V based lubricants. Rise in emphasis on engine downsizing; and increase in usage of turbocharging, direct injection, and exhaust gas recirculation are driving the need for high purity lubricating oils, such as synthetic as well as semi-synthetic, that offer improved viscosity index and thermal and oxidative stability to maintain thermal and oxidative stability at longer or equal drain intervals.

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