Lubricants Market | Increasing Application in Automotive Industry

The global lubricants market is expected to be valued at US$ 145.2 billion in 2022 and is expected to grow at 4.1% CAGR over the forecast period 2022-2028 due to increasing application in automotive industry across the globe. Lubricant is a substance which is used to control friction and wear of the surfaces in a contact of the bodies in relative motion. Depending on its nature, lubricants are also used to eliminate heat and wear debris, supply additives into the contact, transmit power, protect, seal. A lubricant can be in liquid, solid, gaseous or even semisolid forms. The liquid lubricants can be classified based on the base oil to synthetic/semi-synthetic, mineral or environmentally acceptable oils. Most of the lubricants contain additives to improve their performance.

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Engine Oil Accounted for Higher Revenue Share in Global Lubricants Market:
Based on product type, global lubricants market is segmented into engine oil, hydraulic fluid, metalworking fluid, others. Engine Oil is accounted for higher revenue. Motor oil, engine oil, or engine lubricant is one of many substances consisting of base oils enhanced with different additives, especially anti-wear additives, detergents, dispersants, and viscosity index improvers for multi-grade oils. For the lubrication of internal combustion engines, motor oil is used. The Society of Automotive Engineers (SAE) developed a scale for both engine (motor oil grades) and transmission oils.

North America leads the Global Lubricants Market:
Based on regional analysis, global lubricants market segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America global lubricants market contributed the largest share in 2021. Production of advanced quality goods with longer oil drain cycles, the U.S. lubricant industry has made constant progress. As a consequence of higher performance, this has led to lower use of oils and greases. Growth in urbanization and increase in the market players are the other prominent factors boosting the global market.

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The global lubricants market segmented on the basis of product type, base oil, application and region:

By Product Type
• Engine Oil
• Hydraulic Fluid
• Metalworking Fluid
• Others

By Base Oil
• Mineral Oil
• Synthetic Oil
• Bio-based Oil

By Application
• Transportation
• Industrial
• Others

By Geography
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Key player's profiles in the global lubricants market are: Royal Dutch Shell (Netherlands), ExxonMobil (U.S.), BP PLC (U.K.), Chevron Corporation (U.S.), Total S.A. (France), Petrochina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited (China), Fuchs Petrolub AG (Germany), Valvoline (U.S.), Lukoil (Russia), Petronas (Malaysia), Gazprom Neft (Russia), Pertamina (Indonesia).

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This release was published on openPR.