Global Lubricants Market Size, Share, Revenue Analysis, Opportunities, Trends, Product Launch, 2030

Global Lubricants Market Overview:

The Global Lubricants Market is expected to reach USD 142.63 billion by 2030, growing at a CAGR of 3% between 2021 and 2030.

Rising automotive sales are expected to boost global market growth during the forecast period. The market's industrial growth will be supplemented by rapid expansion in speciality manufacturing sectors such as 3D printing and medical devices. Rising industrialization in the BRICS countries is expected to drive demand for industrial fluids, assisting the global lubricants sector's development. Major market participants are pursuing a consumer-centric strategy, which has resulted in high innovation levels, reduced distribution delays and improved product accessibility. Lubricants are used in numerous processes. Renewable energy is a promising subsegment of the power generation industry. Demand for renewable energy will benefit lubricants and create lucrative opportunities for market growth.

COVID-19 has revealed many challenges for the lubricants industry, affecting the transportation and industrial sectors. The pandemic has affected the major economies of each region, resulting in a slowdown in activities across industries that use lubricants in their machinery and equipment. Lockdown, on the other hand, has impacted the transportation sector, with very little movement of commercial and passenger vehicles and airlines grounded completely around the world. The market is expected to recover in 2021, with industrial and transportation activities returning to full capacity.

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Market segmentation:

The Global Lubricants Market is segmented based on product, base stock and application.

According to the product:

Bio-based Oil
Synthetic Oil
Marine Oil
Grease
Others
According to the base stock:

semi-synthetic lubricants
bio-based lubricants
mineral oil lubricants
synthetic lubricants
According to the application:

chemical manufacturing
automotive
power generation
heavy equipment
metallurgy
food and beverage
metalworking
oil and gas

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Regional analysis:

The Global Lubricants Market is divided into North America, Asia-Pacific, Europe, and the Rest of the World.

Asia-Pacific dominated the global market with a volumetric share of more than 43% in 2020 and will grow at the fastest CAGR in terms of both volume and revenue from 2021 to 2028. This is due to the rising population, rising demand for rapid urbanization and industrialization, base oil, and rapid growth in major end-use industries. The market offers several lucrative opportunities for innovators who target niche applications and launch newer products with advantageous product characteristics. Furthermore, major industry players are shifting their manufacturing facilities to the Asia-Pacific due to the availability of low-cost labour and ever-increasing demand.

Europe has high growth potential for industrial lube products due to the region's rapidly expanding chemical manufacturing facilities. The intervention of several multinational chemical manufacturers from countries such as France, the United Kingdom, Russia, and Germany is largely responsible for the rapid growth. These industrial lubes are commonly used for various applications, including fertilizer production, rotatory and compressor units in manufacturing units, and others, which aid in a multi-fold increase in operating cycle as well as the performance of machinery subjected to extreme stress.

Recent developments:

On September 20, 2021, The Lukoil Group and Daimler AG, one of the world's largest vehicle manufacturers, expanded their relationship in Lukoil lubricant's first fill supplies for the engines of the brand's premium passenger cars in Eastern Asia and Europe.
On November 2021, a division of Chevron U.S.A. Inc. (Chevron Company) and manufacturer of Havoline® advanced passenger car motor oils, will launch Havoline® PRO-RSTM Renewable Full Synthetic Motor Oil, the company's first renewable motor oil product and an ultra-premium addition to the Havoline portfolio.

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Key Players

Royal Dutch Shell PLC. (Netherlands)
Exxonmobil Corporation (U.S.)
Chevron Corporation (U.S.)
Total S.A. (France)
Sinopec Lubricant Company (China)
Petrochina Company Limited (China)
BP PLC (UK)
JXTG Group (Japan)
Idemitsu Kosan Co. Ltd (Japan)
FUCHS (Germany)

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