Lubricants Market to Witness Rapid Growth in Demand During 2021 - 2028 with 2.7% CAGR

The lubricants market was valued at US$ 148.18 billion in 2020 and is projected to reach US$ 190.64 billion by 2028; it is expected to grow at a CAGR of 2.7% from 2021 to 2028. Lubricants are oils, fluids, and greases that help reduce friction between two surfaces in contact. The lubricants also prevent the machinery and rotary parts from thermal damage, corrosion, and oxidation. Growing demand for high-performance engines, increasing sales of vehicles, and rising manufacturing industries are the key factors driving the growth of the lubricants market. The key players operating in the lubricants market are focused on consumer-centric business, which lead to a high level of innovations.

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Companies Profiled in this report includes:

Royal Dutch shell
Exxon Mobil Corp
Chevron Corp
BP plc
Total
Lukoil
Sinopec Lubricant Company
Fuchs
Indian Oil Corp
Valvoline

The automotive segment is expected to hold a larger portion of the lubricants market share, primarily attributed to the increase in sales of automotive vehicles, such as trucks, buses, and other forms of passenger transport. Asia Pacific is anticipated to dominate the global lubricants market due to rapid urbanization, growing population, and significant rise from end-use industries, such as chemicals, textiles, food processing, and metalworking.

The report segments the Lubricants market as follows:

Based on base oil, the market is segmented into mineral oil, synthetic, bio based lubricants, and others. Based on product type, the market is categorized into engine oil, hydraulic oil, gear oil, grease, compressor oil, and others. Based on end use, the market is segmented into oil and gas, industrial, chemical, automotive, marine, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).

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