Lubricants Market : Unleashing Size Potential with 3.74% CAGR Surge by 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Lubricants Market Size, Share & Trends Analysis Report By Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Engine Oil, Hydraulic Fluid, Metalworking Fluid), End-Use Industry (Transportation and Industrial lubricants)- Market Outlook And Industry Analysis 2031"

The Global Lubricants Market is estimated to reach over USD 189.52 billion by 2031, exhibiting a CAGR of 3.74% during the forecast period.

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The COVID-19 issue significantly impacted the worldwide automotive supply business since it abruptly stopped the manufacturing and sales of automobiles in most locations. Millions of vehicles were not produced as a result of these work stoppages throughout the world. Lubricants are frequently used in the automotive industry to cool the pistons, prevent rusting of the engine and engine oil stored in the sump, and manage friction and wear in the engine.

The market under study is being significantly influenced in the short term by the rising demand for high-performance lubricants (due to their adequate and improved properties, such as lowered flammability, declined gear wear, and increased service life). Due to its widespread use in lubricating internal combustion engines, engine oil currently holds a dominant position in the market and is predicted to expand throughout the projection period. The growing popularity of bio-lubricants may present opportunities in the future. Asia-Pacific led the global market, with China and India accounting for the majority of consumption.

List of Prominent Players in the Lubricants Market:
• Amsoil Inc.
• Blaser Swisslube Inc.
• BP PLC.
• Buhmwoo Chemical Co. Ltd.
• Castrol India Ltd.
• Chevron Corporation,
• China Petrochemical Corp.
• ExxonMobil Corp.
• Fuchs Petrolub AG,
• Gazprom Neft,
• Idemitsu Kosan Co. Ltd.
• JX Nippon Oil & Gas Exploration Corp.
• Lukoil
• Pertaminaa
• Petrobras
• Petrochina Company Ltd,
• PetroFer Chemie
• Petronas Lubricant International
• Philips 66 Company
• Quaker Chemical Corp.
• Royal Dutch Shell Co.
• Sinopec Ltd.,
• Total S.A.,
• Valvoline LLC
• Zeller Gmelin Gmbh & Co. KG

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Market Dynamics:
Drivers-
The use of bio-based base oil lubricants by various end-use sectors, which have higher biodegradability than conventional lubricants made from fossil fuel distillates, could also contribute to rising lubricant usage. Lubricating agents are needed for processing industries and automotive parts, particularly engines and brakes, to function smoothly and continuously. The market's revenue growth is being aided by an increase in the import-export of piston engine lubricants throughout time. According to World Bank statistics, with export trade values of USD 2.06 billion and USD 1 95 billion, respectively, the European Union (EU) and the US were among the top exporters of lubricants and oil additives derived from petroleum and minerals in 2021.

Challenges:
Some significant issues impeding the growth of the worldwide lubricants market's revenue include the rising popularity of hybrid and electric vehicles, long-term restrictions on grease lubricants, and the unfavorable impact of lubricants on the environment. Sales of engine oils and other lubricants have fallen as a result of the large growth in the use of electric vehicles over time. The International Energy Agency (IEA) reports that sales of electric vehicles doubled in 2021 to a total of almost 6.6 million, accounting for 10% of all new automobile sales worldwide. Furthermore, China already accounts for 16% of global electric car sales, with more than 3.300 new cars registered there in 2021, reflecting a considerable increase in the selling of electric vehicles. Grease has a number of disadvantages when used as an industrial lubricant, including a short shelf life on lubricating surfaces and an insufficient cooling capacity, both of which are projected to reduce consumer demand for grease.

Regional Trends:
The Asia-Pacific region dominated the global market share. Lubricants are being more widely used in the area as a result of the region's growing demand for wind energy and a sizable car manufacturing industry in nations like China, India, and Japan. The United States is the second-largest consumer of lubricants in the world after China. Chemical production and automotive and wind energy industries are other significant end-user sector in China. The superior car manufacturing sector in the world is found in China. China produced 26082220 automobiles in 2021, according to the China Association of Automobile Manufacturers (CAAM), and it is anticipated that production will rise steadily over the forecasted period.

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Recent Developments:
• In June 2021, In order to establish a Petrochemical and Lube Integration (LuPech) Project, an Acrylics/Oxo Alcohol Project, and additional infrastructure projects at its Gujarat Refinery in Vadodara, IOCL and the Government of Gujarat inked an MOU for "Investment Promotion."

Segmentation of Lubricants Market-
By Base Oil-
• Mineral Oil
• Synthetic Oil
o PAO
o PAG
o Esters
o Group III
• Bio-based Oil

By Product Type-
• Engine Oil
• Hydraulic Oil
o HL
o HLP
o HLP-D
o Fire Resistant

• Metalworking Fluid
o Removal
o Protective
o Forming
o Treating

• Gear Oil
o Rust & Corrosion inhibited gear oil
o Compounded gear oil
o Extreme pressure gear oil

• Compressor Oil
• Grease
o Metallic Soap Thickener
o Lithium
o Calcium
o Aluminum
o Sodium
o Other Metallic Soap
o Non-Soap Thickener
o Inorganic Thickener
o Clay
o Silica
o Other Thickeners

• Turbine Oil
• Others
o Transformer Oil
o Refrigeration Oil
o Textile Machinery Lubricants

By End-Use Industry-
• Transportation
o Commercial Vehicles
o Passenger Vehicles
o Aviation
o Railways
o Marine
o Biotech
• Industrial
o Construction
o Mining
o Cement Production
o Power Generation
o Automobile Manufacturing
o Chemical
o Oil& Gas
o Textile
o Food Processing
o Others

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.