Press release
Lubricants Market to Develop Rapidly by 2024 - 2031 | Royal Dutch Shell Co., ExxonMobil Corp.
Lubricants Market
Global lubricants market is estimated to be valued at USD 144.60 Bn in 2024 and is expected to reach USD 186.47 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Market Dynamics:
The lubricants market is expected to witness significant growth over the forecast period, driven by growing demand from the automotive industry. With rising vehicle ownership and increasing demand for efficient vehicles, the automotive lubricants segment accounts for over 30% of the global lubricants market. Moreover, industrialization and growing manufacturing activity have resulted in higher demand for industrial lubricants from diverse end use industries such as cement, textile, metalworking, power generation, mining etc. Furthermore, stringent government regulations regarding vehicle emission and fuel efficiency are prompting automobile manufacturers to focus on advanced lubricant technologies, thereby propelling innovation and new product development in the market. Additionally, rapid urbanization in developing countries is augmenting infrastructure development, which in turn is spurring demand for construction and mining equipment lubricants.
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Lubricants Market Drivers
Increasing Demand from Transportation Sector
The transportation sector is a major end user of lubricants as lubricants are essential for smooth functioning of vehicles. With rising levels of urbanization and incomes globally, vehicle ownership rates are increasing rapidly. Both commercial vehicle fleet size and personal vehicle ownership are growing significantly year on year. This directly translates to higher demand for various types of lubricants like engine oils, greases, hydraulic oils etc from the transportation sector.
Lubricants Market Opportunity
Growing Wind and Solar Power Installations
Renewable energy sectors like wind and solar power are experiencing rapid capacity additions globally in view of climate change concerns. This opens up new opportunities for specialty lubricants tailored for gears, bearings and other components in wind turbines and solar panels. These critical applications require optimized lubricants that can perform under harsh outdoor operating conditions and long duration between replacement. The thriving green energy industry hence offers scope to introduce customized lubrication solutions.
Lubricants Market Trend
Rise of Synthetic and Bio-based Lubricants
With tightening environmental norms and growing end user focus on sustainability, the market is witnessing a definite shift towards synthetic and bio-based lubricant variants. These advanced lubricants offer longer service life, better performance even under extreme conditions and better biodegradability profile compared to conventional mineral oil based grades. Leading manufacturers are proactively investing in synthetic and bio-lubricant technology development responding to the clear market trend. Their superior value proposition over traditional oils will aid faster market adoption going forward.
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Top Companies Featured in This Report:
★ Royal Dutch Shell Co.
★ ExxonMobil Corp.
★ BP PLC.
★ Fuchs
★ Blaser Swisslube Inc.
★ Total Energies
★ Chevron Corp.
★ Castrol India Ltd.
★ Amsoil Inc.
★ JX Nippon Oil & Gas Exploration Corp.
★ Philips 66 Company
★ Valvoline LLC
★ PetroChina Company Ltd.
★ Idemitsu Kosan Co. Ltd.
★ Petrobras
★ Petronas Lubricant International
★ Quaker Chemical Corp.
★ PetroFer Chemie
★ Buhmwoo Chemical Co. Ltd.
★ China Petrochemical Corp.
Market Segmentation:
By Product Type:
★ By Base Oil: Bio-Based, Mineral, Synthetic
★ By Product Type: Engine Oil Transmission/Hydraulic Fluid, Metalworking fluid, General Industrial Oil , Gear Oil, Grease, Process Oil, Others
★ By End User: Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, Others (Chemical Manufacturing, etc.)
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Lubricants Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Lubricants market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Lubricants market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Lubricants market.
Segment Analysis: Examining the market value and sales volume of Lubricants by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Lubricants market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Lubricants sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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