With CAGR of 2.3%, Lubricants Market to be Worth USD 140.54 billion by 2032 | PetroChina Company, Chevron Corporation, ENEOS Corporation

The global lubricants market size was valued at USD 119.07 billion in 2023 and is projected to be worth USD 120.97 billion in 2024 and reach USD 140.54 billion by 2032, exhibiting a CAGR of 2.3% during the forecast period. Asia Pacific dominated the lubricants market with a market share of 45.26% in 2023.

Lubricants are fluids, oils, or greases that reduce friction between two surfaces that are close together, says Fortune Business InsightsTM in its report titled, "Lubricants Market Size, Share, Growth, 2024-2032".

𝑮𝒆𝒕 𝒂 𝑭𝒓𝒆𝒆 𝑺𝒂𝒎𝒑𝒍𝒆 𝑹𝒆𝒔𝒆𝒂𝒓𝒄𝒉 𝑹𝒆𝒑𝒐𝒓𝒕 - https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/lubricants-market-101771

Competitive Landscape-

Offering a Range of Solutions Could Strengthen the Positions of Market Players

The major producers are in Europe, but Asia Pacific has witnessed high demand. It is resulting in the consolidation of the market. Producers in Europe and North America are constantly acquiring and merging to strengthen their market position and drive business growth. As a result, the market's key players have established strong distribution channels, regional presence, and product offerings.

Key Industry Development-

October 2021: Cummins Inc. and Valvoline Inc. extended their long-term technology and marketing partnership for another five years. Cummins will sell and endorse Valvoline products through its global distribution channels under this agreement.

List of Key Lubricants Market Players:

PetroChina Company Limited (China)
Chevron Corporation (U.S.)
ExxonMobil Corporation (U.S.)
Royal Dutch Shell Plc. (Netherlands)
Total Group (France)
BP plc (U.K.)
Valvoline LLC (U.S.)
ENEOS Corporation (Japan)
The FUCHS Group (Germany)
Global Lubricant Industry LLC (UAE)
Shield Lubricants (India)
AMALIE Oil Co. (U.S.)
Lubricants Market Segments-

By Type, Vehicles Generate the Highest Revenue from the Automotive Segment

Based on type, the market is divided into automotive oils, industrial oils, marine oils, and process oils. Hydraulic fluid or oils, industrial gear oils, metal working fluids, greases, and others are all sub-categories of industrial oils. The automotive sector is expected to have the largest market share due to the rising demand for engine oils, gear oils, transmission fluids, and coolants. Economic growth in developing countries is increasing vehicle ownership, which will surge the demand.

By Grade, Mineral Offers Cost Reduction to Drive Growth

Mineral grade is the most commonly used product as it is less expensive than synthetic and semi-synthetic alternatives. Furthermore, it is made from crude oil and produced in large quantities for use in various industries, including metal and mining, oil, and others. Mineral grades are available in light and heavy steps, and their application depends entirely on the end-use requirements.

By Application, High Demand from the Automotive Sector will Drive Market Growth

The automotive industry had the largest global market share. The segment is expected to see rising demand as customers acquire more passenger cars in the coming years. Lubricating oils are used in the automotive industry to reduce friction between two vehicle components. They also aid in temperature control by absorbing the heat generated by the moving parts.

𝑮𝒆𝒕 𝒂 𝑸𝒖𝒐𝒕𝒆 - https://www.fortunebusinessinsights.com/enquiry/get-a-quote/lubricants-market-101771

Report Coverage-

The report offers an in-depth industry analysis, concentrating on elements such as types, grades, and applications. It also details market trends and major developments in the industry. In addition to the variables above, the study includes several others contributing to the market's recent expansion. The competitive landscape section offers detailed profiles of the top market players operating in the market.

Drivers & Restraints-

Industrial Sector will Drive Market Growth due to Demand for Better Lubrication

With rising energy costs for powering industrial activities, the industrial sector is trying to cut energy consumption and operational costs. Friction increases the fuel engines' use, causing pollution and emissions. Engine parts that aren't lubricated are more prone to friction. A good-grade product is essential in achieving the above goals by reducing friction between parts and increasing machine efficiency. However, the rising adoption of electric vehicles impedes the lubricants market growth.

Regional Lubricants Market Insights

The Asia Pacific market is expected to remain strong during the forecast period due to rising demand from the industrial and automotive sectors. The market is being driven by factors such as rising population and increased investment in various industrial sectors.

In North America, the automotive industry dominated the market. The relatively large automobile industry in the U.S. has contributed to the market's tremendous rise. Furthermore, the industrial sector has shown consistent growth and is expected to continue in the coming years.

Europe is expected to be the fastest-growing region in the market. The increasing advancement of elevated machinery and equipment for industrial applications is expected to drive the market in this area. Furthermore, rising demand for equipment flexibility and the need to improve its competitor's efficiency are expected to drive the market.

The economic downturn had a negative impact on Latin American demand, but it remains above average due to the demand from the automotive industry. The Latin American automotive sector comprises Brazil and Mexico, the two largest vehicle markets in Latin America.

Although the Middle East lubricants market share is rapidly expanding, the dynamics of the petroleum industry continue to dominate the region's development. Despite sociopolitical unrest, the region's vast oil and gas reserves make it an important industry component.

𝑹𝒆𝒂𝒅 𝑴𝒐𝒓𝒆 𝑰𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 - https://www.fortunebusinessinsights.com/industry-reports/lubricants-market-101771

Detailed Table of Content Research Report, 2024-2032
1 Market Overview

2 Market Upstream and Downstream Analysis

3 Players Profiles

5 Global Sales, Revenue, Price Trend by Type

6 Global Market Analysis by Application

7 Global Market Sales and Revenue Region Wise (2017-2022)

8 Global Market Forecast (2024-2032)

9 Industry Outlook

10 Research Findings and Conclusion

11 Appendix

Continued…

𝑹𝒆𝒍𝒂𝒕𝒆𝒅 𝑹𝒆𝒑𝒐𝒓𝒕𝒔 -

Bio-Lubricants Market - https://www.fortunebusinessinsights.com/bio-lubricants-market-104654

Marine Lubricants Market - https://www.fortunebusinessinsights.com/industry-reports/marine-lubricants-market-100423

Contact Us:
Fortune Business Insights™ Pvt. Ltd.
9th Floor, Icon Tower,
Baner, Pune-411045,
Maharashtra, India.
Phone:
U.S.: US +1 833 909 2966 (Toll Free)
UK +44 808 502 0280 (Toll Free)
APAC +91 744 740 1245
Email: sales@fortunebusinessinsights.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

This release was published on openPR.