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Rise In Automotive Industry Fuels Growth In The Lubricants Market: A Key Factor Shaping the Future of the Lubricants Market in 2025
Lubricants Market
The advancement in the automobile sector is projected to fuel the growth of the lubricants market in the future. The automobile industry, a prominent sector in the global economy, is responsible for the conception, development, production, promotion, and transaction of motor vehicles. Lubricants play a crucial role in vehicles by decreasing friction and wear and tear amid moving parts, guaranteeing efficient functioning and lengthening the durability of engine parts. For instance, in February 2023, the European Automobile Manufacturers Association, a Belgium-based organization representing major European auto manufacturers, reported that 85.4 million motor vehicles were produced globally in 2022, marking an increment of 5.7% as compared to 2021. Moreover, in January 2022, the International Energy Agency, a France-based autonomous international agency, reported that the sales of electric vehicles, including plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), in 2021 stood at 6500000, and it surged in 2022 to 1,02,00,000. Hence, the escalating growth in the automobile industry is steering the growth trajectory of the lubricants market.
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What is the projected compound annual growth rate (CAGR) of the lubricants market from 2025 to 2034, and what factors influence it?
Over the past few years, the lubricants market has shown a steady expansion. It is projected to increase from $156.67 billion in 2024 to $162.46 billion in 2025, boasting a compound annual growth rate (CAGR) of 3.7%. Factors contributing to this growth in the historical period include industrialization and mechanization, the burgeoning automotive industry, advances in lubricant formulation technology, the globalization of trade and transportation, and surging demand from the manufacturing sectors.
The size of the lubricants market is projected to experience consistent growth over the next several years, reaching $184.2 billion in 2029 with a compound annual growth rate (CAGR) of 3.2%. Factors contributing to this expected growth during the forecast period include an increase in automotive fleet size, expansion in aviation and marine sectors, a surge in demand for synthetic lubricants, an enhanced emphasis on sustainability and environmental regulations, and the development of emerging markets. The forecast period is also expected to see key trends such as a shift towards bio-based and eco-friendly lubricants, the adoption of groundbreaking lubrication technologies like nanotechnology, the expansion of online sales channels for lubricants, a focus on predictive maintenance and condition monitoring, and the integration of lubricant management software for effective maintenance scheduling.
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How are the latest trends influencing the growth of the lubricants market?
Principal companies in the lubricant market are innovating with products like advanced marine and powersport oils designed to offer unparalleled engine safety and performance for both marine and off-road vehicles under extreme conditions. The unique lubricants have been developed to deliver high performance, protection and efficiency for marine vehicles and power sports automobiles under challenging conditions. For example, in September 2023, Valvoline, a US-based company celebrated for its extensive range of automotive and industry lubricants, introduced the Valvoline Full Synthetic 4-Stroke Marine Oil and Valvoline Ultimate Powersport Full Synthetic 4-Stroke Motor Oil. These products are crafted to provide bolstered protection and performance under harsh conditions. The Valvoline full synthetic 4-stroke marine oil promises up to eight times better rust protection, and gives engines operating in corrosive environments, such as saltwater, 50% more wear protection. The Ultimate Powersport full synthetic 4-stroke motor oil has been specifically manufactured for smaller engines in ATVs, UTVs, and personal watercraft, ensuring peak performance and longevity. Both products are made with potent cleaning agents to avoid the accumulation of dirt in high-revving engines, thus further enhancing engine lifespan.
What are the major segments of the lubricants market and their role in driving growth?
The lubricants market covered in this report is segmented -
1) By Base Oil: Bio-Based Oil, Mineral Oil, Synthetic Oil
2) By Product Type: Automotive Oil, Hydraulic Oil, Gear Oil, Compressed Oil, Greases, Metal Working Fluid
3) By End User Vertical: Automotive, Industrial, Marine, Chemical, Oil And Gas, Aerospace, Others End Users
Subsegments:
1) By Bio-Based Oil: Vegetable Oils, Animal Fats, Ester-Based Oils
2) By Mineral Oil: Paraffinic Oils, Naphthenic Oils, Refining Techniques
3) By Synthetic Oil: PAO (Polyalphaolefins), Ester-Based Synthetic Oils, Group III Base Oils
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Which regions are key players in the growth of the lubricants market?
Asia-Pacific was the largest region in the lubricants market in 2024. The regions covered in the lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the lubricants market?
Major companies operating in the lubricants market report are China Petroleum & Chemical Corporation, PetroChina Company Limited, ExxonMobil Corp., Shell PLC, Total Energies, BP PLC, Chevron Corp., Philips 66 Company, Petróleo Brasileiro S.A., ENEOS Corporation, Idemitsu Kosan Co. Ltd., Lukoil Oil Company, S-Oil Corporation, Calumet Specialty Products Partners L.P, Fuchs SE, Castrol Limited, Quaker Houghton, Valvoline Inc., Petronas Lubricant International, Gulf Oil Marine Ltd., Blaser Swisslube Inc., Amsoil Inc., Pennzoil, Zeller Gmelin Gmbh & Co. KG, Pennine Lubricants
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What Is Covered In The Lubricants Global Market Report?
•Market Size Forecast: Examine the lubricants market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the lubricants market for a structured understanding.
•Key Players Overview: Analyze major players in the lubricants market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the lubricants market.
•Segment Contributions: Evaluate how different segments drive overall growth in the lubricants market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the lubricants market.
•Industry Challenges: Identify potential risks and obstacles affecting the lubricants market.
•Competitive Landscape: Review strategic developments in the lubricants market, including expansions, agreements, and new product launches.
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