Lubricants Market Forecast Reveals Growing Shift Toward Synthetic and Bio-Based Base Oils

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 2034"

The global Lubricants market is estimated to reach over USD 205.9 Billion by the year 2034, exhibiting a CAGR of 3.9% during the forecast period.

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The COVID-19 pandemic significantly disrupted the global automotive supply chain, resulting in sudden suspensions of vehicle production and a sharp decline in sales across major markets. These interruptions led to the removal of millions of units from global manufacturing schedules. Lubricants are essential to the automotive industry, performing critical functions such as cooling engine pistons, protecting against corrosion within engines and oil sumps, and managing friction and wear among internal engine components.

In the short term, there is a noticeable surge in demand for high-performance lubricants, attributed to their enhanced characteristics, including lower flammability, reduced gear wear, and prolonged service life. Engine oils, which are predominantly utilized for lubricating internal combustion engines, currently represent the most significant product segment and are projected to maintain their growth trajectory throughout the forecast period.

Looking forward, the increasing emphasis on environmentally sustainable solutions is expected to drive interest in bio-based lubricants, creating new avenues for market development. Regionally, the Asia-Pacific market leads global lubricant consumption, with China and India positioned as key growth hubs due to their expanding automotive sectors and industrial activity.

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 growing adoption of bio-based base oil lubricants across multiple end-use sectors is a key factor propelling the global lubricants market. These bio-based alternatives offer enhanced biodegradability compared to traditional lubricants derived from fossil fuel distillates, aligning with the increasing emphasis on environmental sustainability. Lubricants are integral to the seamless functioning of automotive components-particularly engines and braking systems-as well as various types of industrial processing equipment.

Additionally, the global trade in piston engine lubricants has demonstrated consistent growth. According to the World Bank, in 2021, the European Union and the United States ranked among the leading exporters of petroleum- and mineral-based lubricants and oil additives, with export values reaching USD 2.06 billion and USD 1.95 billion, respectively.

Challenges:
Despite growth opportunities, several factors are restraining the market. The rising penetration of electric and hybrid vehicles, regulatory restrictions on certain lubricant types such as greases, and increasing environmental concerns linked to conventional lubricant use are notable constraints. Electric vehicles (EVs), which require significantly fewer traditional lubricants like engine oils, are particularly impacting demand. The International Energy Agency (IEA) reported that global EV sales doubled in 2021 to 6.6 million units, representing 10% of all new vehicle sales. China led this trend, accounting for 16% of global EV sales, with over 3.3 million units sold in 2021. Furthermore, the limited surface durability and inadequate cooling performance of grease lubricants are anticipated to hinder their usage in industrial settings.

Regional Trends:
The Asia-Pacific region accounts for the largest share of the global lubricants market. This dominance is primarily driven by increasing investments in wind energy and a well-established automotive manufacturing sector in countries such as China, India, and Japan. The United States ranks as the second-largest consumer of lubricants globally, following China. In China, market growth is supported by expansion across key end-use industries, including chemicals, automotive production, and renewable energy. According to the China Association of Automobile Manufacturers (CAAM), the country produced approximately 26.08 million vehicles in 2021. This figure is expected to rise steadily, further fueling demand for lubricants in the region.

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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

Read Overview Report- https://www.insightaceanalytic.com/report/lubricants-market/1724

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This release was published on openPR.