According to a recent report by Emergen Research, the size of the worldwide lubricants market reached USD 129.81 billion in 2021 and is projected to experience a revenue CAGR of 3.57% over the forecast period. A significant element fueling the market’s revenue growth is the increase in demand for high-performance engines in the automotive sector. The demand for automotive oils and greases is expected to increase as the commerce in automobiles and their replacement parts expands. The consumer cars segment is anticipated to grow, which is good news for the industry as a result of the significant economic recovery in North America and Europe. To create all varieties of lubricants, typical lube producers use crude oil, CBM, tight oil, and other additives.
Solid, semi-solid, or liquid substances are known as lubricants and are used to lessen friction between moving surfaces. It finds widespread application in the automotive and aerospace industries, where lubricants are utilised in moving parts like motors, gears, brakes, clutches, and engines. The material stops heat from building up as a result of friction, preventing heat-related wear problems. For example, greases are utilised in ball bearings to improve performance while keeping temperatures close to normal. Growing vehicle demand and production are significant drivers of rising lubricant demand, which is anticipated to support the expansion of the global lubricants market’s revenue between 2022 and 2030.
The lubricants industry faces numerous difficulties as a result of COVID-19’s effects on the industrial and transportation sectors. Due to the pandemic, the major economies of each region are impacted, which has caused a halt in business operations across all sectors that require lubricants in their machinery and equipment. Lockdown, on the other hand, has had an impact on the transportation industry, with very little commercial and passenger vehicle traffic and airlines grounded all throughout the world. With industrial and transportation activity getting back on track and operating at full capacity, the market is anticipated to rebound starting in 2021.
Some Key Highlights From the Report :
In 2021, the industrial lubrication market had a modest revenue share. Lubricants are frequently used in processing industries, particularly in the food and beverage, cosmetics, and pharmaceutical sectors, as well as other Fast-Moving Consumer Goods (FMCG) sectors, that have motional devices in their unit operations to improve device performance and extend operational life. Because agitators, exhausts, ball bearings, and conveyor belt motors need a variety of lubricants, including oils, fluids, and greases, the demand for lubricants in industries is rising, which is driving this segment’s revenue growth.
During the anticipated timeframe, the synthetic oil segment will experience the fastest increase.
The mineral oil, synthetic oil, and bio-based oil segments of the global lubricant industry are divided based on base oil. Due to its widespread availability and low price, mineral oil makes up the greatest portion of the global lubricants market. However, because of its superior qualities, the synthetic oil category is anticipated to grow at the greatest CAGR during the forecast period.
Europe to account for the second largest share of the global lubricants market during the forecast period.
Between 2022 and 2030, the European lubricants market is anticipated to experience a moderate pace of revenue growth. Some of the main drivers propelling revenue development in this region include rising vehicle production and demand in the countries in this region, as well as an increase in the number of large company mergers and acquisitions. According to a report by the International Council on Clean Transportation (ICCT), Germany has the largest car market, making up around 25% of the market for the European Union and the United Kingdom combined. With trade values of USD 2.05 billion and USD 671 million, respectively, Germany was placed second in the import of lubricating oil additives in 2021, while the European Union was among the top exporters of these substances.
Some major companies in the global market report include Valvoline Inc., PetroChina Company Limited, Exxon Mobil Corporation, JX Nippon Oil & Gas Exploration Corporation, Shell plc, British Petroleum plc, Quaker Chemical Corporation, China Petroleum & Chemical Corporation, Chevron Corporation, and TotalEnergies SE
Emergen Research has segmented the global lubricants market on the basis of base oil, application, end-use, and region:
- Base Oil Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Synthetic Oils
- Mineral Oils
- Bio-Based Oils
- Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Industrial Lubrication
- Gear and Engine Oil
- Brake Fluids
- Vacuum Pumps
- End-Use Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019-2030)
- Automotive Industry
- Aerospace Industry
- Marine Industry
- Energy Industry
- Oil and Gas Industry
- Textile Industry