Lubricants Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 3.52 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Lubricants Market Analysis
The Lubricants Market size is estimated at 44.05 Billion liters in 2024, and is expected to reach 52.36 Billion liters by 2029, at a CAGR of 3.52% during the forecast period (2024-2029).
The outbreak of the COVID-19 virus caused several challenges for the global automotive industry, as vehicle production and sales suddenly stopped in many countries. These work stoppages led to a loss in the production of millions of vehicles worldwide. In the automobile industry, lubricants are used to reduce friction and wear in the engine, prevent rusting, and cool the pistons, among other functions.
- In the short term, a major factor driving the market studied is the increasing demand for high-performance lubricants (owing to their better and improved properties, such as reduced flammability, reduced gear wear, and increased service life).
- On the flip side, increasing drain intervals in the automotive and industrial sectors and the modest impact of EVs are expected to hinder the growth of the market studied in the forecast period shortly.
- Engine oil dominated the market and is expected to grow during the forecast period, as it is widely used to lubricate internal combustion engines.
- Growing prominence for bio-lubricants is likely to act as an opportunity in the future.
- The global market for lubricnats is dominated by the Asia-Pacific region.
Lubricants Market Trends
Automotive and Other Transportation Segment to Dominate the Market
- Automotive and other transportation media, such as aircraft and marine, are the largest lubricant markets.
- Engine designs are being improved year-on-year to provide a better performance-to-efficiency ratio while also meeting the required environmental emission regulations.
- Light-duty vehicles include two-wheelers and passenger cars. Engine oils, gear oils, transmission oils, greases, and compressor oils are the most widely used lubricants in these automobiles. Lubricants contain a good share in both the OEM and the aftermarket.
- Typical medium-duty trucks include utility, courier, package delivery trucks, ambulances, shuttle buses, school buses, and recreational vehicles. However, straight trucks continue to be the predominant medium-duty chassis.
- Such vehicles usually require medium-duty and high-performance lubricants, as their components, including gears, transmission systems, engines, etc. are exposed to high loads and rapid rubbing.
- According to the International Energy Agency (IEA), globally over 10 million electric cars were sold in 2022. Furthermore, these sales were expected to grow by another 35% in 2023 to reach 14 million.
- According to the International Organization of Motor Vehicle Manufacturers (OICA), the total vehicle units produced in 2022 were 85,016,728 compared to 82,684,788 in 2021.
- All the factors mentioned above are expected to significantly increase the market growth during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. With the increasing need for wind power and a large automotive production base in countries such as China, India, and Japan, lubricant usage is increasing in the region.
- China is the largest lubricant consumer in the region and the world, followed by the United States. Besides automotive and wind power, chemical manufacturing is another prominent end-user industry in China for the lubricants market.
- However, the electric vehicle industry in South Korea is expected to grow at a rapid rate. The growth of the EV industry is also fueled by the government's aim to electrify 33% of all vehicles by 2030. The number of charging stations for electric vehicles is expected to increase to 15,000 by 2025 to achieve this target.
- According to The Confederation of Indian Industry (CII), programs like Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India), the Production-Linked Incentive (PLI) scheme for the Auto and Auto Component, and the PLI scheme for manufacturing advanced chemistry cell (ACC) batteries helped in fostering local production and boosting EV adoption in India.
- For instance, according to PV Magazine India, annual electric vehicle (EV) sales in India crossed 1.2 million in FY2023, a 174% increase year-on-year. The electric two-wheelers accounted for more than 60% of the overall electric vehicle (EV) units sold in the country.
- Furthermore, owing to the growing interest of the economies towards renewable energies such as wind energy, the new offshore wind installation volume in the Asia-Pacific is expected to grow significantly. For instance, according to the Global Wind Energy Council (GWEC), the region's new offshore wind installation volume would grow by 225.4% by 2029 compared to 2022. It will substantially boost the wind power industry's demand for lubricants during the forecast period.
- The factors mentioned above will likely increase lubricant consumption in the Asia-Pacific region during the forecast period, maintaining the region's dominance over the market.
Lubricants Industry Overview
The market studied is consolidated among the top 10 players. The top companies are utilizing competitive strategies and investments to retain and expand their shares. The top five players in the market are (not in a particular order) Exxon Mobil Corporation, Chevron Corporation, BP p.l.c., Shell plc, and TotalEnergies.
Lubricants Market Leaders
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Exxon Mobil Corporation
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Chevron Corporation
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BP p.l.c.
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Shell plc
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TotalEnergies
*Disclaimer: Major Players sorted in no particular order
Lubricants Market News
- Jan 2024: Shell plc's subsidiary, Shell Lubricants, completes the acquisition of the United Kingdom-based MIDEL and MIVOLT from Manchester-based M&I Materials Ltd. It is to manufacture, distribute, and market the MIDEL and MIVOLT product lines as part of Shell’s global lubricants portfolio.
- Oct 2023: Hindustan Petroleum Corporation Limited (HPCL) and Chevron Brands International LLC, a subsidiary of Chevron Corporation, entered into a long-term agreement encompassing the licensing, production, distribution, and marketing of Chevron’s lubricant products under the Caltex brand. It includes Chevron’s proprietary Havoline and Delo branded lubricant products in India.
- Sep 2023: ENSO Oils & Lubricants partnered with Gazpromneft-Lubricants, a subsidiary of Gazprom Neft PJSC, to expand the distribution of lubricant assets in South Asia. ENSO will import and distribute Gazpromneft-Lubricants' range of oils and lubricants to meet the needs of various industries in India.
Lubricants Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Increasing Usage of High-performance Lubricants
- 4.1.2 Demand from the Growing Wind Energy Sector
- 4.1.3 Expansion of the Global Cold Chain Market
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4.2 Restraints
- 4.2.1 Increasing Drain Intervals in the Automotive and Industrial Sectors
- 4.2.2 Modest Impact of Electric Vehicles (EVs) in the Future
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Regulatory Policy Analysis
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Group
- 5.1.1 Group I
- 5.1.2 Group II
- 5.1.3 Group III
- 5.1.4 Group IV
- 5.1.5 Group V
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5.2 Base Stock
- 5.2.1 Mineral Oil Lubricant
- 5.2.2 Synthetic Lubricant
- 5.2.3 Semi-synthetic Lubricant
- 5.2.4 Bio-based Lubricant
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5.3 Product Type
- 5.3.1 Engine Oil
- 5.3.2 Transmission and Hydraulic Fluid
- 5.3.3 Metalworking Fluid
- 5.3.4 General Industrial Oil
- 5.3.5 Gear Oil
- 5.3.6 Grease
- 5.3.7 Process Oil
- 5.3.8 Other Product Types
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5.4 End-user Industry
- 5.4.1 Power Generation
- 5.4.2 Automotive and Other Transportation
- 5.4.3 Heavy Equipment
- 5.4.4 Food and Beverage
- 5.4.5 Metallurgy and Metalworking
- 5.4.6 Chemical Manufacturing
- 5.4.7 Other End-user Industries (Packaging, Oil, and Gas)
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5.5 Geography
- 5.5.1 Asia-Pacific
- 5.5.1.1 China
- 5.5.1.2 India
- 5.5.1.3 Japan
- 5.5.1.4 South Korea
- 5.5.1.5 Philippines
- 5.5.1.6 Indonesia
- 5.5.1.7 Malaysia
- 5.5.1.8 Thailand
- 5.5.1.9 Vietnam
- 5.5.1.10 Rest of Asia-Pacific
- 5.5.2 North America
- 5.5.2.1 United States
- 5.5.2.2 Canada
- 5.5.2.3 Mexico
- 5.5.3 Europe
- 5.5.3.1 Germany
- 5.5.3.2 United Kingdom
- 5.5.3.3 Italy
- 5.5.3.4 France
- 5.5.3.5 Russia
- 5.5.3.6 Turkey
- 5.5.3.7 Spain
- 5.5.3.8 Rest of Europe
- 5.5.4 South America
- 5.5.4.1 Brazil
- 5.5.4.2 Argentina
- 5.5.4.3 Chile
- 5.5.4.4 Colombia
- 5.5.4.5 Rest of South America
- 5.5.5 Middle-East
- 5.5.5.1 Saudi Arabia
- 5.5.5.2 Iran
- 5.5.5.3 Iraq
- 5.5.5.4 United Arab Emirates
- 5.5.5.5 Kuwait
- 5.5.5.6 Rest of the Middle-East
- 5.5.6 Africa
- 5.5.6.1 Egypt
- 5.5.6.2 South Africa
- 5.5.6.3 Nigeria
- 5.5.6.4 Algeria
- 5.5.6.5 Morocco
- 5.5.6.6 Rest of Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 AMSOIL INC.
- 6.4.2 BASF SE
- 6.4.3 Bharat Petroleum Corporation Limited
- 6.4.4 BP p.l.c.
- 6.4.5 Blaser Swisslube
- 6.4.6 Carl Bechem GmbH
- 6.4.7 China National Petroleum Corporation (PetroChina)
- 6.4.8 China Petrochemical Corporation (Sinopec)
- 6.4.9 Chevron Corporation
- 6.4.10 Eni SpA
- 6.4.11 Exxon Mobil Corporation
- 6.4.12 FUCHS
- 6.4.13 Gazprom Neft PJSC
- 6.4.14 Gulf Oil Corporation Limited
- 6.4.15 Hindustan Petroleum Corporation Limited
- 6.4.16 Idemitsu Kosan Co. Ltd
- 6.4.17 Indian Oil Corporation Ltd
- 6.4.18 Illinois Tool Works Inc. (ROCOL)
- 6.4.19 ENEOS Corporation
- 6.4.20 Kluber Lubrication München GmbH & Co. KG
- 6.4.21 LUKOIL
- 6.4.22 Motul
- 6.4.23 PT Pertamina Lubricants
- 6.4.24 Petrobras
- 6.4.25 PETROFER CHEMIE H. R. Fischer GmbH + Co. KG
- 6.4.26 Petromin
- 6.4.27 Petroliam Nasional Berhad
- 6.4.28 Phillips 66 Company
- 6.4.29 Repsol
- 6.4.30 Shell plc
- 6.4.31 SK Lubricants Co. Ltd
- 6.4.32 Veedol International Limited
- 6.4.33 TotalEnergies
- 6.4.34 Valvoline LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Prominence for Bio-lubricants
- 7.2 Other Opportunities
Lubricants Industry Segmentation
A combination of base oils and additives produces lubricant products. The composition of base oil in the formulation of lubricants is primarily between 75-90%. Base oils possess lubricating properties and make up to 90% of the final lubricant product.
The lubricants market is segmented by group, base stock, product type, end-user industry, and geography. By group, the market is segmented into Group I, Group II, Group III, Group IV, and Group V. By base stock. The market is segmented into mineral oil lubricants, semi-synthetic lubricants, synthetic lubricants, and bio-based lubric ants. The market is segmented by product type into engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and other product types. The end-user industry segments the market into power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metalworking, chemical manufacturing, and other end-user industries, including packaging, oil, gas, etc. The report also covers the market size and forecasts for the lubricants market in 33 countries across major regions. The market sizing and forecasts for each segment are based on volume (liters).
| Group | Group I | |
| Group II | ||
| Group III | ||
| Group IV | ||
| Group V | ||
| Base Stock | Mineral Oil Lubricant | |
| Synthetic Lubricant | ||
| Semi-synthetic Lubricant | ||
| Bio-based Lubricant | ||
| Product Type | Engine Oil | |
| Transmission and Hydraulic Fluid | ||
| Metalworking Fluid | ||
| General Industrial Oil | ||
| Gear Oil | ||
| Grease | ||
| Process Oil | ||
| Other Product Types | ||
| End-user Industry | Power Generation | |
| Automotive and Other Transportation | ||
| Heavy Equipment | ||
| Food and Beverage | ||
| Metallurgy and Metalworking | ||
| Chemical Manufacturing | ||
| Other End-user Industries (Packaging, Oil, and Gas) | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Philippines | ||
| Indonesia | ||
| Malaysia | ||
| Thailand | ||
| Vietnam | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Russia | ||
| Turkey | ||
| Spain | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Chile | ||
| Colombia | ||
| Rest of South America | ||
| Geography | Middle-East | Saudi Arabia |
| Iran | ||
| Iraq | ||
| United Arab Emirates | ||
| Kuwait | ||
| Rest of the Middle-East | ||
| Geography | Africa | Egypt |
| South Africa | ||
| Nigeria | ||
| Algeria | ||
| Morocco | ||
| Rest of Africa |
Lubricants Market Research FAQs
How big is the Lubricants Market?
The Lubricants Market size is expected to reach 44.05 billion liters in 2024 and grow at a CAGR of 3.52% to reach 52.36 billion liters by 2029.
What is the current Lubricants Market size?
In 2024, the Lubricants Market size is expected to reach 44.05 billion liters.
Who are the key players in Lubricants Market?
Exxon Mobil Corporation, Chevron Corporation, BP p.l.c., Shell plc and TotalEnergies are the major companies operating in the Lubricants Market.
Which is the fastest growing region in Lubricants Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Lubricants Market?
In 2024, the Asia Pacific accounts for the largest market share in Lubricants Market.
What years does this Lubricants Market cover, and what was the market size in 2023?
In 2023, the Lubricants Market size was estimated at 42.50 billion liters. The report covers the Lubricants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Lubricants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the challenges in the Lubricants Market?
The challenges in the Lubricants Market are a) Increasing drain intervals in lubricants for vehicles and machinery b) The modest impact of electric vehicles, which require less lubrication than traditional vehicles
Lubricants Industry Report
The Lubricants Market Research Report provides a comprehensive industry analysis, focusing on the segmentation by Group, Base Stock, Product Type, End-User Industry, and Geography. This market overview highlights the significant growth driven by the increasing demand for high-performance engines and rapid industrialization. The market is segmented into mineral oil, synthetic oil, bio-based oil, engine oil, hydraulic fluid, and metalworking fluid, among others.
Synthetic oil is projected to witness the fastest market growth due to its superior properties. The transportation sector, which includes commercial vehicles, passenger vehicles, marine, and railways, is expected to be the largest end-user industry. The Asia-Pacific region is anticipated to hold the largest share of the lubrication industry, attributed to its growing population, industrial investment, and infrastructure development.
Opportunities such as the demand for renewable energy and the growing prominence of bio-lubricants are expected to positively impact the market value. The lubricant market is highly competitive, with major players focusing on product development, innovation, and strategic partnerships. The report also provides a market forecast and market outlook, supported by statistics from the Lubricants market share, size, and revenue growth rate.
The industry research indicates that the market leaders are investing in new technologies to maintain their competitive edge. The market segmentation covers various sectors, ensuring a detailed market review. This report example includes a market prediction, highlighting the future trends and market data that are crucial for industry stakeholders.
In conclusion, the Lubricants Market Research Report offers a detailed industry outlook, providing valuable industry information, industry statistics, and insights into industry trends. The report pdf is available for those seeking an in-depth market analysis and industry reports.
