Lubricants Market Size (2024 - 2029)

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 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).