Lubricants Market Estimated to Experience a Hike in Growth by 2030: Grand View Research Inc.

 Lubricants Market Growth & Trends

The global lubricants market size is estimated to reach USD 180.21 billion by 2030, registering a CAGR of 3.7% over the forecast years, according to a new report by Grand View Research, Inc. The product demand is expected to increase in the coming years due to an increase in the number of vehicles on the road and high-performance requirements in a vehicle. Furthermore, manufacturers are also moving and expanding their production facilities in developing countries due to several factors, including lower infrastructure and labor costs. This, in turn, is anticipated to accelerate industry growth during the projected period. Lubricant is a key product due to its high demand from application industries, especially industrial and automotive.

Key manufacturing companies produce various types of lubricants, such as engine oils, transmission fluids, gear oils, greases, compressor oils, brake fluids, and process oils. A few oil majors, such as British Petroleum, Shell, Ashland, Inc. & ConocoPhillips, have established their subsidiaries Castrol, Pennzoil, Valvoline & Kendall with broader product portfolios. This allows these companies to mark their presence in desired application markets.APAC has emerged as one of the largest consumers of lubricants owing to the rapidly growing automotive industry along with industrial development in the region. The most extensively used products in the Asian market include automotive engine oils, greases, and hydraulic fluids.

The government initiatives of various countries in the Asia Pacific to boost domestic manufacturing activities as an attempt to reduce the reliance on imports and improve the sustainability of the industrial sector in emerging economies, such as India, Vietnam, Indonesia, and Thailand, are expected to drive product consumption in the expanding industrial sector. The emergence of bio-based lubricants is the latest trend in the global industry. Major companies are investing in bio-lubricants since several regulations have been formulated by authorities, such as EPA, to reduce emissions from vehicle engines. Companies, such as Chevron & ExxonMobil, are directly involved in the manufacturing of products for specific applications.

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Lubricants Market Report Highlights

• In 2021, processed oil emerged as the dominant type of industrial application segment owing to its diversified usage in various industries especially, in the tire industry
• Automotive & industrial are the major application segments. The demand for high-performance engines in the automotive industry is one of the key factors driving the product demand in the automotive sector
• Increasing industrial production in emerging markets of Asia Pacific and Latin America is anticipated to drive industrial lubricants demand over the forecast period
• Mining, unconventional energy, and chemicals industries are projected to be among the largest markets for industrial lubricants
• Asia Pacific is projected to grow at the highest CAGR over the forecast years owing to the presence of several car manufacturing companies in China, India, and Japan

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Lubricants Market Segmentation

Grand View Research has segmented the global lubricants market on the basis of application, and region:

Lubricants Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Industrial
  • Process Oils
  • General Industrial Oils
  • Metalworking Fluids
  • Industrial Engine Oils
  • Greases
  • Others
• Automotive
  • Engine Oil
    • 0W-20
    • 0W-30
    • 0W-40
    • 5W-20
    • 5W-30
    • 5W-40
    • 10W-60
    • 10W-40
    • 15W-40
    • Others
  • Gear Oil
  • Transmission Fluids
  • Brake Fluids
  • Coolants
  • Greases
• Marine
  • Engine Oil
  • Hydraulic Oil
  • Gear Oil
  • Turbine Oil
  • Greases
  • Others
• Aerospace
  • Gas Turbine Oil
  • Piston Engine Oil
  • Hydraulic Fluids
  • Others

Lubricants Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK.
  • France
  • Switzerland
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia

List of Key Players of Lubricants Market

• ExxonMobil Corp.
• Royal Dutch Shell Co.
• BP PLC.
• Total Energies
• Chevron Corp.
• Fuchs
• Castrol India Ltd.
• Amsoil Inc.
• JX Nippon Oil & Gas Exploration Corp.
• Philips 66 Company
• Valvoline LLC
• PetroChina Company Ltd.
• China Petrochemical Corp.
• Idemitsu Kosan Co. Ltd.
• Lukoil
• Petrobras
• Petronas Lubricant International
• Quaker Chemical Corp.
• PetroFer Chemie
• Buhmwoo Chemical Co. Ltd.
• Zeller Gmelin Gmbh & Co. KG
• Blaser Swisslube Inc.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.