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Lubricants Market Size (2024 - 2029)

The lubricants market is projected to experience growth over the forecast period, driven by the increasing demand for high-performance lubricants with enhanced properties. Despite challenges such as longer drain intervals and the modest impact of electric vehicles, the market is expected to expand, particularly in the engine oil segment, which remains dominant due to its widespread use in internal combustion engines. The Asia-Pacific region leads in market share, and the rising interest in bio-lubricants presents future opportunities for further market expansion.

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Market Size of Lubricants Industry

Lubricants Market Summary
Study Period 2019 - 2029
Market Volume (2024) 38.43 Billion liters
Market Volume (2029) 42.79 Billion liters
CAGR (2024 - 2029) 2.18 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration High

Major Players

Lubricants Market Major Players

*Disclaimer: Major Players sorted in no particular order

Lubricants Market Analysis

The Lubricants Market size is estimated at 38.43 Billion liters in 2024, and is expected to reach 42.79 Billion liters by 2029, growing at a CAGR of 2.18% during the forecast period (2024-2029).

In 2020, the lubricants market faced setbacks due to global supply chain disruptions caused by COVID-19. The pandemic led to shutdowns of numerous factories supplying essential raw materials, such as base oil and additives, to the lubricants industry. Nevertheless, buoyed by a positive automotive industry outlook and consistent advancements in the oil and gas sector, the lubricants market is expected to experience modest yet positive growth in the coming years.

  • Over the short term, the surging vehicle population and robust growth of investments in the power generation sector are the major factors driving the demand for the market studied.
  • However, stringent regulations amidst growing environmental concerns are expected to hinder the market's growth.
  • Nevertheless, the growing adoption of bio-lubricants is expected to create new opportunities for the market studied.
  • Asia-Pacific region is expected to dominate the market across the world, with the majority of demand coming from China and India.

Lubricants Industry Segmentation

Lubricants are fluids designed to minimize friction between surfaces, thereby preventing wear and tear. Tailored for specific end users, these lubricants are crafted using distinct additives and base oils. Typically, base oils constitute 75% to 90% of a lubricant's formulation, endowing the final product with essential lubricating properties.

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, synthetic lubricants, semi-synthetic lubricants, and bio-based lubricants. By product type, the market is segmented into engine oil, transmission and hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and other product types. By end-user industry, the market is segmented segments into power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metalworking, chemical manufacturing, and other end-user industries (packaging, oil and gas). The report also covers the market size and forecasts for the lubricants market in 27 countries across major regions.For each segment, the market sizing and forecasts have been done on the basis of 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
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
NORDIC countries
Turkey
Russia
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle-East
Saudi Arabia
Qatar
United Arab Emirates
Nigeria
Egypt
South Africa
Rest of Middle-East and Africa
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Lubricants Market Size Summary

The lubricants market is poised for steady growth over the forecast period, driven by the increasing demand for high-performance lubricants with enhanced properties such as reduced flammability and extended service life. The automotive sector, particularly the internal combustion engine segment, remains a significant consumer of lubricants, with engine oils leading the market. However, the market faces challenges from longer drain intervals in the automotive and industrial sectors and the modest impact of electric vehicles. Despite these challenges, the growing interest in bio-lubricants presents new opportunities for market expansion. The Asia-Pacific region dominates the global lubricants market, supported by a robust automotive production base and increasing demand in wind power and chemical manufacturing industries.

The Asia-Pacific region, led by China, is the largest consumer of lubricants, with significant contributions from the automotive and wind power sectors. The region's dominance is further bolstered by the rapid growth of the electric vehicle industry in South Korea and initiatives in India to boost EV adoption. The market is consolidated among major players like Exxon Mobil, Chevron, BP, Shell, and TotalEnergies, who are actively engaging in strategic partnerships and acquisitions to expand their market presence. Recent developments include Shell's acquisition of MIDEL and MIVOLT product lines and HPCL's long-term agreement with Chevron Brands International for the distribution of Caltex-branded lubricants in India. These strategic moves are expected to enhance the competitive landscape and drive market growth during the forecast period.

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Lubricants Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Surging Vehicle Population to Drive the Demand for Lubricants

      2. 1.1.2 Robust Growth of Investments in the Power Generation Sector

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Stringent Regulations Amidst Growing Environmental Concerns

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Group

      1. 2.1.1 Group I

      2. 2.1.2 Group II

      3. 2.1.3 Group III

      4. 2.1.4 Group IV

      5. 2.1.5 Group V

    2. 2.2 Base Stock

      1. 2.2.1 Mineral Oil Lubricant

      2. 2.2.2 Synthetic Lubricant

      3. 2.2.3 Semi-synthetic Lubricant

      4. 2.2.4 Bio-based Lubricant

    3. 2.3 Product Type

      1. 2.3.1 Engine Oil

      2. 2.3.2 Transmission and Hydraulic Fluid

      3. 2.3.3 Metalworking Fluid

      4. 2.3.4 General Industrial Oil

      5. 2.3.5 Gear Oil

      6. 2.3.6 Grease

      7. 2.3.7 Process Oil

      8. 2.3.8 Other Product Types

    4. 2.4 End-user Industry

      1. 2.4.1 Power Generation

      2. 2.4.2 Automotive and Other Transportation

      3. 2.4.3 Heavy Equipment

      4. 2.4.4 Food and Beverage

      5. 2.4.5 Metallurgy and Metalworking

      6. 2.4.6 Chemical Manufacturing

      7. 2.4.7 Other End-user Industries (Packaging, Oil and Gas)

    5. 2.5 Geography

      1. 2.5.1 Asia-Pacific

        1. 2.5.1.1 China

        2. 2.5.1.2 India

        3. 2.5.1.3 Japan

        4. 2.5.1.4 South Korea

        5. 2.5.1.5 Malaysia

        6. 2.5.1.6 Thailand

        7. 2.5.1.7 Indonesia

        8. 2.5.1.8 Vietnam

        9. 2.5.1.9 Rest of Asia-Pacific

      2. 2.5.2 North America

        1. 2.5.2.1 United States

        2. 2.5.2.2 Canada

        3. 2.5.2.3 Mexico

      3. 2.5.3 Europe

        1. 2.5.3.1 Germany

        2. 2.5.3.2 United Kingdom

        3. 2.5.3.3 France

        4. 2.5.3.4 Italy

        5. 2.5.3.5 Spain

        6. 2.5.3.6 NORDIC countries

        7. 2.5.3.7 Turkey

        8. 2.5.3.8 Russia

        9. 2.5.3.9 Rest of Europe

      4. 2.5.4 South America

        1. 2.5.4.1 Brazil

        2. 2.5.4.2 Argentina

        3. 2.5.4.3 Colombia

        4. 2.5.4.4 Rest of South America

      5. 2.5.5 Middle-East

        1. 2.5.5.1 Saudi Arabia

        2. 2.5.5.2 Qatar

        3. 2.5.5.3 United Arab Emirates

        4. 2.5.5.4 Nigeria

        5. 2.5.5.5 Egypt

        6. 2.5.5.6 South Africa

        7. 2.5.5.7 Rest of Middle-East and Africa

Lubricants Market Size FAQs

The Lubricants Market size is expected to reach 38.43 billion liters in 2024 and grow at a CAGR of 2.18% to reach 42.79 billion liters by 2029.

In 2024, the Lubricants Market size is expected to reach 38.43 billion liters.

Lubricants Market Report Snapshots

Lubricants Market Size - Industry Report On Share, Growth Trends & Forecasts Analysis (2024 - 2029)