“Global lubricants market projected to grow at a CAGR of 2.7% during the forecast period.”
The global lubricants market size is projected to reach USD 188.0 billion by 2024 from USD 164.3 billion in 2019, at a CAGR of 2.7%. The growth is primarily due to the massive development in Asia Pacific and the Middle East & Africa, coupled with the rise in the Industrial sector. The factors restraining the growth of this market are the high cost of synthetic and bio-based lubricants.
“Mineral oil was the largest segment of the lubricants market.”
Mineral oil was the largest segment in the global lubricants market in 2018. The easy availability and low cost of mineral oil-based lubricants are expected to drive the market in the apparel application. Moreover, this segment is driven by the growing demand from Asia-Pacific and the Middle East & Africa. However, the mineral oil-based lubricants segment in North America and Europe will register low growth due to a change in demand patterns and government regulations.
“Engine oil to be the largest type segment in the global lubricants market.”
Engine oil was the largest segment in the global lubricants industry, by product type in 2018. Its wide usability coupled with the rising demand from the transportation industry, construction & mining industry, especially from construction & mining vehicles and equipment drives the growth of the segment. However, the metalworking fluid segment is projected to grow at the highest CAGR during the forecast period. This high growth is attributed majorly to the rising demand for the metal in various industrial sectors.
“Transportation was the largest end-use industry in the global lubricants market.”
The need for lubricants is high in the transportation sector. The rising number of on-road vehicles, especially in China, India, and ASEAN, are the major factors contributing to the growth of this segment. Another factor associated with this growth is the growing emphasis on logistics and supply chain requirements for various industrial units. Thus, the growth of the industrial sector will also drive the market for transportation lubricants, especially from the commercial vehicle segment.
“APAC is expected to be the fastest-growing market during the forecast period, in terms of both volume and value.”
APAC is the largest lubricant market. The high growth of the emerging economies and the increasing disposable income in the region make APAC an attractive market for lubricants. The tremendous growth of production and increased trade are primarily responsible for the high consumption of lubricants, thus, driving market growth.
- By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%
- By Designation: C-Level - 23%, Director Level - 37%, and Others - 40%
- By Region: North America - 32%, Europe - 21%, APAC - 28%, South America - 12%, Middle East & Africa - 7%,
The key players profiled in the report include as Royal Dutch Shell (Netherlands), ExxonMobil (U.S.), BP PLC (U.K.), Chevron Corporation (U.S.), Total S.A. (France), Petrochina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited (China), Fuchs Petrolub AG (Germany), Valvoline (U.S.), Lukoil (Russia), Petronas (Malaysia), Gazprom Neft (Russia), and Pertamina (Indonesia), among others.
- This report segments the market for lubricants based on base oil, product type, application, and region, and provides estimations for the overall market size across various regions.
- A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies associated with the market for lubricants.
Reasons To Buy this Report
- This research report is focused on various levels of analysis industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the lubricants market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on lubricants offered by top players in the global market
- Market Development: Comprehensive information about lucrative emerging markets the report analyzes the markets for lubricants across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global lubricants market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the lubricants market