Lubricants Market - Global Market Share, Trends, Analysis and Forecasts, 2023 - 2032
The global lubricants market size was estimated to be US$ 130.7 billion in 2022 and is expected to reach US$ 190 billion by 2032 at a CAGR of 3.9%.
Lubricant is a chemical substance that can help to control or reduce friction and wear and tear of the surfaces that come in contact with the bodies in relative motion. Based upon its nature, lubricants are utilized to abolish heat and wear debris, transmit power, supply additives into the contact, and provide protection. Lubricants can be in any form such as liquid (oil, water, etc.), solid (graphite, graphene, molybdenum disulfide), or gas (air) or may be semisolid (grease) forms.
Majority of the lubricants comprise of additives that help to improve their performance. When two rough surfaces roll against each other, the severities of the surfaces come in close contact with each other and thereby result in interlock and produce friction. The aim of a lubrication approach is to distinct the rubbing surfaces with a lubricant layer, that minimizes or prevents direct contact of the bodies.
The global lubricants market can be classified based on type, application and region. On the basis of type, the global market is classified into mineral oil lubricants, synthetic lubricants, greases, and bio-based lubricants. Depending upon application, it is segmented into transportation, and industrial machinery & equipment. Among the market segments, the mineral oil is the largest market segment of the lubricants market owing to its ease of availability and low cost.
There is a high demand for industrial lubricants in the construction & mining industry owing to rising construction activities particularly in the residential sector in China and increasing infrastructural developments in India. The global lubricants market is expected to garner maximum revenue in the forecast period. Factors such as large industrial growth in Asia-Pacific and Middle East & Africa, improved quality of lubricants, and rise in automation in various end-user industries are expected to fuel the growth of lubricants market. Based on regions, the global lubricants market is divided into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America.
The North American region is anticipated to command the maximum market share and would lead the lubricants market during the forecast period. The Asia-Pacific region is expected to witness the swiftest growth in the lubricants market. Factors such as increased growth of the emerging economies and the rising disposable income in this region make this region an attractive market for industrial lubricant manufacturers. The fabulous growth of industrial production, and increased trade, are chiefly responsible for the large consumption rate of industrial lubricants thereby propelling the growth of lubricants market in the region.
The major companies that provide lubricants include Fuchs Petrolub AG, ExxonMobil Corporation, Sinopec Limited, Royal Dutch Shell Plc., Petrochina Company Limited, L Chevron Corporation, BP p.l.c., Total S.A., UKOIL, Idemitsu Kosan Co. Ltd.
Global Lubricants Market Key Segments:
By Type
- Mineral
- Semi-synthetic
- Synthetic
By Product
- Automotive Oils
- Engine Oils
- Transmission Oils
- Others
- Industrial Oils
- Metalworking Fluids
- Hydraulic Oils
- Process Oils
- Marine Oils
- Greases and Others
By End-use
- Automotive
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Industrial
- Marine
By Regions
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
- Introduction
- Research Objectives
- Report Assumptions
- Research Methodology
- Abbreviations
- Preface
- Market Definition
- Report Scope and Market Segmentation
- Research Highlights
- Market Synopsis: Global Lubricants Market
- Global Lubricants Market Qualitative Analysis
- Trends
- Market trends
- Technology Trends
- PESTLE Analysis (For 3 prominent countries)
- Market Influencers
- Driving Forces
- Hindering Forces
- Opportunities
- COVID-19 impact
- Trends
- Global Lubricants Market Analysis and Forecast, by Product
- Overview and definitions
- Key segment analysis
- Global Lubricants Market Estimates (US$ Mn and Million Metric Tons), by Product, 2019 – 2032
- Mineral oil-based Lubricants
- Semi-synthetic Lubricants
- Synthetic Lubricants
- Bio-based Lubricants
- Global Lubricants Market Analysis and Forecast, by Application
- Overview and definitions
- Key segment analysis
- Global Lubricants Market Estimates (US$ Mn), by Application, 2019 – 2032
- Automotive Oils
- Industrial Oils
- Process Oils
- Metalworking Fluids
- Greases
- Others
- Global Lubricants Market Analysis and Forecast, by Region
- Overview and definitions
- Key segment analysis
- Global Lubricants Market Estimates (US$ Mn), by Region, 2019 – 2032
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Lubricants Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- North America Lubricants Market Estimates (US$ Mn and Million Metric Tons), by Product, 2019 – 2032
- Mineral oil-based Lubricants
- Semi-synthetic Lubricants
- Synthetic Lubricants
- Bio-based Lubricants
- North America Lubricants Market Estimates (US$ Mn), by Application, 2019 – 2032
- Automotive Oils
- Industrial Oils
- Process Oils
- Metalworking Fluids
- Greases
- Others
- North America Lubricants Market Estimates (US$ Mn), Country, 2019 – 2032
- The U.S.
- Canada
- Mexico
- Rest of North America
- Europe Lubricants Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Europe Lubricants Market Estimates (US$ Mn and Million Metric Tons), by Product, 2019 – 2032
- Mineral oil-based Lubricants
- Semi-synthetic Lubricants
- Synthetic Lubricants
- Bio-based Lubricants
- Europe Lubricants Market Estimates (US$ Mn), by Application, 2019 – 2032
- Automotive Oils
- Industrial Oils
- Process Oils
- Metalworking Fluids
- Greases
- Others
- Europe Lubricants Market Estimates (US$ Mn), Country, 2019 – 2032
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific Lubricants Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Asia Pacific Lubricants Market Estimates (US$ Mn and Million Metric Tons), by Product, 2019 – 2032
- Mineral oil-based Lubricants
- Semi-synthetic Lubricants
- Synthetic Lubricants
- Bio-based Lubricants
- Asia Pacific Lubricants Market Estimates (US$ Mn), by Application, 2019 – 2032
- Automotive Oils
- Industrial Oils
- Process Oils
- Metalworking Fluids
- Greases
- Others
- Asia Pacific Lubricants Market Estimates (US$ Mn), Country, 2019 – 2032
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa Lubricants Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Middle East & Africa Lubricants Market Estimates (US$ Mn and Million Metric Tons), by Product, 2019 – 2032
- Mineral oil-based Lubricants
- Semi-synthetic Lubricants
- Synthetic Lubricants
- Bio-based Lubricants
- Middle East & Africa Lubricants Market Estimates (US$ Mn), by Application, 2019 – 2032
- Automotive Oils
- Industrial Oils
- Process Oils
- Metalworking Fluids
- Greases
- Others
- Middle East & Africa Lubricants Market Estimates (US$ Mn), Country, 2019 – 2032
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East
- South America Lubricants Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- South America Lubricants Market Estimates (US$ Mn and Million Metric Tons), by Product, 2019 – 2032
- Mineral oil-based Lubricants
- Semi-synthetic Lubricants
- Synthetic Lubricants
- Bio-based Lubricants
- South America Lubricants Market Estimates (US$ Mn), by Application, 2019 – 2032
- Automotive Oils
- Industrial Oils
- Process Oils
- Metalworking Fluids
- Greases
- Others
- South America Lubricants Market Estimates (US$ Mn), Country, 2019 – 2032
- Brazil
- Argentina
- Rest of South America
- Competition Analysis – Lubricants Market
- Market Composition
- Market Share Analysis (%), by Supplier (2022)
- Company Profiles
- BP Plc
- Business overview
- Geographic presence
- Product portfolio
- Financial facts
- Relevant news and strategic view
- Chevron Corp.
- Exxon Mobil Corp.
- FUCHS PETROLUB SE
- Idemitsu Kosan Co. Ltd.
- Indian Oil Corp. Ltd.
- PetroChina Co. Ltd.
- Royal Dutch Shell Plc
- TotalEnergies SE
- BP Plc
- Conclusion & Recommendations
Frequently asked questions about this report
What is the growth rate of the lubricants market?
The lubricants market is expected grow at a CAGR of 3.9% from 2023 to 2032.
What is the size of lubricants market?
The lubricants market size is expected to reach US$ 190 billion by 2032.
What was the value of the lubricants market in 2022?
The lubricants market was estimated to be US$ 130.7 billion in 2022.
Who are the key players in lubricants market?
Some key players operating in the lubricants market include Fuchs Petrolub AG, ExxonMobil Corporation, Sinopec Limited, Royal Dutch Shell Plc., Petrochina Company Limited, L Chevron Corporation, BP p.l.c., Total S.A., UKOIL, Idemitsu Kosan Co. Ltd.
What are the different application of Lubricants used?
Based on type, the Lubricants market is segmented into mineral oil lubricants, synthetic lubricants, greases, and bio-based lubricants.