NEW YORK, Dec. 2, 2022 /PRNewswire/ —
The global lubricants market size is projected to reach USD 187.9 billion by 2027 from USD 164.8 billion in 2022, at a CAGR of 2.7%. Lubricants are widely used in transportation and various manufacturing industries. The primary function of lubricants is to reduce friction between moving surfaces and enhance operation. Lubricants are also used in automotive engines for collecting, cleaning, and cooling the engine of a vehicle. These help in reducing the engine wear and tear caused by the friction of the metal parts, as well as to carry off heat.
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Mineral oil was the largest base oil of the global lubricants market, in terms of value, in 2021
Mineral oil was the largest base oil in the global lubricants market, in terms of value, in 2021.
This ows to the fact that mineral oil lubricants ae generally cheaper than synthetic oil lubricants.Synthetic lubricants cost approximately 40%-50% more than mineral oil.
Thus, mineral oil is widely used in price sensitive regions like Asia Pacific, South America and Middle East & Africa. However, the base oil is projected to register slow growth in developed regions due to growing environmental concerns and government regulations.
By product type, engine oil accounted for the largest market shamarketre in global lubricants , in terms of value, in 2021
Engine oil was the largest segment in the global lubricants industry by product type, in terms of value, in 2021. Engine oil has broad range of usability including all types of engines i.e. gasoline or diesel. The increase in sales of vehicles across the globe is driving its demand. However, its growth is projected to be at slower rate since it is one of the major contributors to the global pollution. Developed regions like Europe and North America have strict regulations against engine oil composition, which is increasing its cost.
Asia Pacific is projected to be the fastest-growing market during the forecast period, in terms of both volume and value.
Asia Pacific was the largest lubricant market, in terms of value, in 2021.The high growth of the emerging economies and the increasing disposable income in the region make Asia Pacific 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.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:
• 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%, Asia Pacific – 28%, South America and Middle East & Africa – 12%, South America — 7%
The key players profiled in the report include as Royal Dutch Shell plc (Netherlands), ExxonMobil (U.S.), BP p.l.c. (U.K.), Chevron Corporation (U.S.), TotalEnergies SE (France), PetroChina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Corp (China), Fuchs Petrolub AG (Germany), Valvoline (U.S.), Lukoil (Russia), Petronas (Malaysia), Gazprom Neft (Russia), and Pertamina (Indonesia), among others.
Research Coverage
This report segments the market for lubricants based on base oil, product type, end-use industry, 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
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