DUBLIN, Dec. 22, 2022 /PRNewswire/ — The “Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Product Type (Engine Oil, Hydraulic Fluid, Metalworking Fluid), End-Use Industry (Transportation and Industrial lubricants), Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
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.
Mineral oil was the largest base oil of the global lubricants market, in terms of value, in 2021
This owes 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 share 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.
Market Dynamics
Drivers
Increased Demand for High-Performance Engines
Expansion of Refinery Capacities Driving Demand for Group II and Group III Base Oils
Emission and Fuel Efficiency Norms to Drive Demand in Emerging Markets
Increasing Demand from Marine Applications
Limitations on Shift to Electric Vehicles
Restraints
Shift Toward Synthetic Lubricants Reducing Overall Demand for Lubricants
Rising Demand for Electric Vehicles and Reducing Prices of Battery
Opportunities
Leveraging E-Commerce Industry to Increase Customer Reach
Demand for Renewable Energy
Increasing Demand for Bio-Based Lubricants
Increasing Demand from Mining, Construction, and Agriculture Industries
Challenges
Stringent Environmental Norms and Continuous Reforms by Governments
Rising Raw Material Prices
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Lubricants Market, by Base Oil
7.1 Introduction
7.2 Mineral Oil Lubricants
7.3 Synthetic Lubricants
7.4 Bio-Based Lubricants
8 Lubricants Market, by Product Type
8.1 Introduction
8.2 Engine Oil
8.3 Hydraulic Oil
8.4 Metalworking Fluid
8.5 Gear Oil
8.6 Compressor Oil
8.7 Grease
8.8 Turbine Oil
8.9 Others
9 Lubricants Market, by End-Use Industry
9.1 Introduction
9.2 Transportation
9.3 Industrial
10 Lubricants Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent and Related Markets
14 Appendix
Companies Mentioned
BP P.L.C.
Chevron Corporation
Cosmo Oil Lubricants Co. Ltd.
Eneos Holdings, Inc.
ENI S.P.A.
Exxonmobil Corporation
Fuchs Petrolub Ag
Gazprom Neft
Gulf Oil
Hindustan Petroleum Corporation Limited (Hpcl)
Idemitsu Kosan Co. Ltd.
Indian Oil Corporation Limited (Iocl)
Kluber Lubrication
Lukoil
Motul S.A.
Pertamina
Petrobras
Petrochina Company Limited
Petronas
Phillips 66
Rosneft
Shell plc
Sinopec Corp.
Totalenergies Se
Valvoline
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SOURCE Research and Markets
