Lubricants Market to grow by USD 25.23 billion from 2022 to 2027; Increasing demand for lubricants from end

NEW YORK, Aug. 3, 2023 /PRNewswire/ -- The lubricants market is estimated to grow by USD 25.23 billion from 2022 to 2027, growing at a CAGR of 3.5%. APAC is estimated to account for 41% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The lubricants market in the APAC region is primarily driven by its high consumption in various industries, including automotive, construction, and refining. Key countries like China, India, Japan, and South Korea play a significant role in driving the demand for lubricants in the region. The market is characterized by its diversity, fueled by rapid industrialization, expansion of the business sector, and the presence of local vendors. Demand for lubricants is particularly strong in industries such as automotive, heavy engineering, steel manufacturing, mining and refining, and plastics and polymers. Manufacturers focus on branding and collaborations, while investments in manufacturing industries further contribute to the growing demand for lubricants. However, vendors also face challenges due to disparities in crude oil prices and domestic market prices of petroleum products, which are influenced by factors such as exchange rates, political situations, and global oil demand. For Comprehensive details on the market size of historic period(2017 to 2021) and forecast period (2023-2027) - View the Sample report

Key Developments:

Rapid advances in technology, intense competition, and changing dynamics in the market are the key factors for the intense competition among vendors.

With the rising competition, the market will see consolidation. However, manufacturing complexities and high production costs pose significant risk factors for vendors in the market.

Market Dynamics

Major Drivers & Challenges

Increasing demand for lubricants from end-user industries is a major factor driving market growth. Lubricants play a critical role in a wide range of industries, including automotive, construction, steel and cement, wind energy, agriculture, mining, oil drilling, marine, and aerospace. In the construction industry, lubricants are indispensable for their anti-wear properties and resistance to corrosion, benefiting equipment like excavators and loaders. Similarly, the steel and cement industry relies on lubricants to improve equipment lifespan, efficiency, and wear resistance. The mining, oil drilling, and agriculture sectors heavily utilize lubricants for various applications, such as engine oils, gear lubricants, and greases, to enhance performance and reduce maintenance costs. Overall, the growing adoption of lubricants across these industries is expected to drive market growth in the future.

Fluctuations in crude oil prices are a major challenge that may impede market growth. Lubricants are primarily produced through the fractioning process of crude oil. Mineral oil-based lubricants hold a significant market share globally and rely on raw materials supplied by the oil and gas industry. Fluctuations in crude oil prices have a negative impact on the cost of marine lubricants. In 2021, global crude oil prices experienced an increase due to factors like higher vaccination rates, easing of pandemic restrictions, and global economic recovery, leading to a surge in petroleum demand outpacing supply. This rise in demand and decrease in supply contributed to higher crude oil prices. As a result, price volatility and the availability of raw materials, such as crude oil for lubricant manufacturing, directly affect the revenue and profit margins of lubricant manufacturers.

Key Trends

The adoption of bio-based lubricants in the global lubricants market is an emerging market trend. Vendors are producing biodegradable lubricants that offer several benefits over petroleum-based lubricants. These bio-based lubricants create a cleaner and less toxic work environment for engine and hydraulic system workers. Additionally, they prove to be cost-effective throughout their lifecycle, requiring less maintenance, storage, and disposal. Environmentally friendly lubricants also enhance safety with higher flashpoints, consistent viscosity, and reduced oil mist and vapor emissions. Some European countries have made bio-based lubricants mandatory for specific environmentally sensitive applications. Notable manufacturers like RSC Bio Solutions, Castrol, and FUCHS are already offering environment-friendly lubricants. These biodegradable lubricants gradually degrade, leaving minimal traces in the environment. As a result of their numerous advantages, the adoption of bio-based lubricants is expected to drive the market in focus during the forecast period.

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report

Vendor LandscapeThe lubricants market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now

Company Profiles

The lubricants market report includes information on the product launches, sustainability, and prospects of leading vendors including Arabian Petroleum Ltd., BP Plc, Chevron Corp., Sinopec Shanghai Petrochemical Co. Ltd., CONDAT, ENEOS Holdings Inc., Exxon Mobil Corp., FUCHS PETROLUB SE, Gazpromneft Lubricants Ltd., GP Global, Hinduja Group Ltd., Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., Novvi LLC, Oil and Natural Gas Corp. Ltd., PETRONAS Chemicals Group Berhad, Phillips 66, PJSC LUKOIL, PT Pertamina Persero, and TotalEnergies SE.

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

Market Segmentation

The market is segmented by application (automotive oils, industrial oils, process oils, metalworking fluids, and greases), product (mineral oil-based lubricants, synthetic lubricants, and bio-based lubricants), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

The automotive oils segment is expected to experience substantial market share growth. The growing production and demand for automobiles, especially in developing countries, have increased the requirement for lubricants in the automotive industry. The rising popularity of passenger cars, particularly in nations like China, India, Brazil, and Indonesia, is expected to fuel the expansion of the automotive sector, consequently driving up the demand for lubricants. Automotive lubricants play a vital role in various applications, such as engine oils, hydraulic oils, and shock absorber fluids. These lubricants effectively reduce friction and wear, leading to improved fuel efficiency and a prolonged lifespan for automotive components. Moreover, lubrication prevents component seizures and protects against serious damage. Additionally, lubricants exhibit high resistance to oil degradation and minimize evaporation, resulting in enhanced fuel efficiency. The demand for automotive lubricants is further propelled by their use in emerging applications, such as battery cooling and noise reduction.

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Related Reports:

The marine lubricants market share is expected to increase to USD 819.71 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 2.55%. This report extensively covers marine lubricants market segmentation by type (mineral oil-based marine lubricants, synthetic marine lubricants, and bio-based marine lubricants), application (engine oil, hydraulic oil, grease, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). One of the key factors driving the global marine lubricants industry growth is the development and growth of the shipping industry

The aviation lubricants market is projected to grow by USD 887.13 million with a CAGR of 6.1% during the forecast period 2021 to 2026. This report extensively covers the aviation lubricants market segmentation by platform (commercial aviation, military aviation, and general aviation) and geography (North America, APAC, Europe, South America, and the Middle East and Africa). The increasing need for reliable machinery and effective maintenance is one of the key drivers supporting the aviation lubricants market growth.

Lubricants Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 3.5%

Market growth 2023-2027

USD 25.23 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.0

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 41%

Key countries

US, China, India, Japan, and Russia

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Arabian Petroleum Ltd., BP Plc, Chevron Corp., Sinopec Shanghai Petrochemical Co. Ltd., CONDAT, ENEOS Holdings Inc., Exxon Mobil Corp., FUCHS PETROLUB SE, Gazpromneft Lubricants Ltd., GP Global, Hinduja Group Ltd., Idemitsu Kosan Co. Ltd., Indian Oil Corp. Ltd., Novvi LLC, Oil and Natural Gas Corp. Ltd., PETRONAS Chemicals Group Berhad, Phillips 66, PJSC LUKOIL, PT Pertamina Persero, and TotalEnergies SE

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

1.1 Market Overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global lubricants market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 Product Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Automotive oils - Market size and forecast 2022-2027

6.4 Industrial oils - Market size and forecast 2022-2027

6.5 Process oils - Market size and forecast 2022-2027

6.6 Metalworking fluids - Market size and forecast 2022-2027

6.7 Greases - Market size and forecast 2022-2027

6.8 Market opportunity by Application

7 Market Segmentation by Product

7.1 Market segments

7.2 Comparison by Product

7.3 Mineral oil-based lubricants - Market size and forecast 2022-2027

7.4 Synthetic lubricants - Market size and forecast 2022-2027

7.5 Bio-based lubricants - Market size and forecast 2022-2027

7.6 Market opportunity by Product

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 North America - Market size and forecast 2022-2027

9.6 Middle East and Africa - Market size and forecast 2022-2027

9.7 South America - Market size and forecast 2022-2027

9.8 China - Market size and forecast 2022-2027

9.9 US - Market size and forecast 2022-2027

9.10 India - Market size and forecast 2022-2027

9.11 Japan - Market size and forecast 2022-2027

9.12 Russia - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 BP Plc

12.4 Chevron Corp.

12.5 CONDAT

12.6 ENEOS Holdings Inc.

12.7 Exxon Mobil Corp.

12.8 FUCHS PETROLUB SE

12.9 Gazpromneft Lubricants Ltd.

12.10 Hinduja Group Ltd.

12.11 Idemitsu Kosan Co. Ltd.

12.12 Indian Oil Corp. Ltd.

12.13 Oil and Natural Gas Corp. Ltd.

12.14 PETRONAS Chemicals Group Berhad

12.15 PJSC LUKOIL

12.16 Sinopec Shanghai Petrochemical Co. Ltd.

12.17 TotalEnergies SE

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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