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Global Lubricants Market By Product Type (Engine Oil, Hydraulic Fluid, Others), By Base Oil (Synthetic Oil, Mineral Oil, Others), By End-Users (Transportation, Industrial, Others) By Region, Forecast & Opportunities to 2026

The global lubricants market accounted for a value of USD 146.5 billion in 2019. Lubricants market is projected to register growth at a CAGR of 2.7% during forecast period.

COVID-19 has impacted the lubricants market as the transportation sector is affected immensely due to travel restriction. Trains and buses are not operating around major countries of the world. The manufacturing industries have to shut their facilities plants due to lockdown this lead to decline in demand of lubricants. The market is likely to recover from 2021 as the transportation and industries are moving back to normal slowly.

Definition:

Lubricants can be defined as substance which is used for reducing friction between metal surfaces which are in mutual contact with each other. It helps in reducing heat generation between moving surfaces. It also helps in transmitting forces or cooling or heating surfaces.

Market Dynamics (Drivers/Opportunities):                                                                                      

The demand for high performance engines are increasing in the world. The internal combustion engines demands use of lubricants to prevent contacting surfaces from getting damage. The awareness regarding environment is increasing and this increases the adoption of bio-based lubricants. The automotive sector is growing immensely around the world and this drives growth in lubricants market during forecast period.

The internal components of engine are exposed to tension and heat due to various improvements made in engines. Various high RPM engines require better quality engine oil. Other than engine various other components such as transmission box also required lubricant for better functioning. This drives growth in lubricants market during forecast period.

Market Insights, by Base Oil

On the basis of base oil, the lubricants market is segmented into synthetic oil, mineral oil and bio-based oil.  The mineral oil segment is estimated to hold largest market share during forecast period. Mineral oil is easily available and is cost effective. Mineral oil is derived from crude oil and it is used in various industries such as oil, mining and metal. This oil is available in light weight and heavy weight in the market. The high adoption of mineral oil by various end-user industries is likely to drive growth in mineral oil segment during forecast period.

Market Insights, by Product Type

On the basis of product type, the lubricants market is segmented into engine oil, hydraulic fluid, metalworking fluid, gear oil, compressor oil, grease, turbine oil and others. The engine oil is estimated to hold largest market share during forecast period. The engine oils are widely adopted to lubricate internal combustion engine and it composed of 70-95% base oils and 10-20% additives. Engine oils are used for wear reduction, smooth operation and corrosion protection in engines. They create a film between moving parts for reducing tension and improving heat transfer. All this features made it highly consumed by transportation sector and drives growth in engine oil product during forecast period.

Market Insights, by End-User

On the basis of end-user, the lubricants market is segmented into transportation and industrial end-use. The transportation sector is estimated to hold largest market share during forecast period. The demand and adoption of lubricants is high in transportation segment as the numbers of vehicles are increasing in the world. The public and private transportation is rising. The railways are also expanding across various regions and the demand for high RPM engine is increasing in the world. This drives growth in transportation segment during forecast period.

Regional Insights

Asia-Pacific region is estimated to hold largest market share during forecast period. The population is increasing immensely in this region. The industrial sector is expanding along with automotive sector in this region. The automotive segment is higher consumer of lubricants and industrial sector also consumes significant share of lubricants. The rapid growing industrialization and automotive sector in this region is likely to drive growth in lubricant market in Asia-Pacific region during forecast period.

Key Companies & Market Share Insights

The key market players in lubricants market are Royal Dutch Shell, Exxonmobil Corporation, BP P.L.C, Chevron Corporation, Total S.A, Petrochina Company Ltd., Idemitsu Kosan Co., Ltd., Sinopec Ltd., Fuchs Petrolub AG, JXTG Group, Valvoline, Lukoil, Petronas, Pertamina, Gazprom NEFT, Indian Oil Corporation Ltd., Phillips and Hindustan Petroleum Corporation Ltd.

Segments Covered in the Report

This report forecasts The Global Lubricants Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global lubricants market report on the basis of product type, base oil, and end-users.

Lubricants Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  1. Executive Summary
    • Market Snapshot
  2. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Lubricants Market, By Product Type, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Engine Oil
  • Hydraulic Fluid
  • Metalworking Fluid
  • Gear Oil
  • Compressor Oil
  • Grease
  • Turbine Oil
  • Others
  1. Lubricants Market, By Base Oil, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Synthetic Oil
  • Mineral Oil
  • Bio-based oil
  1. Lubricants Market, By End User, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Transportation
  • Industrial
  1. Lubricants Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Product Type
    • By Base Oil
    • By End-User
    • By Country
      • USA
        • By End-User
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Product Type
      • By Base Oil
      • By End-User
      • By Country
        • Brazil
          • By End-User
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Product Type
        • By Base Oil
        • By End-User
        • By Country
          • UK
            • By End-User
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Product Type
          • By Base Oil
          • By End-User
          • By Country
            • China
              • By End-User
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Product Type
            • By Base Oil
            • By End-User
            • By Country
              • Saudi Arabia
                • By End-User
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • Hindustan Petroleum Corporation Ltd
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • Royal Dutch Shell
    • Exxonmobil Corporation
    • BP P.L.C
    • Chevron Corporation
    • Total S.A
    • Petrochina Company Ltd.
    • Idemitsu Kosan Co.
    • , Sinopec Ltd.
    • Fuchs Petrolub AG
    • JXTG Group
    • Valvoline
    • Lukoil
    • Petronas
    • Pertamina
    • Gazprom NEFT
    • Indian Oil Corporation Ltd.
    • Phillips
  2. Appendix
    • Interrelated Market

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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