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.
For more details, visit: 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 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.
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.
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.
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.
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.
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.
- What are the expected industry trends over the next three to five years?
- Which of the lubricants product type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?