NEW
YORK, June 21, 2024 /PRNewswire/ -- The
global lubricants market size is estimated to grow by
USD 23.8 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 3.22% during the forecast
period. Increasing demand for lubricants from end-user
industries is driving market growth, with a trend
towards emergence of bio-based lubricants.
However, fluctuations in crude oil prices poses a
challenge. Key market players include Arabian Petroleum Ltd., BP
Plc, Chevron Corp., 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, Sinopec
Shanghai Petrochemical Co. Ltd., and TotalEnergies SE.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
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)
|
Region
Covered
|
APAC, Europe, North
America, Middle East and Africa, and South America
|
Key companies
profiled
|
Arabian Petroleum Ltd.,
BP Plc, Chevron Corp., 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, Sinopec
Shanghai Petrochemical Co. Ltd., and TotalEnergies SE
|
Key Market Trends Fueling Growth
The global lubricants market is witnessing a trend towards the
adoption of bio-based lubricants. These eco-friendly alternatives
offer numerous benefits, including a cleaner work environment,
reduced maintenance costs, and enhanced safety features.
Manufacturers like RSC Bio Solutions, Chevron, Castrol, and FUCHS
are leading this shift, producing biodegradable lubricants with
higher flashpoints and constant viscosity. European countries are
mandating their use in environmentally sensitive applications.
Bio-based lubricants degrade gradually, minimizing environmental
impact, and driving market growth during the forecast
period.
The lubricants market is experiencing significant growth due to
increasing demand from various industries. Components like engine
oils, lubricants, and greases are in high demand. Transformative
technologies like electric vehicles and hydroelectric power are
driving innovation in the sector. Fluid technology providers are
focusing on developing high-performance lubricants to meet the
evolving needs of industries. The market is also witnessing a trend
towards sustainable and eco-friendly lubricants. Passive and active
lubrication systems are gaining popularity due to their efficiency
and cost-effectiveness. The market is competitive, with key players
constantly innovating to meet customer requirements and stay ahead
of the competition. The future looks bright for the lubricants
market, with continued growth expected in the coming
years.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
• The global
lubricants market relies heavily on mineral oil derived from crude
oil. Crude oil price fluctuations significantly impact the cost of
raw materials for lubricant manufacturers. In 2021, rising global
crude oil prices, due to increased vaccination rates, economic
recovery, and higher demand, negatively affected the market.
Volatility in crude oil prices and potential supply disruptions
from adverse weather or emergencies pose ongoing challenges to
market growth.
• The lubricants
market faces several challenges in today's business environment.
One major challenge is the increasing cost of raw materials, such
as base oils and additives. Another challenge is the growing demand
for eco-friendly and biodegradable lubricants. Additionally, the
market is becoming more competitive, with many new players entering
the market. Furthermore, regulatory compliance is a significant
challenge, as lubricant manufacturers must adhere to strict
environmental and safety regulations. Lastly, the trend towards
Industry 4.0 and digitalization is transforming the lubricants
industry, requiring companies to invest in new technologies and
business models. Overall, these challenges require lubricant
companies to be agile, innovative, and customer-focused to remain
competitive in the market.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This lubricants market report extensively covers market
segmentation by
- Application
- 1.1 Automotive oils
- 1.2 Industrial oils
- 1.3 Process oils
- 1.4 Metalworking fluids
- 1.5 Greases
- Product
- 2.1 Mineral oil-based lubricants
- 2.2 Synthetic lubricants
- 2.3 Bio-based lubricants
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Automotive oils- The automotive industry's
expansion, driven by the increasing production and demand for
passenger cars in developing countries like China, India,
Brazil, and Indonesia, fuels the demand for lubricants.
These essential products, used in oils such as engine oils,
hydraulic oils, and shock absorber fluids, reduce friction and
wear, enhancing fuel efficiency and component longevity.
High-performance lubricants are in high demand due to the shift
towards fuel-efficient vehicles and motorbikes. Additionally, new
applications like battery cooling and noise reduction expand
lubricant usage.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The lubricants market encompasses a wide range of industries and
applications, including high-performance engines for marine
applications, electric vehicles, seaborne trade, tourism sector,
and cruise ships. Lubricant manufacturers cater to various sectors
such as construction, supplying efficient lubrication solutions for
heavy-duty construction equipment. The focus on longevity and
reducing friction leads to the use of various types of lubricants,
including hydraulic fluids, mineral oil lubricants, synthetic
lubricants, and semi-synthetic lubricants. The market also
witnesses the growing trend towards bio-based lubricants, available
in solid and semi-solid forms, for colliding applications. Engine
oil, specifically Group I, is a significant segment within the
lubricants market.
Market Research Overview
The lubricants market encompasses a wide range of products used
to reduce friction between moving parts and protect against
corrosion. These include mineral oil-based lubricants, synthetic
lubricants, and specialty lubricants. The market is driven by
various factors such as increasing industrialization, automotive
sector growth, and rising demand for energy efficiency. Different
industries like manufacturing, power generation, automotive, and
construction contribute significantly to the market. The use of
lubricants in various applications such as engine oil, gear oil,
hydraulic fluid, and greases further expands the market scope. The
market is expected to grow at a steady pace due to the increasing
awareness of the benefits of using high-performance lubricants and
the ongoing research and development in this field.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Automotive Oils
- Industrial Oils
- Process Oils
- Metalworking Fluids
- Greases
- Product
-
- Mineral Oil-based Lubricants
- Synthetic Lubricants
- Bio-based Lubricants
- Geography
-
- APAC
- Europe
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio