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Lubricants Market by Product Type (Engine Oil, Transmission/Hydraulic Fluid, Metalworking Fluid, General Industrial Oil, Gear Oil, Grease, Process Oil, and Others), Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), End Use Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, and Others), and Region 2024-2032
Market Report I 2024-03-02 I 138 Pages I IMARC Group
The global lubricants market size reached US$ 136.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 197.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032. The rapid expansion in the global industrial sector, the growing emphasis on reducing overall fuel consumption and improving energy efficiency, and continual advancements in lubricant technology represent some of the key factors driving the market.
Lubricants are substances specifically designed to reduce friction and wear between two surfaces in motion or in contact with each other. They possess unique properties that allow them to create a protective film or layer between the moving parts, preventing direct metal-to-metal contact and reducing frictional forces. They also possess additives that enhance their properties, such as anti-wear agents, detergents, dispersants, and corrosion inhibitors. These additives improve the lubricant's ability to withstand extreme temperatures, pressures, and harsh environments, extending the lifespan of the equipment or machinery. Besides, they help minimize energy losses, heat generation, and component wear, resulting in improved efficiency, reduced maintenance costs, and increased equipment reliability. These also play a crucial role in various industries and applications, from automotive and manufacturing to aerospace. Additionally, they are widely used in household settings for various purposes, such as lubricating door hinges and locks to ensure the smooth operation of gardening tools.
Lubricants Market Trends:
The expansion of the industrial sector, such as the manufacturing, automotive, construction, and transportation industries, is driving the global market. Moreover, with rising restrictions by various governments to reduce emissions and promote sustainability, there has been increasing development and adoption of environmentally friendly lubricants that are biodegradable, low in toxicity, and have reduced environmental footprints. Apart from this, continual advancements in lubricant technology, such as the formulation of synthetic lubricants, bio-based lubricants, and specialty lubricants that offer enhanced efficiency, extended drain intervals, and reduced environmental impact, are impacting the market. Furthermore, the increasing industrial activities and infrastructure development are creating a positive market outlook. Besides, the growing demand for energy, including fossil fuels, renewable energy, and power generation, is fuelling the market as lubricants are essential for the efficient operation of energy generation and extraction equipment, such as gas turbines, wind turbines, and drilling machinery. Additionally, the growing emphasis on reducing fuel consumption and improving energy efficiency is acting as another growth-inducing factor. Besides, continual advancements in machinery and equipment design have led to increased performance, higher operating speeds, and more demanding operating conditions. This is catalyzing the market. Other factors, including the rapid expansion of the wind energy sector, rising adoption of electric vehicles (EVs), and growing demand for bio-degradable lubricants, are also influencing the overall market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global lubricants market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product type, base oil and end use industry.
Product Type Insights:
Engine Oil
Transmission/Hydraulic Fluid
Metalworking Fluid
General Industrial Oil
Gear Oil
Grease
Process Oil
Others
The report types provided a detailed breakup and analysis of the lubricants market based on the product type. This includes engine oil, transmission/hydraulic fluid, metalworking fluid, general industrial oil, gear oil, grease, process oil, and others. According to the report, engine oil exhibited a clear dominance in the market.
Base Oil Insights:
Mineral Oil
Synthetic Oil
Bio-based Oil
A detailed breakup and analysis of the lubricants market based on the base oil has also been provided in the report. This includes mineral oil, synthetic oil, and bio-based oil. According to the report, mineral oil exhibited a clear dominance in the market.
End Use Industry:
Power Generation
Automotive and Other Transportation
Heavy Equipment
Food and Beverage
Metallurgy and Metalworking
Others
A detailed breakup and analysis of the lubricants market based on the end use has also been provided in the report. This includes power generation, automotive and other transportation, heavy equipment, food and beverage, metallurgy and metalworking, and others. According to the report, automotive and other transportation exhibited a clear dominance in the market.
Regional Insights:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific exhibited a clear dominance in the market. Some of the factors driving the Asia Pacific lubricants market included the growing demand for energy, rising adoption of electric vehicles (EVs), and continual advancements in machinery and equipment design.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global lubricants market. Detailed profiles of all major companies have been provided. Some of the companies covered include AMSOIL Inc., BP p.l.c., Chevron Corporation, China National Petroleum Corporation, China Petrochemical Corporation, ENEOS Corporation, ExxonMobil Corporation, Fuchs Petrolub SE, Phillips 66 Company, Saudi Arabian Oil Co., Shell plc, TotalEnergies SE. etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
How has the global lubricants market performed so far, and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global lubricants market?
What is the impact of each driver, restraint, and opportunity on the global lubricants market?
What are the key regional markets?
Which countries represent the most attractive lubricants market?
What is the breakup of the market based on the product type?
Which is the most attractive product type in the lubricants market?
What is the breakup of the market based on the base oil?
Which is the most attractive base oil in the lubricants market?
What is the breakup of the market based on the end use industry?
Which is the most attractive end use industry in the lubricants market?
What is the competitive structure of the global lubricants market?
Who are the key players/companies in the global lubricants market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Lubricants Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Product Type
6.1 Engine Oil
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Transmission/Hydraulic Fluid
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Metalworking Fluid
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 General Industrial Oil
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Gear Oil
6.5.1 Market Trends
6.5.2 Market Forecast
6.6 Grease
6.6.1 Market Trends
6.6.2 Market Forecast
6.7 Process Oil
6.7.1 Market Trends
6.7.2 Market Forecast
6.8 Others
6.8.1 Market Trends
6.8.2 Market Forecast
7 Market Breakup by Base Oil
7.1 Mineral Oil
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Synthetic Oil
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Bio-based Oil
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by End Use Industry
8.1 Power Generation
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Automotive and Other Transportation
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Heavy Equipment
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Food and Beverage
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Metallurgy and Metalworking
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Others
8.6.1 Market Trends
8.6.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 Drivers, Restraints, and Opportunities
10.1 Overview
10.2 Drivers
10.3 Restraints
10.4 Opportunities
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 AMSOIL Inc.
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.2 BP p.l.c.
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.2.4 SWOT Analysis
14.3.3 Chevron Corporation
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 China National Petroleum Corporation
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 SWOT Analysis
14.3.5 China Petrochemical Corporation
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 ENEOS Corporation
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.7 ExxonMobil Corporation
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 Financials
14.3.7.4 SWOT Analysis
14.3.8 Fuchs Petrolub SE
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Phillips 66 Company
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 Financials
14.3.9.4 SWOT Analysis
14.3.10 Saudi Arabian Oil Co.
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.10.4 SWOT Analysis
14.3.11 Shell plc
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.11.3 Financials
14.3.12 TotalEnergies SE
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Figure 1: Global: Lubricants Market: Major Drivers and Challenges
Figure 2: Global: Lubricants Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Lubricants Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Lubricants Market: Breakup by Product Type (in %), 2023
Figure 5: Global: Lubricants Market: Breakup by Base Oil (in %), 2023
Figure 6: Global: Lubricants Market: Breakup by End Use Industry (in %), 2023
Figure 7: Global: Lubricants Market: Breakup by Region (in %), 2023
Figure 8: Global: Lubricants (Engine Oil) Market: Sales Value (in Million US$), 2018 & 2023
Figure 9: Global: Lubricants (Engine Oil) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 10: Global: Lubricants (Transmission/Hydraulic Fluid) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: Global: Lubricants (Transmission/Hydraulic Fluid) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: Global: Lubricants (Metalworking Fluid) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: Global: Lubricants (Metalworking Fluid) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: Global: Lubricants (General Industrial Oil) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: Global: Lubricants (General Industrial Oil) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: Global: Lubricants (Gear Oil) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: Global: Lubricants (Gear Oil) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: Global: Lubricants (Grease) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: Global: Lubricants (Grease) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: Global: Lubricants (Process Oil) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: Global: Lubricants (Process Oil) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: Global: Lubricants (Other Product Types) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: Global: Lubricants (Other Product Types) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: Global: Lubricants (Mineral Oil) Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: Global: Lubricants (Mineral Oil) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: Global: Lubricants (Synthetic Oil) Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: Global: Lubricants (Synthetic Oil) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: Global: Lubricants (Bio-based Oil) Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: Global: Lubricants (Bio-based Oil) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 30: Global: Lubricants (Power Generation) Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: Global: Lubricants (Power Generation) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: Global: Lubricants (Automotive and Other Transportation) Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: Global: Lubricants (Automotive and Other Transportation) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: Global: Lubricants (Heavy Equipment) Market: Sales Value (in Million US$), 2018 & 2023
Figure 35: Global: Lubricants (Heavy Equipment) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 36: Global: Lubricants (Food and Beverage) Market: Sales Value (in Million US$), 2018 & 2023
Figure 37: Global: Lubricants (Food and Beverage) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 38: Global: Lubricants (Metallurgy and Metalworking) Market: Sales Value (in Million US$), 2018 & 2023
Figure 39: Global: Lubricants (Metallurgy and Metalworking) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 40: Global: Lubricants (Other End Use Industries) Market: Sales Value (in Million US$), 2018 & 2023
Figure 41: Global: Lubricants (Other End Use Industries) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 42: North America: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 43: North America: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 44: United States: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 45: United States: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 46: Canada: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 47: Canada: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 48: Asia-Pacific: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 49: Asia-Pacific: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 50: China: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 51: China: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 52: Japan: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 53: Japan: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 54: India: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 55: India: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 56: South Korea: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 57: South Korea: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 58: Australia: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 59: Australia: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 60: Indonesia: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 61: Indonesia: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 62: Others: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 63: Others: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 64: Europe: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 65: Europe: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 66: Germany: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 67: Germany: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 68: France: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 69: France: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 70: United Kingdom: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 71: United Kingdom: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 72: Italy: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 73: Italy: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 74: Spain: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 75: Spain: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 76: Russia: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 77: Russia: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 78: Others: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 79: Others: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 80: Latin America: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 81: Latin America: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 82: Brazil: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 83: Brazil: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 84: Mexico: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 85: Mexico: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 86: Others: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 87: Others: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 88: Middle East and Africa: Lubricants Market: Sales Value (in Million US$), 2018 & 2023
Figure 89: Middle East and Africa: Lubricants Market: Breakup by Country (in %), 2023
Figure 90: Middle East and Africa: Lubricants Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 91: Global: Lubricants Industry: Drivers, Restraints, and Opportunities
Figure 92: Global: Lubricants Industry: Value Chain Analysis
Figure 93: Global: Lubricants Industry: Porter's Five Forces Analysis
Table 1: Global: Lubricants Market: Key Industry Highlights, 2023 & 2032
Table 2: Global: Lubricants Market Forecast: Breakup by Product Type (in Million US$), 2024-2032
Table 3: Global: Lubricants Market Forecast: Breakup by Base Oil (in Million US$), 2024-2032
Table 4: Global: Lubricants Market Forecast: Breakup by End Use Industry (in Million US$), 2024-2032
Table 5: Global: Lubricants Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 6: Global: Lubricants Market: Competitive Structure
Table 7: Global: Lubricants Market: Key Players
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