The Lubricants Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.7 % over the forecast period (2022-2028). The global Lubricants Market value is anticipated to be worth USD 167.48 billion by the end of the forecast period.
Lubricants are solutions with the primary function of reducing friction between two surfaces of contact. Besides this lubricants aid in cooling and cleaning moving parts and also prevent metal parts from rusting. A lubricant comprises a base oil and additives and accordingly serve different purposes. The most common lubricant types are Engine oil, gear oil, industrial oil, and hydraulic fluid.
The rapid industrialization and increasing sale of automobiles across the globe are driving the growth of the global lubricants market. With the rise in disposable income of people, automobile sales are at an all-time high which is a major end-user industry of lubricants. Similarly, the rapid industrialization and need for efficient working of machine parts are generating huge demand for lubricants. Modern efficient engines also depend on lubricants to maintain their efficiency which is a positive factor for market growth. Moreover, the advancements in the lubricants industry in developing products for different specific uses are a major factor boosting the market demand.
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The covid-19 pandemic greatly affected the global lubricants market. The automobile sector, the largest end-user, was a major hit which led to a slump in demand for lubricants during the period. Moreover, the closure of industries and manufacturing units to curb the virus spread also led to a fall in the demand for lubricants. Similarly, the production of lubricants and their supply were also negatively impacted during the period.
Market Segmentation, by product type
- Engine oils
- Gear oil
- General industrial oil
- Process oil
- Metalworking fluids
- Hydraulic fluid
Market segmentation, by group
Market segmentation, by Base stock
- Bio-based lubricants
- Semi-synthetic lubricants
- Synthetic lubricants
- Mineral oil lubricants
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Market segmentation, by end-users
- Power generation, automotive
- Heavy equipment
- Food and beverage,
- Chemical manufacturing
- Oil and gas
The Global lubricants market is segmented into five major regions namely: Asia-Pacific, North America, Europe, Latin America, and the Rest of the World including the Middle East & Africa. Among these different regions, the Asia-Pacific region holds the major market share. This dominance is due to rapid industrialization and growing urbanization in this region. This region is emerging as a global manufacturing hub and with the rising disposable income, the demand for automobiles has also increased. Europe holds the second largest market share owing to high demand from the automotive industry. North America is also a major regional market with high demand from the petrochemical industry, automotive industry, and aerospace & defense industry.
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The global lubricants industry is witnessing positive market growth. The key players are emphasizing diversifying the products to meet the needs of different Industries.
- In July 2021, Steelbird international, the global automobile component manufacturing industry announced the launch of its two new ranges of engine oils and lubricants. This launch includes engine oil, Grease, and fork oil which are made from a semi-synthetic base.