New York, March 09, 2023 (GLOBE NEWSWIRE) -- According to Reports Insights analysis, the global lubricants market is expected to experience substantial growth with a compounded annual growth rate (CAGR) of 2.6% during the period of 2023 to 2030, indicates that the market was valued at USD 118.8 Billion in the year 2022. The market is projected to reach a valuation of USD 145.8 Billion by the year 2030. The driving force behind this growth is the increased dependence on heavy-duty machinery in manufacturing facilities that require effective lubrication to support the heavy loads and ensure smooth operation. The demand for lubricants is expected to rise as industries seek to prolong the lifespan of their machinery, reduce maintenance costs, and improve overall efficiency. This trend is likely to continue in the coming years, making the lubricants market a lucrative opportunity for players in the industry.
Lubricants Market Size, Share & Trends Analysis, By Type (Oil Based (Mineral Oil, Synthetic Oil, Bio-Based Oil), Grease, Penetrating Lubricants, Dry Lubricants), Product (Engine Oil, Gear Oil, Hydraulic Fluid, Metalworking Fluid, Compressor Oil, Turbine Oil, Process Oil, and Others), Application (On Hinges, Bearings, Tool Maintenance, Chain, Sharpening Blades, and Others), End Use (Power Generation, Automotive & Transportation, Construction, Food and Beverage, Metallurgy and Metal Working, Chemical Manufacturing, Plastic Industry, Steel Industry, and Others), By Region and Segment, Forecast Period 2023 – 2030.
The lubricants market research report by Reports Insights Consulting Pvt. Ltd provides a comprehensive analysis of the factors that affect market demand. The report focuses on various segments, such as type, product, application, and end-use, which are expected to drive market growth during the forecast period. The study employs primary and secondary research methods to generate unique datasets and research materials for business reports, enabling manufacturers to access the latest trends and information to expand the market's scope.
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Key Market Takeaways
- Based on type, the oil-based segment accounted for the largest share contribution to the market growth in 2022.
- In the context of product, the engine oil segment contributed the highest number of shares in terms of value.
- By application, the bearings segment is expected to contribute significant shares to the lubricants market growth in terms of heat dissipation of bearing structures.
- Based on end use, the automotive & transportation segment is expected to contribute the largest number of shares to the market growth.
- Asia Pacific region will push the sales of lubricants market as a large proportion of market shares is contributed by China due to its high capacity for base oil refining.
- With the increased investments in research and development of environment-friendly lubricants, Europe is expected to support the market statistics in a majority of industries such as construction, mining, and others.
Lubricants Market Growth Drivers:
- Rising demand for lubricants to ensure the smooth operation of machinery and equipment within industries such as automotive, manufacturing, and metalworking boosts the market statistics.
- Growing innovations in formulations of high-performance lubricants that offer the ability to withstand extreme temperatures, pressures, and loads accelerate the market growth.
- Increased ownership of vehicles among population propels the demand for lubricants in terms of engine maintenance and temperature management of pistons.
- The volatility in prices of crude oil mainly results in high costs of lubricants that limit market growth.
- As lubricants contain petroleum-based additives, environmental concerns in terms of biodegradation limit the widespread adoption of lubricants within specific applications.
As per the research, the lubricants market is highly competitive and is dominated by key players, including ExxonMobil, Shell Plc., BP Plc., Chevron, Total, and Phillips 66 Company. The companies account for a significant share of the global market of lubricants. The market also has a large number of small regional and local players that cater to specific markets and industries. Additionally, the market is also influenced by regulations and environmental concerns. Many countries have stringent regulations in place to ensure that lubricants are eco-friendly and do not harm the environment. As a result, companies that focus on developing and selling sustainable lubricants to gain a competitive advantage in the market.
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Key Questions Covered in the Lubricants Market Report
Which segment is attributed to the largest share contribution to the lubricants market?
What are the key driving factors that drive or influence the market growth of lubricants from 2023 to 2030?
What is the projected market size of the lubricants market by 2030?
Which region is expected to boost the market statistics of lubricants in terms of the largest share contribution?
Who are the leading market players that comprise the latest market environment?
Growing international trades via marine transportation will accelerate the demand for lubricants in vessels, specifically designed for marine engines operating at high, medium, and low speeds, as well as in various other applications, such as air compressors, refrigeration compressors, and others.
Rising government initiatives in terms of power generation with renewable energy will boost the demand for lubricants in power plants for the efficient operation of components such as steam turbines, generators, gas turbines, ball mills, boiler feed pumps, bowl mills, and rod mills.
Increased expenditures on industrial manufacturing in developing regions, especially India, are estimated to propel the market statistics in terms of balanced temperature in machineries to support production overload. For instance, according to the Department for Promotion of Industry and Internal Trade (DPIIT), India received a total foreign direct investment (FDI) inflow of USD 58.7 billion in the financial year 2021-22.
|Report Attributes||Report Details|
|Market Size By 2030||USD 145.8 Billion|
|Key Players||Exxon Mobil Corporation, BP PLC., Chevron Corp., Total Energies, Shell Plc., Fuchs, Castrol Limited, Philips 66 Company, Valvoline LLC, China Petroleum & Chemical Corporation, Idemitsu Kosan Co., Ltd.|
|By Type||Oil Based (Mineral Oil, Synthetic Oil, Bio-Based Oil), Grease, Penetrating Lubricants, Dry Lubricants|
|By Product||Engine Oil, Gear Oil, Hydraulic Fluid, Metalworking Fluid, Compressor Oil, Turbine Oil, Process Oil, and Others|
|By Application||On Hinges, Bearings, Tool Maintenance, Chain, Sharpening Blades, and Others|
|By End Use||Power Generation, Automotive & Transportation, Construction, Food and Beverage, Metallurgy and Metalworking, Chemical Manufacturing, Plastic Industry, Steel Industry, and Others|
|Report Coverage||Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Total Revenue Forecast, Business Strategies, and more.|
|By Geography||North America [United States, Canada, Mexico]|
Asia-Pacific [China, Japan, India, Southeast Asia, Korea, Western Asia]
South America [Brazil, Argentina, Columbia, Chile, Peru]
Europe [Germany, UK, Turkey, Spain, France, Italy, Russia, Netherlands, Switzerland]
Middle East & Africa [GCC, North Africa, South Africa]
One of the major industries with high demand for lubricants, the automotive sector, is expected to offer opportunities for market growth in terms of engine optimization, reduction of Noise, vibration, and harshness (NVH), and underhood applications. Such demand is also expected to witness a boom in upcoming years due to the growing adoption of vehicles among population. For instance, in 2021, the International Organization of Motor Vehicle Manufacturers (OICA) recorded a total production of 82,684,788 vehicles, which is an increase from the 78,774,320 vehicles produced in 2020.
The scope of innovations in bio-based lubricants will lead to an increased focus by market players in terms of introducing green alternatives to existing lubricants. Such introduction is expected to offer creative opportunities for market growth in applications such as offshore drilling, which is prone to spills and leakages into the environment.
Furthermore, regulations and environmental concerns also play a significant role in shaping the lubricant market. Several nations have implemented strict rules to ensure that lubricants are environmentally-friendly and do not cause harm to the ecosystem. This has led to a competitive advantage for companies that prioritize the development and sale of sustainable lubricants.
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In June 2022, Chevron Marine Lubricants introduced the latest product called Clarity Synthetic EA Grease 0. The product is a biodegradable synthetic ester-based lubricating grease that uses an anhydrous calcium thickener. This grease meets the standards set in the 2013 Vessel General Permit (VGP) rules in terms of environment friendly lubricants, as outlined by the U.S. Environmental Protection Agency (EPA).
In December 2022, TotalEnergies and SANY, a renowned manufacturer of mining and construction equipment, as well as renewable energy systems, signed a memorandum of cooperation to introduce a wide range of lubricant solutions for the European market.
In November 2020, Valvoline and its team of scientists announced their plans to develop and enhance their current line of lubricants and coolants, aiming to offer superior quality and value to automobile drivers worldwide.
List of Major Lubricants Market Players
• Exxon Mobil Corporation
• BP PLC.
• Chevron Corp.
• Total Energies
• Shell Plc
• Castrol Limited
• Philips 66 Company
• Valvoline LLC
• China Petroleum & Chemical Corporation.
• Idemitsu Kosan Co., Ltd.
Global Lubricants Market Segmentation:
- By Type
- Oil Based
- Mineral Oil
- Synthetic Oil
- Bio-Based Oil
- Penetrating Lubricants
- Dry Lubricants
- Oil Based
- By Product
- Engine Oil
- Gear Oil
- Hydraulic Fluid
- Metalworking Fluid
- Compressor Oil
- Turbine Oil
- Process Oil
- By Application
- On Hinges
- Tool Maintenance
- Sharpening Blades
- By End Use
- Power Generation
- Automotive & Transportation
- Food and Beverage
- Metallurgy and Metalworking
- Chemical Manufacturing
- Plastic Industry
- Steel Industry
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