PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1471463
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1471463
In terms of value, the lubricants market is estimated to grow from USD 173.5 billion in 2024 to USD 198.4 billion by 2029, at a CAGR of 2.7%. The mounting demand for high performance engines, growing demand from marine application and rise in refinery capabilities are driving the lubricants market. Also, as individuals become more conscious of the potential health hazards linked to mineral oil based lubricants, there is an escalating desire for synthetic and bio-based lubricant alternatives.
Scope of the Report | |
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Years Considered for the Study | 2018-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Volume (Kiloton) and Value (USD Million) |
Segments | Base Oil Type, Product Type, End-use Industry, and Region |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
"Engine oil was the largest product type of lubricants market, in terms of value, in 2023."
Engine oil is the most used product type in the lubricants market, mainly due to its widespread use in the transporation and industrial end-use industry. It's crucial for preserving engine efficiency by reducing friction, dispersing heat, and preventing wear and corrosion. Technological advancements have enhanced its formulations, making it more efficient and in-demand. With the growing production of vehicles globally and stricter emission regulations, there's a rising need for advanced lubricants like engine oil to ensure better fuel efficiency and vehicle longevity. Overall, engine oil's dominance is attributed to its essential role in vehicle maintenance, technological improvements, and its contribution to fuel efficiency and engine durability.
"Transportation was the largest end-use industry of lubricants market, in terms of value, in 2023."
Transportation stands as the largest end-user industry in the lubricants market due to its extensive reliance on various lubricants for smooth operation and maintenance of vehicles. From cars and trucks to airplanes and ships, transportation vehicles require lubricants to reduce friction, prevent wear and tear, and ensure optimal performance. This demand is fueled by the continuous need for efficient and reliable transportation services across the globe, driving the growth of the lubricants market in this sector. Also, the upcoming new technologies in transportation industry requires specially designed lubrication solutions, making the transporation end-use industry a significant end-use in the market.
"The Middle East & AFrica is projected to be the second fastest-growing region, in terms of value, during the forecast period in the lubricants market."
The Middle East & Africa region is expected to see significant growth in the lubricants market due to several factors. The region's strong economic growth and rapid industrialization are driving increased demand for lubricants across various sectors like automotive, manufacturing, and construction. Additionally, investments in infrastructure development and the oil & gas industry further contribute to this growth. With the Middle East being a major oil-producing region, there's a steady supply of base oils, a crucial ingredient in lubricant production, ensuring market stability. Moreover, the expanding automotive aftermarket and rising vehicle ownership rates in Africa add to the region's growth potential. Overall, the Middle East & Africa's favorable economic conditions and infrastructure investments make it a promising market for lubricants.
The key players profiled in the report include Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), PetroChina Company Limited (China), TotalEnergies SE (France), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and others.
Research Coverage
This report segments the market for lubricants based on base oil type, product type, end-use industry, and region and provides estimations of volume (Kiloton) and value (USD Million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, and key strategies, associated with the market for lubricants.
Reasons to Buy this Report
This research report is focused on various levels of analysis - industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the lubricants market; high-growth regions; and market drivers, restraints, and opportunities.