Rising demand for high-performance lubricants in the automotive and manufacturing sectors is driving the growth of the global lubricants market; says TNR, The Niche Research

Global lubricants market recorded revenues of USD 143.7 billion in 2023, projected CAGR of 4.9% during 2024-2034

Wilmington, Delaware, May 28, 2024 (GLOBE NEWSWIRE) — The lubricants market plays a key role in various industries by providing essential solutions for the maintenance of machinery and equipment. In the automotive, manufacturing, aerospace and marine sectors, lubricants ensure smooth operation, reduce friction and extend the life of machinery. As technology advances, the market is seeing a shift towards eco-friendly formulations, with a focus on bio-based and synthetic lubricants to achieve sustainability goals. Manufacturers are constantly looking for new additives and formulas to increase performance and efficiency while minimizing environmental impact. Global demand is influenced by economic growth, industrial activity and transportation trends. With an increasing focus on sustainability and efficiency, the lubricants market is evolving to meet the diverse needs of the industry while adapting to environmental goals.

Global Lubricants Market Growth: Key Factors

Industrialization and urbanization: As emerging economies develop their manufacturing and infrastructure sectors, the demand for industrial machinery and vehicles is increasing significantly. This increase necessitates the use of high-quality lubricants to ensure efficient operation and durability of equipment. Urbanization is also boosting the automotive industry, increasing demand for automotive lubricants to maintain vehicle efficiency and reliability.

Technological progress and innovation: Improved synthetic and bio-based lubricants provide superior performance, increased thermal stability and environmental benefits to meet the stringent demands of modern machinery and engines. Innovations in additive technology and sustainable practices also appeal to eco-conscious consumers and industries, further driving market growth by adapting to changing performance and sustainability standards.

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Which base oil would account for the largest share of the global lubricant market in the coming years?

In 2023, synthetic lubricants dominated the global market, accounting for a significant share of revenues at 36.7%. This leadership is due to their excellent performance properties, including increased thermal stability, reduced friction and longer service life compared to conventional greases. Synthetic lubricants are particularly preferred in high-performance applications in the automotive, aerospace and industrial sectors where reliability and performance are critical. Additionally, growing environmental concerns and stringent regulations are pushing the industry towards more sustainable and effective lubrication solutions. As technology continues to improve their formulations and cost-effectiveness, synthetic lubricants will maintain their market leadership and expand their range of applications.

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On the basis of product type segment, which is the fastest growing segment in the global lubricants market during the forecast period?

The lubricants segment is expected to be the fastest growing product type in the global lubricants market during the forecast period. This growth is due to its wide use in various industries, including automotive, manufacturing and heavy machinery, where it plays a key role in reducing friction, protecting against wear and ensuring smooth operation. The growing demand for high-performance and long-lasting lubricants in these sectors is driving the development of lubricant products. Additionally, advances in lubricant formulations, focusing on increased thermal stability and environmental sustainability, are further increasing their use. As industries continue to look for effective lubrication solutions, the growth trajectory of the lubricants segment remains solid.

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Based on End-Use Industry Which segment will dominate the global lubricants market in the coming years?

In 2023, the automotive segment led the global lubricants market, contributing a significant revenue share of 16.7%. This dominance is attributed to the ever-expanding automotive industry, which includes the production of passenger cars, commercial vehicles and electric vehicles. Lubricants are essential for engine performance, reducing friction and increasing fuel efficiency, which drives their demand in the automotive sector. In addition, the increasing number of vehicles on the road and the increasing emphasis on vehicle maintenance and durability further increase lubricant consumption. Major lubricant manufacturers continue to innovate to meet the specific needs of modern engines, strengthening their market leadership in the automotive segment.

Based on distribution channel segment, which is the fastest growing segment in the global lubricants market during the forecast period?

The intermediate segment by distribution channels is expected to be the fastest growing segment in the global lubricants market during the forecast period. This growth is due to the increasing reliance on distributors, retailers and online platforms to reach a wider customer base. Indirect channels provide broad market coverage, enabling lubricant manufacturers to effectively penetrate various regions and industries. The development of e-commerce and digital marketing strategies is further accelerating this trend, providing consumers with easier access to a wide range of lubricant products. As businesses and consumers seek convenience and comprehensive service options, the indirect distribution channel continues to grow rapidly.

Based on region segment, which region accounted for the highest lubricant market share in 2023?

In 2023, the Asia-Pacific region accounted for the largest share of the global lubricants market. This dominance is due to rapid industrialization, urbanization and a dynamically developing automotive sector in countries such as China, India and Japan. The region’s strong manufacturing base and growing infrastructure development are further increasing demand for lubricants. Additionally, rising disposable incomes and a growing middle-class population are contributing to an increase in vehicle ownership, increasing the demand for automotive lubricants. Major market players are investing in the Asia-Pacific region to capitalize on these growth opportunities, making it a key focal point for the global lubricants industry.

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Competitive analysis of the lubricants market

Competitive analysis of the lubricants market reveals that major players such as Shell, ExxonMobil and BP are leading players with wide product ranges and global networks, while smaller companies focus on innovation and sustainability to capture niche segments and increase market diversity.

Some of the key market players operating in the global lubricants market are

• Amsoil Inc.

• BP limited liability company

• Buhmwoo Chemical Co. Ltd.

• CASTROL LIMITED

• Chevron Company

• China Petrochemical Corp. (Sinopec)

• Exxon Mobil

• FUCHS

• Gulf Oil International Ltd

• Idemitsu Kosan Co. Ltd.

• Lukoil

• Petrobras

• PetroChina Company Ltd. (Kunlun Lubrication)

• PetroFer chemistry

• Petronas Lubricant International

• Philips 66 company

• Quaker Chemical Corp.

• Shell

• Total energies

• Unioil Petroleum Philippines, Inc.

• Valvoline limited liability company

• Zeller Gmelin Gmbh & Co. KG

• Other industry participants

Global lubricants market

Through the base oil

• Mineral oil based lubricants

• Synthetic lubricants

• Biologically based lubricants

By product type

• Hydraulic oil

• Grease

• Transmission fluids

• Metalworking fluids

• Engine oils

• Process oils

• Gear oils

• Oils for air compressors

• Others

By end-use industry

By distribution channel

Through the region

• North America (USA, Canada, Mexico, rest of North America)

• Europe (France, UK, Spain, Germany, Italy, Nordic countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, Netherlands, Luxembourg), Rest of Europe)

• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, rest of Southeast Asia), rest of Asia Pacific)

• Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Kuwait, South Africa, rest of the Middle East and Africa)

• Latin America (Brazil, Argentina, rest of Latin America)

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